WEBVTT NOTE 19. Other Members of the Younger Austrian School 1 00:00:00.000 --> 00:00:06.840 19. Other Members of the Younger Austrian School 2 00:00:06.840 --> 00:00:12.940 This chapter introduces other members of the Young Austrian School who achieved their habilitation. 3 00:00:12.940 --> 00:00:18.280 The order is determined by the year of their respective degrees. In addition, further students, 4 00:00:18.280 --> 00:00:23.540 whose work was published, are presented in summarised form. The account will concentrate 5 00:00:23.540 --> 00:00:36.880 Richard Reich, 1866-1938 Reich studied law in Vienna and Innsbruck, 6 00:00:36.880 --> 00:00:43.880 and after his PhD in 1889, went into finance administration. In 1910 he was promoted to 7 00:00:43.880 --> 00:00:49.260 head of department, later he became director of the Bodenkreditanstalt and subsequently 8 00:00:49.260 --> 00:01:14.500 in 1906 Reisch received his Habitatsion in finance law and until 1928 taught accounting 9 00:01:14.500 --> 00:01:17.620 at the University of Vienna. 10 00:01:17.620 --> 00:01:22.900 In addition, he was co-publisher of the compilation edition Wirtschaftstheorie der Gegenwart, Economic 11 00:01:22.900 --> 00:01:29.020 Theory of the Present, 1927-1932, and of the Zeitschrift für Nationale Ökonomie, Journal 12 00:01:29.020 --> 00:01:36.540 of Economics, 1930-1937. He himself published several articles on questions of payment transactions 13 00:01:36.540 --> 00:01:39.140 and monetary policy. 14 00:01:39.140 --> 00:01:45.540 Hans Mayer, 1879-1955 Born and raised in Vienna, Mayer received 15 00:01:45.540 --> 00:01:52.460 his Ph.D. in law in 1907 and worked in the Austrian Finance Administration until 1911. 16 00:01:52.460 --> 00:01:57.500 This included a year of study in Heidelberg. Mayer never achieved his habilitation. His 17 00:01:57.500 --> 00:02:00.580 personnel file contains the following short memo. 18 00:02:00.580 --> 00:02:05.860 Prior to completing habilitation at the university, due to unpublished manuscripts, theory of 19 00:02:05.860 --> 00:02:10.900 of Price Formation, appointed untenured professor at the University of Freiburg. 20 00:02:10.900 --> 00:02:16.340 After leaving Freiburg, he went to the Deutsche Technische Hochschule in Prague. When the 21 00:02:16.340 --> 00:02:20.620 war was over, he worked as director of the financial planning section in the Austrian 22 00:02:20.620 --> 00:02:27.260 Army administration in Vienna. In 1921 he took up a position as professor in Graz and 23 00:02:27.260 --> 00:02:33.420 in 1923 he was appointed successor to Friedrich von Wieser in Vienna. 24 00:02:33.420 --> 00:02:38.700 Mayer was constantly involved in trench warfare with his opponent, Ottmar Spann. His relationship 25 00:02:38.700 --> 00:02:44.580 with Mises was also strained, despite a small number of academic contributions. Mayer hardly 26 00:02:44.580 --> 00:02:48.460 wrote more than a handful of essays and some articles in the fourth edition of the Handwörter 27 00:02:48.460 --> 00:02:53.540 Buch der Staatswissenschaften, Concise Dictionary of Political Sciences. He was made Dean of 28 00:02:53.540 --> 00:03:16.500 Friedrich Wieser was an influential mentor and developed a kind of father-son relationship 29 00:03:16.500 --> 00:03:17.980 with him. 30 00:03:17.980 --> 00:03:22.220 After Wieser's death, Meyer moved into the house left to him by Wieser in Vienna's 31 00:03:22.220 --> 00:03:35.420 He remained a loner who kept a notable distance between himself and most other members of 32 00:03:35.420 --> 00:03:41.460 the Austrian School. By and large, judgments