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New working paper with Eduard Braun and Peter Lewin about how Mises’s treatment of the concept of “capital” can be a bridge between Austrian Economics and Institutional Economics.

Abstract

Ludwig von Mises seems to be something of an outlier within the Austrian school when it comes to capital – though his position is clearly foreshadowed in a neglected article by Carl Menger (1888). In this paper we examine Mises’s view on capital and suggest that it constitutes a bridge between Austrian and institutional economics. As an outflow of Mises’s approach, an incipient financial approach may be discerned, an approach to capital that integrates concepts from financial theory into a broader view of capital that contains both institutional and Austrian elements.

Download the paper from SSRN.