Chapter

Positivism and Socialism

Bruce Caldwell

in Hayek's Challenge

Published by University of Chicago Press

Published in print November 2003 | ISBN: 9780226091914
Published online February 2013 | e-ISBN: 9780226091921 | DOI: http://dx.doi.org/10.7208/chicago/9780226091921.003.0006
Positivism and Socialism

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In 1903, Carl Menger stepped down from his chair at the University of Vienna, succeeded by Friedrich von Wieser. The next year, Eugen Böhm-Bawerk concluded his third stint as minister of finance, and retired to a supernumerary position at the university. Although his new post required no teaching, he would run a seminar on economics for the next decade that would gain considerable prominence. The second generation of Austrian economists had taken command, beginning what Hayek would later describe as “the period of the school's greatest fame.” Böhm-Bawerk's seminar became the focus of attention in the decade before the war. A chief reason was that it brought two apparently irreconcilable forces, the marginalists and the Marxists, together for debate. This chapter begins with a discussion Marxism v. marginalism. It then covers the multiple apostasies of Joseph Schumpeter; Otto Neurath; Ludwig von Mises and the German-language socialist calculation debate; Ludwig von Mises on the reconstruction of social science; and the Austrian school of economics.

Keywords: Eugen Böhm-Bawerk; Austrian economists; Marxism; marginalism; Joseph Schumpeter; Otto Neurath; Ludwig von Mises; Austrian school of economics

Chapter.  12635 words. 

Subjects: Economic History

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