The subsistence fund in Ludwig von Mises’s explanation of the business cycle
DOI:
https://doi.org/10.52195/pm.v9i2.232Abstract
To the present day the circulation credit theory of the business cycle is one of the central themes in Austrian Economics. Its principle examination object is the artificial expansion of circulation credit and the influence the latter has on the economic system. In this paper it is argued that Ludwig von Mises, the originator of this theory, did not expound his theory homogenously. Whereas he stressed the role of the subsistence fund in the original version, he substituted it by other concepts in later publications. It will be shown that, at least in this respect, the original version in Theorie des Geldes und der Umlaufsmittel is more consistent than the later ones, even than the elaborated exposition that can be found in Mises’s most important work, Human Action.
Key words: Austrian Theory of the Business Cycle, Ludwig von Mises, Sub - sistence Fund, History of Economic Thought.
JEL Classification: B13, B31, E32.
Resumen: Hasta hoy, la teoría del crédito circulatorio de los ciclos económi - cos ha sido uno de los temas centrales en la Economía Austriaca. Su objeto principal de investigación es la expansión artificial del crédito circulatorio y su influencia en el sistema económico. En este artículo se objeta que Ludwig von Mises, el autor que planteó de dicha teoría, no la expone de forma ho - mogénea. Mientras que en la versión original acentuó el papel del fondo de subsistencia, sustituyó este concepto por otros en publicaciones posteriores. Se mostrará que, por lo menos en lo que se refiere a esta relación, la versión original en Theorie des Geldes und der Umlaufmittel es más coherente que las posteriores, incluso más consistente que la elaborada exposición de sa-rrollada en su obra más importante, La Acción Humana.
Palabras clave: La Teoría Austriaca del Ciclo Económico, Ludwig von Mises, Historia del Pensamiento Económico, Fondo de Subsistencia.
Clasificación JEL: B13, B31, E32.
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