Of Contracts and the Katallaxy: Measuring the Extent of the Market, 1919–1939

Of Contracts and the Katallaxy: Measuring the Extent of the Market, 1919–1939 This paper develops a view of the extent of the market based on the katallactic notions advanced by Mises, Hayek, Buchanan, and others. This contractarian approach to the katallactic process is used to analyze one of the most studied but still controversial periods of U.S. economic history, the interwar years from 1919 to 1939. The pictures that emerge from a katallactic analysis of the interwar years are quite different from those that emerge, for example, from considerations of national income and product. The katallactic approach reveals, for example, that a much larger and more dynamic structure of production and financial exchanges sits behind the relatively sanguine façade of final consumption during this turbulent period. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png The Review of Austrian Economics Springer Journals

Of Contracts and the Katallaxy: Measuring the Extent of the Market, 1919–1939

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Publisher
Kluwer Academic Publishers
Copyright
Copyright © 2004 by Kluwer Academic Publishers
Subject
Economics; Public Finance; Political Science; History of Economic Thought/Methodology
ISSN
0889-3047
eISSN
1573-7128
D.O.I.
10.1023/B:RAEC.0000044639.64124.51
Publisher site
See Article on Publisher Site

Abstract

This paper develops a view of the extent of the market based on the katallactic notions advanced by Mises, Hayek, Buchanan, and others. This contractarian approach to the katallactic process is used to analyze one of the most studied but still controversial periods of U.S. economic history, the interwar years from 1919 to 1939. The pictures that emerge from a katallactic analysis of the interwar years are quite different from those that emerge, for example, from considerations of national income and product. The katallactic approach reveals, for example, that a much larger and more dynamic structure of production and financial exchanges sits behind the relatively sanguine façade of final consumption during this turbulent period.

Journal

The Review of Austrian EconomicsSpringer Journals

Published: Oct 27, 2004

References

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