about Meyer are unfavorable and not free of 33 00:03:41.460 --> 00:03:46.740 personal resentments. From the émigré's point of view, Meyer's career embodied the 34 00:03:46.740 --> 00:03:52.140 dark side of the country they had been forced to leave, the favoritism, the cautious commitment, 35 00:03:52.140 --> 00:04:09.400 Richard von Striegel 1891-1942 Richard von Striegel, who came from a bohemian 36 00:04:09.400 --> 00:04:14.540 family to which the civil service was not unknown, obtained the doctorate of law in 37 00:04:14.540 --> 00:04:17.180 Vienna in 1914. 38 00:04:17.180 --> 00:04:22.460 In 1922, during the course of his professional work in ancillary institutions of the Arbeitskammer 39 00:04:22.460 --> 00:04:27.020 – Chamber of Workers – he achieved his habilitation with a methodological paper that 40 00:04:27.020 --> 00:04:33.020 appeared in an expanded edition as Die Ökonomischen Kategorien und die Organisation der Wirtschaft 41 00:04:33.020 --> 00:04:39.420 – 1923. Apart from lecturing at the University of Vienna, he also taught at the Hochschule 42 00:04:39.420 --> 00:04:45.840 für Welthandel – College for World Trade, today University of Economics and Business. 43 00:04:45.840 --> 00:04:50.500 As a long-time participant in the Mises seminar, and as one of the few students of the Austrian 44 00:04:50.500 --> 00:04:55.760 School who had achieved the habilitation, Striegel was held in high esteem in the post-war 45 00:04:55.760 --> 00:04:59.040 years as a person and professionally. 46 00:04:59.040 --> 00:05:04.360 He refined the Austrian Money and Business Cycle Theory and Kapital und Produktion 1934, 47 00:05:04.360 --> 00:05:09.840 Capital and Production, which described how changes in the value of money inevitably lead 48 00:05:09.840 --> 00:05:11.960 to false allocations. 49 00:05:11.960 --> 00:05:18.760 Like all of his writings, his textbook Einführung in die Grundlagen der Nationalökonomie, 1937, 50 00:05:18.760 --> 00:05:23.680 Introduction to the Basics of Economics, is characterized by its factual, clear and 51 00:05:23.680 --> 00:05:29.880 intelligible style. Educated in the classics, cultivated and originating from a family with 52 00:05:29.880 --> 00:05:35.240 liberal traditions, Striegel remained in the country after the annexation and died 53 00:05:35.240 --> 00:05:37.760 of a brain tumor in 1942. 54 00:05:37.760 --> 00:05:44.760 Franz Xaver Weiss, born 1885, year of death unknown 55 00:05:44.760 --> 00:05:49.320 This native-born Viennese with Jewish roots completed a doctoral degree in law in his 56 00:05:49.320 --> 00:05:55.880 hometown in 1909. After writing an article entitled Die moderne Tendenz in der Lehre 57 00:05:55.880 --> 00:06:01.340 vom Geld wird, 1910, Modern Trends in the Teaching of the Value of Money, he started 58 00:06:01.340 --> 00:06:07.360 working in the Wiener Kaufmannschaft, Viennese Merchants Society, and in his spare time worked 59 00:06:07.360 --> 00:06:12.240 on Boehm-Bawerk's Theory of Interest. Weiss wrote some articles for the third edition 60 00:06:12.240 --> 00:06:17.360 of the Handwerterbuch der Staatswissenschaften, Concise Dictionary of Political Sciences, 61 00:06:17.360 --> 00:06:21.880 was editor of the Zeitschrift für Volkswirtschaft und Sozialpolitik, Journal of Economics and 62 00:06:21.880 --> 00:06:28.920 Social Policy, from 1921 to 1925, and published shorter writings of Boehm-Bawerk, whom he 63 00:06:28.920 --> 00:06:36.300 admired, 1924 and 1926. In his Habilitation, he renewed and expanded to the critique of 64 00:06:36.300 --> 00:06:40.740 of David Ricardo, which led to his