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The Economics of Ludwig von Mises: Toward a Critical Reappraisal; Edited by: Moss, Laurence S.
2 paragraphs found.
Essay 1


Laurence S. Moss

Ludwig von Mises was born on 29 September 1881 in the city of Lemberg of the Austro-Hungarian Empire (now city of Lvov, USSR). His father, Arthur Edler von Mises, was a construction engineer employed by the Austrian railroads, and his mother was the former Adele Landau. *1 Ludwig grew up and was educated in Vienna and in 1900 entered the University of Vienna, where he received the degree of doctor of jurisprudence in 1906. At the University he studied with Friedrich von Wieser and Eugen von Böhm-Bawerk, the followers of Carl Menger, the founder of the Austrian school of economics. *2

Essay 4

We have already seen that, as early as 1924, Mises had indicated dissatisfaction with Böhm-Bawerk's theory. This may come as a surprise to those who—quite mistakenly—believe that the Austrian position on most questions of economic theory, and especially on the theory of capital and interest, is a monolithic one. The truth of the matter is that, while the suggestive brilliance of Böhm-Bawerk's contribution won international recognition as typifying the work of the Austrian school, it was by no means acceptable to other leading representatives of that school. It is by now well known, as reported by Joseph A. Schumpeter, that Carl Menger considered Böhm-Bawerk's theory of capital and interest to have been "one of the greatest errors ever committed." *93 Referring specifically not only to Menger but also to Friedrich von Wieser and Schumpeter himself, Hayek remarked that those "commonly regarded as the leaders of the 'Austrian School' of economics" did not accept Böhm-Bawerk's views. *94 So we should not be overly surprised at Mises' disagreement with his own mentor's teachings.