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“Un-Austrian” Austrians? Haberler, Machlup, and Morgenstern, and the Post-Emigration Elaboration of Austrian Economics

Research in the History of Economic Thought and Methodology

ISBN: 978-1-78560-960-2, eISBN: 978-1-78560-959-6

Publication date: 23 July 2016

Abstract

Historians of economic thought have begun to reintegrate “un-Austrian” Austrians back into discussions of Austrian Economics, yet many scholars have argued that the Austrian School dissolved after emigration, with only Mises and his followers left to carry on the legacy. This chapter argues that a renewed focus on the networks established by the Austrians themselves, before and after emigration, reveals a distinctly different picture of Austrian Economics. Focusing on their shared interest in international trade theory and business cycle theory and their continued contributions to economic methodology, we see the émigré Austrians advancing Austrian ideas while also reconstituting and elaborating new Austrian affiliations. Ultimately, we find ourselves in agreement with Herbert Furth that Austrian Economics is far broader than Hayek, Mises, and their acolytes would have it, and that it is vital to understand and preserve this more diverse tradition by investigating more closely the works of Haberler, Machlup, Morgenstern, and others.

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Acknowledgements

Acknowledgment

I would like to thank the Botstiber Institute for Austrian-American Studies and the Rockefeller Archive Center for a fellowship and grant-in-aid, respectively, which supported the research for this chapter. Additional thanks go to Professors Guenter Bischof and Hansjörg Klausinger. Bischof invited me to talk at the Center Austria in March and to present early findings at a workshop in Vienna in June. Klausinger provided me his invaluable insight into interwar Viennese economics and suggested the topic of international economics and the Austrian School in comments on another paper. A final thanks goes to the two excellent reviewers of this chapter for RHETM, who provided extensive critical and constructive commentary.

Citation

Wasserman, J. (2016), "“Un-Austrian” Austrians? Haberler, Machlup, and Morgenstern, and the Post-Emigration Elaboration of Austrian Economics", Research in the History of Economic Thought and Methodology (Research in the History of Economic Thought and Methodology, Vol. 34A), Emerald Group Publishing Limited, Leeds, pp. 93-124. https://doi.org/10.1108/S0743-41542016000034A004

Publisher

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Emerald Group Publishing Limited