Mises on the Evenly Rotating Economy

Tags: Entrepreneurship, The Entrepreneur

07/20/2005 Review of Austrian Economics J. Patrick Gunning

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References

Review of Austrian Economics, 1989, 3, pp. 123-122.

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Interest: In Defense of Mises

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In a recent paper, Guido Hülsmann (2002) advances the revolutionary idea that Austrian economists ought to base their concept of originary interest on the spread between the value of an end and the value of the means used to achieve the end. He points out that this idea stands in opposition to Ludwig von Mises’s argument that the concept should be based on the assumption of time preference, as presented in Human Action (1966). He also argues that whereas his idea enables one to link originary interest, as he defines it, to market interest, Mises’s idea does not. Hülsmann uses most of his paper to articulate his new idea. The first part of his paper, however, is largely a critique of Mises’s theory.

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