being offered an appointment at the Deutsche Technische 65 00:06:40.740 --> 00:06:45.780 Hochschule in Prague. In addition, he lectured at the Deutsche Universität in Prague. In 66 00:06:45.780 --> 00:06:52.020 the 1920s and 1930s, he published several papers about the theory of value, ground rent, 67 00:06:52.020 --> 00:06:58.060 and the problem of value. Weiss disputed the view held by Mises that liberalism and the 68 00:06:58.060 --> 00:07:03.300 subjectivist theory of value naturally belonged together. It is not possible to determine 69 00:07:03.300 --> 00:07:15.140 Alexander Maher, 1896-1972 70 00:07:15.140 --> 00:07:20.900 From Poppitz-Niertz-Neim, in today's Moravia, Maher graduated in Vienna with a PhD in German, 71 00:07:20.900 --> 00:07:27.220 Scandinavian studies and history in 1921. He took an additional doctoral degree in political 72 00:07:27.220 --> 00:07:34.180 Sciences, becoming a Dr. R. E. R. Paul in 1925. He subsequently received a scholarship 73 00:07:34.180 --> 00:07:38.920 from the Rockefeller Foundation and was able to achieve his habilitation shortly after his 74 00:07:38.920 --> 00:07:44.620 return in 1930. But as a student of Meyer, critical of Boehm-Bawerk, as Mises and Hayek 75 00:07:44.620 --> 00:07:48.560 pointed out when looking at his earlier work on price, interest and monetary theory and 76 00:07:48.560 --> 00:07:53.720 foreign exchange policy, Meyer remained an outsider. He was one of the few representatives 77 00:07:53.720 --> 00:07:59.960 of the Austrian School, who participated neither in the Mises Privatseminar nor in the Geistkreis. 78 00:08:00.680 --> 00:08:06.680 Ma remained in Austria after 1938 and worked in the Central Office for Statistics until he took over 79 00:08:06.680 --> 00:08:13.640 Meyer's chair in 1950. At the end of the war, Ma attempted as a genuine advocate of the fundamental 80 00:08:13.640 --> 00:08:19.720 ideas of the Austrian or Viennese School to come to a compromise with mathematical economics 81 00:08:19.720 --> 00:08:22.620 and the Keynesian Paradigm 82 00:08:22.620 --> 00:08:31.040 Oskar Morgenstern, 1902-1977 Originating from Görlitz in Saxony, Morgenstern 83 00:08:31.040 --> 00:08:37.220 studied political science in Vienna, where he became Mayer's assistant when only a student. 84 00:08:37.220 --> 00:08:42.640 He took his doctoral degree in 1925. After several years of studying abroad, he worked 85 00:08:42.640 --> 00:08:47.620 with Hayek in the Österreichische Institut für Konjunkturforschung and two years later 86 00:08:47.620 --> 00:08:53.620 became his successor. With Wirtschaftsprognose, eine Untersuchung ihrer Voraussetzungen und 87 00:08:53.620 --> 00:08:59.540 Möglichkeiten, economic forecasting, a study of its prerequisites and possibilities, he 88 00:08:59.540 --> 00:09:06.580 achieved the Habilitation in 1929 and lectured in Vienna up until 1938. 89 00:09:06.580 --> 00:09:11.860 Morgenstern soon belonged to the inner circle of the Austrian School by virtue of his intellectual 90 00:09:11.860 --> 00:09:17.500 National Brilliance and Remarkable Energy. As university lecturer, director of the Institut 91 00:09:17.500 --> 00:09:23.500 für Konjunkturforschung, editor of the Zeitschrift für Nationale Ökonomie, Journal of Economics, 92 00:09:23.500 --> 00:09:28.980 board member of the Nationalökonomische Gesellschaft, advisor to the Österreichische Nationalbank, 93 00:09:28.980 --> 00:09:34.780 the Central Bank of Austria and the Ministry of Trade, participant at the Mises Privatseminar 94 00:09:34.780 --> 00:09:39.740 and initiator and author of regular columns on economic policy, he was active in almost 95 00:09:39.740 --> 00:09:41.580 every field. 