The Nationalökonomische Gesellschaft (NOeG) was founded in June 1918 by a group of young scholars, mostly based in Vienna, as a forum for theoretical debate. Despite the prominent economists involved (e.g. Schumpeter, Mises, Mayer, Spann, Amonn) its activities soon petered out. The relaunch of the NOeG in 1927 originated from the necessity of the two strands of the Austrian school, led by Mayer and Mises, to find some tolerable arrangement; Spann and economists outside the University of Vienna were excluded. Around 1930 the NOeG and Vienna in general proved an attraction for many well-known economists from abroad, and many of the papers presented were printed and cited in first-rate journals. Yet with the emigration of many Austrian economists during the 1930s the NOeG mirrored the general decline of academic economics in Austria and the number and quality of the papers presented decreased. After the Anschluss 1938 the NOeG and its president Mayer were quick in dismissing its Jewish members and in the following adhered to a strategy of inconspicuous adaptation; its formal existence did not lead to any substantial activities. The post-war period was characterized by the restoration of the situation before 1938, with Mayer's continued presence at the university as well as at the NOeG a case in point. In the end, it led Austrian academic economics into a state of international isolation and "provincialization" much lamented by the émigré economists of the Austrian school.

O propósito deste trabalho é estudar o Debate do Cálculo Econômico Socialista, desde a sua pré-história a partir da Revolução Marginalista e o seu início em 1920 com o artigo de Ludwig von Mises até a moderna retomada do mesmo na década de noventa. Argumentaremos que a fonte do desacordo pode ser traçada nas diferentes percepções sobre a complexidade do problema alocativo. A desconsideração dessa complexidade por sua vez levou os economistas a usar a teoria microeconômica padrão para construir um novo sistema econômico, desconsiderando as assimetrias entre explicação e previsão/controle existentes na teoria econômica neoclássica. Em cada fase do debate, elementos importantes dos mercados reais, geralmente desconsiderados pela teoria econômica então prevalecente, foram utilizados para criticar as tentativas de solução do problema do cálculo. Em particular, a articulação de Hayek da abordagem austríaca de processo de mercado foi em parte fruto do debate e ainda é relevante para avaliar os méritos das propostas modernas de socialismo de mercado e o significado da teoria micro em geral. / The purpose of this work is to study the Socialist Economic Calculation Debate, from its prehistory since the Marginalist Revolution and its beginning in 1920 with Ludwig von Mises article to the modern reopening of the discussions in the 90´s. We will argue that the source of the disagreement can be traced to the different perceptions about the complexity of the allocative problem. The neglect of this complexity in turn lead the economists to use the standard microeconomic theory to construct a new economic system, disregarding the asymmetries between explanation and prediction/control in neoclassical economic theory. At each phase of the debate, important elements of the real markets, usually disregarded by the economic theory prevailing in the moment, were used to criticize the attempts to find a solution to the calculation problem. Particularly, Hayek´s articulation of the Austrian or market process approach to economic theory was in part fruit of this debate and is still relevant to evaluate the merits of the modern market socialist proposals and the significance of micro theory in general.

This thesis deals with the problem of recent financial crisis and possible ways to prevent it from returning in the future. The basic document here deals with the changes made by US government and their comparison with set of laws from the time of the Great Depression. This comparison results into proposal of some further changes. The last part deals with the systematic flaw of credit expansion a offers a solution based on principles of the Austrian school modified to correspond more closely with current system

O propósito deste trabalho é estudar o Debate do Cálculo Econômico Socialista, desde a sua pré-história a partir da Revolução Marginalista e o seu início em 1920 com o artigo de Ludwig von Mises até a moderna retomada do mesmo na década de noventa. Argumentaremos que a fonte do desacordo pode ser traçada nas diferentes percepções sobre a complexidade do problema alocativo. A desconsideração dessa complexidade por sua vez levou os economistas a usar a teoria microeconômica padrão para construir um novo sistema econômico, desconsiderando as assimetrias entre explicação e previsão/controle existentes na teoria econômica neoclássica. Em cada fase do debate, elementos importantes dos mercados reais, geralmente desconsiderados pela teoria econômica então prevalecente, foram utilizados para criticar as tentativas de solução do problema do cálculo. Em particular, a articulação de Hayek da abordagem austríaca de processo de mercado foi em parte fruto do debate e ainda é relevante para avaliar os méritos das propostas modernas de socialismo de mercado e o significado da teoria micro em geral. / The purpose of this work is to study the Socialist Economic Calculation Debate, from its prehistory since the Marginalist Revolution and its beginning in 1920 with Ludwig von Mises article to the modern reopening of the discussions in the 90´s. We will argue that the source of the disagreement can be traced to the different perceptions about the complexity of the allocative problem. The neglect of this complexity in turn lead the economists to use the standard microeconomic theory to construct a new economic system, disregarding the asymmetries between explanation and prediction/control in neoclassical economic theory. At each phase of the debate, important elements of the real markets, usually disregarded by the economic theory prevailing in the moment, were used to criticize the attempts to find a solution to the calculation problem. Particularly, Hayek´s articulation of the Austrian or market process approach to economic theory was in part fruit of this debate and is still relevant to evaluate the merits of the modern market socialist proposals and the significance of micro theory in general.

This dissertation explores four big topics in the Austrian economic theory. Chapter 1 elucidates the Austrian theory of capital. It introduces basic tools that are further used in the analysis of the business cycle. It also clarifies some misunderstandings in this theory. Chapter 2 investigates the evolution of the interest rate over the business cycle that is predicted by the Austrian theory of economic fluctuations. Chapter 3 examines the pure time preference theory. It shows with the help of a simple neoclassical graphical and mathematical apparatus that there is a fundamental flaw in this theory. It suggests that the notions of want and good must be explicitly separated, and it concludes that the time preference as well as the subjective exchange ratio between present goods and future goods may take on any value. Chapter 4 explores the business cycle dynamics in the economy with permanently rising natural output. Simple monetary policy rule that was designed to eliminate economic fluctuations is discussed in detail.

