Category Archives: HSG

When Keynes is Hayek and Menger is Schmoller

For a long time, economics felt to me to be strictly divided in schools, or at least mainstream and “weirdos”. It seems though, that wherever I thought there was a big, even war-like discrepancy between economists on some topic or person, it falls apart when I dig into it. I admit it may be my very subjective impression – of course it is nurtured by the actors strive for profiling or just popular videos, etc. However I think I have a case here. Let me give you three examples:

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Capitalism and the Forgotten Role of Credit

Are you an economist? Can you explain to a fellow citizen or economist what characterises capitalism? In my experience, few economists and fellow students don’t have a clear picture – and I used to be one of them. If they do, they usually go about a market economy, whose features (trade and prices) they then start off reciting. Consequently in the public discussion, we mix up a market economy with capitalism. With this I want to offer some Schumpeterian inspiration on that topic:

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