96 00:09:41.580 --> 00:09:47.780 Morgenstern distanced himself from Mises when Mises began, from 1933 onward, to advocate 97 00:09:47.780 --> 00:09:50.000 a priorism openly. 98 00:09:50.000 --> 00:09:55.020 His turn toward mathematics further deepened the rift that separated him from Mises, but 99 00:09:55.020 --> 00:10:01.240 the situation never escalated, most likely due to Mises' hastened move to Geneva. 100 00:10:01.240 --> 00:10:06.060 Morgenstern lost his teaching license and was removed from office as director of the 101 00:10:06.060 --> 00:10:12.060 The Institute in the course of the Nazi annexation of Austria in 1938. He subsequently emigrated 102 00:10:12.060 --> 00:10:17.180 to the United States, settled at Princeton University, and along with the mathematician 103 00:10:17.180 --> 00:10:23.920 John von Neumann, 1903-1957, published the ground-breaking Theory of Games and Economic 104 00:10:23.920 --> 00:10:30.660 Behaviour, 1944. Morgenstern soon ranked among the American elite of social scientists and 105 00:10:30.660 --> 00:10:35.640 worked for renowned think tanks, the Atomic Energy Commission and the White House. In 106 00:10:35.640 --> 00:10:40.900 In helping to found the Institut für höhere Studien, Institute for Advanced Studies in 107 00:10:40.900 --> 00:10:46.880 Vienna in 1963, and taking on a scientific advisory office, he remained tied to his country 108 00:10:46.880 --> 00:10:50.080 of origin until his death. 109 00:10:50.080 --> 00:10:57.340 Gottfried Haberler, 1900-1995 The descendant of a minor aristocratic family 110 00:10:57.340 --> 00:11:03.840 of civil servants, von Haberler von Porkersdorf near Vienna, Haberler gained his doctorates 111 00:11:03.840 --> 00:11:10.320 in Law and Political Science, 1923 and 1925 respectively, were after he worked in the 112 00:11:10.320 --> 00:11:17.240 Chamber of Commerce. In 1927 and 1928, he graduated from post-doctoral studies in London 113 00:11:17.240 --> 00:11:23.240 and Harvard respectively. He achieved his habitation with der Sinn der Indexzahlen, 114 00:11:23.240 --> 00:11:28.960 1927, the meaning of index numbers, after his return. In addition to his lectures at 115 00:11:28.960 --> 00:11:34.000 at the University of Vienna, some of which were held jointly with Hayek and Morgenstern. 116 00:11:34.000 --> 00:11:39.640 He participated regularly in the Mises Privatseminar and gave guest lectures at Harvard University 117 00:11:39.640 --> 00:11:45.940 1931-1932 from time to time. He quickly gained international recognition for his research 118 00:11:45.940 --> 00:11:52.900 on international trade. In 1934, Habeler received an offer to write a broad compilation of all 119 00:11:52.900 --> 00:11:57.720 current business cycle theories that was later included in his main work, Prosperity and 120 00:11:57.720 --> 00:12:03.800 and Depression, 1937, in which subsequently brought him into contact with most of the world's 121 00:12:03.800 --> 00:12:11.080 well-known economists. He accepted an appointment at Harvard shortly after its publication. 122 00:12:11.080 --> 00:12:15.960 Haberler was politically undesirable. He was stripped of his teaching certification during 123 00:12:15.960 --> 00:12:21.080 his absence immediately after the annexation. In the years that followed, he used his excellent 124 00:12:21.080 --> 00:12:27.120 contacts and his organizational talent to help emigrants and exiles in many ways. Haberler 125 00:12:27.120 --> 00:12:30.960 Hitler gained an excellent reputation in the United States, became advisor to the Board 126 00:12:30.960 --> 00:12:35.760 of Governors of the American Central Banking System, and was later elected to a series 127 00:12:35.760 --> 00:12:42.200 of honorary offices, such as President of the American Economic Association in 1963. 