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Economics, Institutions and Ludwig Von Mises

Copenhagen Business School

I argue that what made the Austrian School distinct from other economic traditions was not only a thoroughgoing subjectivism and a rationalistic methodology, but just as much an emphasis that real institutions should be approached using choice-theoretic tools. Using the work of Ludwig von Mises as the prime reference, I argue that the Austrians anticipated a number of the concerns of contemporary neo-institutionalists, particularly work on property rights. However, with respect to the institution theme, Mises was much more than simply a precursor; he suggested blending institutional and process analysis in a way that is still to be achieved by modern neo-institutionalists.

Key Words: Austrian economics • institutional change • institutions • Ludwig von Mises

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