The main goal of this thesis is to present the true explanation of the Great Depression, which will be the basis for the critical analysis of the current situation in developed economies. This thesis contains three chapters: the first presents the Austrian business cycle theory, which is then applied in the second chapter to the Great Depression. The third chapter deals with the critical analysis of the state and its economic policies, which seeks to answer the question, why the economic crises keep repeating, which is the partial goal of this thesis.

This diploma thesis deals with a new discord in the Austrian economic theory about the effects of maturity mismatching practiced by banks on the shape of the yield curve and defines the not yet established concept of the natural yield curve. The conflicting contributions of Austrian authors are compared for that purpose. Based on this comparison, a coherent theory of the effects of maturity mismatching is presented in a framework of the loanable funds market. A definition of the natural yield curve is then produced by a synthesis of the above-mentioned findings and the Austrian theory of the natural rate of interest. Theoretical research leads to the conclusion that one form of maturity mismatching inevitably results in an Austrian business cycle. The empirical section examines the question of yield curve´s behavior under the influence of maturity mismatching. An explanation concerning the selected hypotheses and their lack of confirmation is given.

This diploma thesis is trying to describe implications of current financial crisis by the Postkeynesian and Austrian view. The introduction section focuses on course of events in the United States of America after the September 11 attacks on World Trade Center till outbreak of mortgage crisis in 2007. After 9/11 the Federal Reserve System started to unprecedentedly increase the money supply. Large amount of these new resources flowed to the real estate market. Incurred conditions and implications to other financial sectors till the bankruptcy of Lehman Brothers in September 2008 are thoroughly studied. The causes of the crisis are being looked through the Postkeynesian and Austrian perspective in this thesis, because the major representatives of these two economic branches were able to predict the crisis coming. By using the works of the Postkeynesian and Austrian economists, possible solutions how to avoid this negative economic event in the future are being mentioned in the final part of this diploma thesis. Their suggestions and proposals contrast each other. Nevertheless I reach certain recommendation here, which shows government's interventions are inappropriate and functionless. These interventions have also harmful influence on the free-market economy function. Moreover they tend to deepen recessions. These arguments are being demonstrated on real cases.

Cette étude revient sur la problématique du changement institutionnel que les pays de l’Europe de l’est traversaient depuis un peu plus de deux décennies et qui présente encore une acuité certaine pour saisir le sens des différences des performances économiques observées entre eux. Pour comprendre le succès inégal de ce processus, nous avons élargi dans une perspective évolutionniste, le cadre méthodologique néo-institutionnaliste par l’interrogation des systèmes anthropologiques qui portaient tout projet de société y compris l’idée même de faire de l’économie. La science anthropologique qui étudie les rigidités mentales, cherche à savoir pourquoi des sociétés si proches géographiquement ne fusionnent pas pendant des millénaires. Le principe de la diversité culturelle du monde permettait de comprendre comment les institutions informelles émergeaient et influençaient les performances économiques. Une augmentation du stock de connaissances doublée d’une transition démographique constituerait le socle de la transition mentale qui, accompagnée par des institutions fiables, serait capitale dans la réussite d’un processus de changement politique et économique. La révolution culturelle synonyme d’évolution des mentalités est un phénomène autonome qui précède dans le temps le développement économique et la modernité politique. S’appuyant d’emblée sur une trame de mentalités, le politique et l’économique n’agissaient pas dans le vide. Ils sont par nature endogènes et contingents, car une société ne changera jamais que si elle convient de la nécessité du changement. / This study returns to the issue of institutional change that Eastern European countries have experienced for the past two decades. This change still presents a certain acuteness to grasp the sense of the differences in the economical performances observed between the economies in transition. To understand the uneven success of this process we broadened in an evolutionist approach the neo-institutionalist methodological framework by questioning the anthropologic systems that supported all society projects including the very idea of doing economics. The anthropological science that studies mental rigidity is trying to understand why societies that are so geographically close do not merge for millenniums. The principle of the world’s cultural diversity allowed to understand how informal institutions emerged and influenced economic performance. An increase in the stock of knowledge combined with a demographic transition would constitute the base of mental transition which supported by reliable institutions would be decisive in the success of the process of political and economic change. Political and economic change is just the reflection of a mental transition taking part in the core structures of a society. The Cultural Revolution, synonym of evolution of the mentalities, is an autonomous phenomenon that precedes economic development and political modernity. Relying at once on a framework of mentalities, the politics and the economics never act without results. They are, by virtue of their nature, endogenous and contingent because a society can only change if it acknowledges the necessity for change.

Throughout history, at multiple times, countries have implemented central banking systems by monopolizing currencies. The following study looks at key indicators such as bond yields, central bank legislation and free banking era legislation to identify whether changes were due to economic necessity or political opportunism on the part of politicians. The study will analyze 5 countries, most notably Australia, Sweden, Switzerland, United States and Scotland, all of which have had a free banking period and can shed some light on the topic of transition from a free banking system to a centralized monopoly. The comparison draws light on the diverse problems and challenges that arose, most notably finding that in the majority of cases, government intervention caused the banking system to become unstable and help governments to engage in large debt financing under the central banking era. Keywords: Free Banking; Rent-Seeking; Comparative Banking Systems; Central Banks; Political Economy of Monetary Institutions JEL Classification: B53, E02, E42, E44, F59, N13, N14, N11, N12, N21, N22, N23, N24