128 00:12:42.200 --> 00:12:46.880 He maintained ties with the Austrian School until his death. 129 00:12:46.880 --> 00:12:54.160 Hans Bayer, 1903-1965 Bayer, the son of a Viennese Hofrat, a title 130 00:12:54.160 --> 00:12:57.560 The German Chancellor, after being granted to civil servants for long standing commendable 131 00:12:57.560 --> 00:13:04.300 services, gained his doctorate in political science in 1924 and became Meyer's assistant. 132 00:13:04.300 --> 00:13:08.800 In 1929 he obtained a doctorate in law at the University of Innsbruck and in the same 133 00:13:08.800 --> 00:13:14.320 year achieved his habitation in Vienna with a paper concerning the Lausanne Schule und 134 00:13:14.320 --> 00:13:19.260 die österreichische Schule der nationalen Ökonomie, Lausanne School and the Austrian 135 00:13:19.260 --> 00:13:21.280 School of Economics. 136 00:13:21.280 --> 00:13:26.220 Thereafter he worked as an attorney in the Niederösterreichische Gewerbeverein, Lower 137 00:13:26.220 --> 00:13:34.120 Austrian Trade Association, a secretary general of the Hoteliersvereinigung, Hoteliers Association, 138 00:13:34.120 --> 00:13:39.440 and from 1934 a secretary of the Kammer für Arbeiter und Angestellte, Chamber of Workers 139 00:13:39.440 --> 00:13:41.400 and Employees. 140 00:13:41.400 --> 00:13:47.040 In 1937 he became untenured professor in Innsbruck, but immediately after the annexation was given 141 00:13:47.040 --> 00:13:51.240 compulsory leave and transferred to the ministry. 142 00:13:51.240 --> 00:13:56.600 After the war, he returned to Innsbruck as a professor, and in 1956 became director of 143 00:13:56.600 --> 00:14:00.840 the Sozialakademie of the Dortmund University of Technology. 144 00:14:00.840 --> 00:14:05.480 The Sozialakademie is the institute at the Dortmund University of Technology whose work 145 00:14:05.480 --> 00:14:08.520 consists in training labour representatives. 146 00:14:08.520 --> 00:14:12.760 Baier began distancing himself from the research agenda of the Austrian School in the early 147 00:14:12.760 --> 00:14:18.200 1930s, worked on questions of economic and labour policy, and came to terms with the 148 00:14:18.200 --> 00:14:20.200 corporate state. 149 00:14:20.200 --> 00:14:24.440 Although he continued to show sympathy for the Austrian School, he kept his distance 150 00:14:24.440 --> 00:14:29.560 on matters of content and followed the Keynesian mainstream. 151 00:14:29.560 --> 00:14:35.440 Further Authors of the Younger Austrian School If everything had gone according to plan Fritz 152 00:14:35.440 --> 00:14:42.100 Machlub, Machlub-Wolf, 1902-1983, would have been positioned in the above list of scholars 153 00:14:42.100 --> 00:14:47.980 with habilitationen, the son of a Jewish businessman grew up in Wiener Neustadt. 154 00:14:47.980 --> 00:14:52.860 In addition to working in his parents' cardboard factory, he studied political science in Vienna 155 00:14:52.860 --> 00:14:58.780 where he gained his doctoral degree under Mises with Die Goldkernwehrung 1925, the gold 156 00:14:58.780 --> 00:15:04.780 bullion standard. He participated in the Mises Privatseminar regularly, and in addition to 157 00:15:04.780 --> 00:15:11.940 his business activity wrote reviews, essays, books and more than 150 newspaper articles. 