This working paper - like its companion, Caldwell and Klausinger 2021 - grew out of the authors' joint work on Hayek: A Life, 1899-1950 (Caldwell and Klausinger 2022) and it contains material supplementing it. This paper draws to a large extent on Friedrich Hayek's own investigations into the...

In the first chapter I present my point of view that Menger's theoretical approach may more properly be called relationism, rather than objectivism or subjectivism. In the second chapter I present the thoughts presented in Carl Menger's Principles of Economics in an axiomatic way. The purpose is...

Although Cournot's mathematical economics was generally neglected until the mid-1870s, he was taken up and carefully studied by the Scientific Club of Cambridge, Massachusetts even before his “discovery” by Walras and Jevons. The episode is reconstructed from fragmentary manuscripts of the...

[Eliminating history from economic thought] Formal analysis, in which maximizing agents use today's 'true' model of the economy to form expectation upon which they then base their behaviour, trivializes the role of the future in economic life and ignores the possibility that the past's models,...

Capital theory is one of the most controversial topics in economics and an object of debate inside the Austrian School of Economics. If Böhm-Bawerk's capital theory, usually identified as the Austrian Capital Theory, left many Austrian economists unsatisfied, a clear definition of capital,...

Purpose - In the early 1930s, Nicholas Kaldor could be classified as an Austrian economist. The author reconstructs the intertwined paths of Kaldor and Friedrich A. Hayek to disequilibrium economics through the theoretical deficiencies exposed by the Austrian theory of capital and its...