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    Two views on neutral money: Wieser and Hayek versus Menger and Mises

    Salerno, Joseph T and ORCID logoORCID: https://orcid.org/0000-0003-3343-6786 (2020) Two views on neutral money: Wieser and Hayek versus Menger and Mises. European Journal of the History of Economic Thought, 27 (5). pp. 682-711. ISSN 0967-2567

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    Abstract

    Neutral money plays a central role in contemporary macroeconomic theory, and is a live issue in recent monetary policy discussions. We challenge the opinion that Hayek’s writings on neutral money have been influenced by, and are similar to, the work of Menger and Mises. We show, first, the significant alternative influence of Friedrich von Wieser on Hayek’s work on the subject. Second, we rehabilitate a neglected method of monetary theorizing specific to Menger and Mises that rejects money neutrality both as a tool for investigating monetary phenomena and as the standard by which monetary regimes, and the market economy itself, should be evaluated. Examining this chapter in the history of economic thought can aid in a deeper reconsideration of the doctrinal foundations of modern monetary theory and policy.

    Item Type: Article
    Peer-reviewed: Yes
    Date Deposited: 20 Feb 2020 12:10
    Publisher: Taylor & Francis (Routledge)
    Additional Information: This is an Author Accepted Manuscript of a paper accepted for publication in European Journal of the History of Economic Thought, published by and copyright Taylor & Francis.
    Divisions: Faculties > Business and Law
    Subject terms: neutral money, monetary equilibrium, barter economy, Wieser, Hayek, Mises, Menger, Social Sciences, Economics, History Of Social Sciences, Business & Economics, Social Sciences - Other Topics, Neutral money, monetary equilibrium, barter economy, Wieser, Hayek, Mises, Menger, RATIONAL EXPECTATIONS, BOHM-BAWERK, TERM VEIL, MODEL, 1401 Economic Theory, 2202 History and Philosophy of Specific Fields, History of Social Sciences
    URI: https://e-space.mmu.ac.uk/id/eprint/625137
    DOI: https://doi.org/10.1080/09672567.2020.1739106
    ISSN 0967-2567

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