158 00:15:11.940 --> 00:15:17.220 Being an entrepreneur and workaholic, he was also active in the Austrian cardboard cartel, 159 00:15:17.220 --> 00:15:24.240 from 1929 to 1933 taught at the Volkshochschule Ottakring. The Volkshochschule was an adult 160 00:15:24.240 --> 00:15:30.380 education centre primarily attended by blue-collar workers. Ottakring, Vienna's 16th district, 161 00:15:30.380 --> 00:15:34.980 was dominated by blue-collar workers with a strong socialist bent. 162 00:15:34.980 --> 00:15:41.140 Machloub originally wanted to gain his habilitation with Börsenkredit, Industriekredit und Kapitalbildung 163 00:15:41.140 --> 00:15:47.140 Boehm, 1931, The Stock Market, Credit and Capital Formation, a sound analysis of stock 164 00:15:47.140 --> 00:15:52.860 market finance from the point of view of Austrian monetary theory, but Prof. Spann and Degenfeld 165 00:15:52.860 --> 00:15:57.260 Schoenburg informed him that his application would not be considered on account of his 166 00:15:57.260 --> 00:16:03.340 Jewish origin. Also, Maier was not prepared to support one of Mises's students. Macheloup 167 00:16:03.340 --> 00:16:08.260 left the country in 1933 and was offered a guest professorship at Harvard University 168 00:16:08.260 --> 00:16:14.600 in 1934. One year later, he sold the shares of his factory in the lower Austrian Ibs Valley 169 00:16:14.600 --> 00:16:20.140 and emigrated permanently to the United States. During the war, he stood by many persecuted 170 00:16:20.140 --> 00:16:25.220 Austrians and assisted them in leaving the country or escaping. In the US, Machloub carried 171 00:16:25.220 --> 00:16:30.460 on with his academic career at various universities. He focused in particular on international 172 00:16:30.460 --> 00:16:35.120 currency problems and questions regarding competition and market forms, and laid the 173 00:16:35.120 --> 00:16:41.280 and Foundations for an Economic Theory of Knowledge. In 1966 he was elected President 174 00:16:41.280 --> 00:16:47.560 of the American Economic Association. Fritz Machlup was always described as an extraordinary 175 00:16:47.560 --> 00:16:53.960 personality. His agility, intellectual clarity, esprit and great didactic abilities were an 176 00:16:53.960 --> 00:16:59.960 inspiration. One American student, obviously impressed by this ball of energy from Wiener 177 00:16:59.960 --> 00:17:06.320 Lohrstadt, composed a rhyme in his honor which included the line Mach 1, Mach 2, Mach 3, 178 00:17:06.320 --> 00:17:07.320 Mach Lup. 179 00:17:07.320 --> 00:17:15.160 Like Mach Lup, Paul Nazi's Rosenstein-Rodan, 1902-1985, also from a Jewish family in Krakow, 180 00:17:15.160 --> 00:17:20.560 did not receive his habilitation due to reasons involving race and faculty policy. 181 00:17:20.560 --> 00:17:26.160 Rosenstein-Rodan gained his doctorate in law in Vienna and became Meyer's assistant. 182 00:17:26.160 --> 00:17:31.040 At the age of 25, he wrote the much-acclaimed article on the notion of marginal utility. 183 00:17:31.040 --> 00:17:36.000 For the fourth edition of the Handwerter Buch der Staatswissenschaften, Concise Dictionary 184 00:17:36.000 --> 00:17:40.680 of Political Sciences, it was followed by an equally prominent contribution on the role 185 00:17:40.680 --> 00:17:42.160 of time. 186 00:17:42.160 --> 00:17:47.600 He triggered an international debate by showing that the role of time was not, as a rule, 187 00:17:47.600 --> 00:17:51.960 taken properly into account in the economic concept of equilibrium. 