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Hayek and His Eastern Reich Fathers

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Hayek: A Collaborative Biography

Part of the book series: Archival Insights into the Evolution of Economics ((AIEE))

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Abstract

One Neoclassical branch — the fifth-generation Austrian — consists primarily of those valued by the market as unworthy of academic employment — victims, they maintain, of corrupt producer sovereignty. The Austrian School of Economics is defined by Ludwig Mises’ discovery of a sentence in the third edition of Frank A. Fetter’s (1913) textbook. In Die Gemeinwirtschaft: Untersuchungen über den Sozialismus (Socialism), Mises (1922, 435, 1951, 443) declared that ‘the Lord of Production is the Consumer’ (‘Der Herr der Produktion ist der Konsument‘). His source was Fetter’s (1905, 212) reference to consumer boycotts and preferences: ‘The market is a democracy where every penny gives a right of vote.’ According to Mises (1951, 443–444),

From this point of view the capitalist society is a democracy in which every penny represents a ballot paper. It is a democracy with an imperative and immediately revocable mandate to its deputies — Special means of controlling [the entrepreneur’s] behaviour are unnecessary. The market controls him more strictly and exactingly than could any government or other organ of society.

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  1. Robert Leeson
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  1. Stanford University, USA

    Robert Leeson (Visiting Professor of Economics) (Visiting Professor of Economics)

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Leeson, R. (2015). Hayek and His Eastern Reich Fathers. In: Leeson, R. (eds) Hayek: A Collaborative Biography. Archival Insights into the Evolution of Economics. Palgrave Macmillan, London. https://doi.org/10.1057/9781137452603_3

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