188 00:17:51.960 --> 00:17:58.040 In 1931 Rosenstein Rodin received an appointment to teach at University College in London, 189 00:17:58.040 --> 00:18:02.840 where after he distinguished himself as a highly esteemed expert on developing countries. 190 00:18:02.840 --> 00:18:08.560 His last position was that of associate at the Massachusetts Institute of Technology, 191 00:18:08.560 --> 00:18:09.560 MIT. 192 00:18:09.560 --> 00:18:16.760 Ewald Schammes, 1889-1949, studied in Graz, under Schumpeter, and worked in Vienna as 193 00:18:16.760 --> 00:18:22.480 Sektionsrat, one of the highest ranking civil servants in the Ministry for Education. In 194 00:18:22.480 --> 00:18:27.320 addition, he taught as an unsalaried lecturer at the Technische Hochschule, University of 195 00:18:27.320 --> 00:18:33.600 Technology in Vienna, and was a regular participant in the Mises Privatseminar. Shums, who according 196 00:18:33.600 --> 00:18:38.880 to Hayek had a reticent, upright appearance reminiscent of an officer, was an outstanding 197 00:18:38.880 --> 00:18:43.580 expert of the Lausanne School of Lyon-Valras. He was accomplished in mathematics and worked 198 00:18:43.580 --> 00:18:49.100 on questions of methodology and epistemology in particular. After the annexation he remained 199 00:18:49.100 --> 00:18:55.020 in the country and adapted to the Nazi regime. This was also the reason why, at the war's 200 00:18:55.020 --> 00:19:01.060 end, he was not able to return to the Technische Hochschule until 1947. 201 00:19:01.060 --> 00:19:08.180 After studying in Freiburg in Breisgau in Germany, Martha Stephanie Brown, 1898-1990, 202 00:19:08.180 --> 00:19:13.140 She became, in 1921, one of the first women to gain a doctorate in political science at 203 00:19:13.140 --> 00:19:18.900 the University of Vienna. She worked thereafter as a freelance business journalist. As a participant 204 00:19:18.900 --> 00:19:24.180 in a Mises Privatseminar, she continually wrote reviews and articles on banking and monetary 205 00:19:24.180 --> 00:19:30.180 economics and questions concerning economic policy. In 1929, she published her Theorie 206 00:19:30.180 --> 00:19:35.640 der staatlichen Wirtschaftspolitik, Theory of State-run Economic Policy, the first German 207 00:19:35.640 --> 00:19:41.040 and Language Attempt at a Theoretical Rationale and Definition of Economic Policy. After 208 00:19:41.040 --> 00:19:45.520 the annexation, she emigrated to the United States, where she anglicized her name to Martha 209 00:19:45.520 --> 00:19:51.400 Steffi Brown and held, as her last position, a professorship at Brooklyn College. 210 00:19:51.400 --> 00:19:59.160 Erich Schief, 1901-1992, was born in Vienna and proved in Kapitalbildung und Kapitalaufzehrung 211 00:19:59.160 --> 00:20:05.120 im Konjunkturverlauf, 1933, Formation and Depletion of Capital in the course of the 212 00:20:05.120 --> 00:20:09.800 and the business cycle, that depreciation of money undermines a company's calculation 213 00:20:09.800 --> 00:20:14.640 assumptions and therefore inevitably leads to malinvestment. 214 00:20:14.640 --> 00:20:20.600 After holding a post at the Institut für Konjunkturforschung in 1927-1928, he worked 215 00:20:20.600 --> 00:20:25.440 as a newspaper editor and attended the Mises Privatseminar regularly. 216 00:20:25.440 --> 00:20:30.560 On account of his Jewish origins, he fled to the United States in 1938, where he continued 217 00:20:30.560 --> 00:20:33.600 to work in economics. 218 00:20:33.600 --> 00:20:39.760 Carl Schlesinger, 1889-1939, was one of the most outstanding personalities from the wider 219 00:20:39.760 --> 00:20:45.860 Austrian school circle, but is almost forgotten as an economist today. He fled from the Hungarian 220 00:20:45.860 --> 00:20:51.040 Soviet Republic to Vienna, pursued a career in banking, and ended up working as deputy 221 00:20:51.040 --> 00:20:56.360 director of the Angro-österreichische Bank and as chairman of the Bankvereinigung banking 222 00:20:56.360 --> 00:21:01.720 federation. Although he was close to the Lausanne School and showed an interest in mathematical 223 00:21:01.720 --> 00:21:08.760 As an expert on banking and currencies, he published papers on questions regarding monetary 224 00:21:08.760 --> 00:21:14.760 theory, currency policies, and banking business, and studied mathematics under Abraham Wald 225 00:21:14.760 --> 00:21:23.600 from 1933 to 1934. His essay über die Produktionsgleichungen der ökonomischer Wirtlehre, 1934, on the production 226 00:21:23.600 --> 00:21:28.760 equations of the economic value theory, was to become a significant foundation of neoclassical 227 00:21:28.760 --> 00:21:35.400 Equilibrium Analysis, Carl Schlesinger Committed Suicide on the Day of the Annexation, Leo 228 00:21:35.400 --> 00:21:42.040 Ily, Schoenfeld, 1888-1952, originally called Schoenfeld, was a regular participant in the 229 00:21:42.040 --> 00:21:47.800 Mises Privatseminar. While working as an accountant and auditor after the First World War, he 230 00:21:47.800 --> 00:21:53.040 published articles on economics as well as the monograph, Grenznutzen und Wirtschaftsrechnung, 231 00:21:53.040 --> 00:21:59.460 1924, Marginal Utility and National Accounting, with which he tried to revive the abandoned 232 00:21:59.460 --> 00:22:04.680 discussion on marginal utility. He remained in Austria after the annexation, gained a 233 00:22:04.680 --> 00:22:09.240 teaching certification after the war at the Universität für Bodenkultur, another at 234 00:22:09.240 --> 00:22:14.400 the Hochschule für Welthandel, College of World Trade, and finally a habilitation at 235 00:22:14.400 --> 00:22:20.440 the University of Vienna under Hans Mayr. His textbook Das Gesetz des Grenznutzens, 236 00:22:20.440 --> 00:22:26.240 The Theory of Marginal Utility, published in 1948, was an easily comprehensible and condensed 237 00:22:26.240 --> 00:22:32.080 version of The Theory of Marginal Utility. About one-third of the regular attendees of 238 00:22:32.080 --> 00:22:37.320 the Mises Privatseminar or the Geistkreis published only sporadically. Victor Bloch, 239 00:22:37.320 --> 00:22:41.680 for example, with his mathematically-oriented contributions on The Theory of Money Markets 240 00:22:41.680 --> 00:22:46.940 and Interests, and Gertrude Lawarcy and Ludwig Betterheim-Gabillon, who wrote studies on 241 00:22:46.940 --> 00:22:54.940 and Economic History. Articles by Erich Wirglin, 1901, 1985, Alfred Schutz, 1899, 1955, and 242 00:22:54.940 --> 00:23:01.620 Felix Kaufmann, 1895, 1949, each in their respective subject areas, became part of economics' 243 00:23:01.620 --> 00:23:08.780 discourse in one way or another. Historians Friedrich Engel-Jarnosi, 1893, 1978, and Alexander 244 00:23:08.780 --> 00:23:15.260 Gershon-Gron, 1904, 1978, were predominantly attracted by the interdisciplinary make-up 245 00:23:15.260 --> 00:23:20.020 of the two circles and wrote nothing pertinent to economics. 246 00:23:20.020 --> 00:23:24.740 The following were also participants of the above-mentioned circles and did not publish. 247 00:23:24.740 --> 00:23:31.500 Marianne von Herzfeld, Rudolf von Klein, Walter Fröhlich, Ilse Minz Schüller, Rudolf Löbl, 248 00:23:31.500 --> 00:23:37.940 Robert Welder, Emanuel Winternitz, Eli Offenheimer-Spirow and Adolf Redlich-Redley.