My Teaching Activities in Vienna

No other calling was as desirable to me as that of a university professor. As a liberal, I recognized early on that I would always be denied a full professorship at a German-speaking university. This was regrettable to me only because it forced me to earn my living through nonacademic work. The title of Privatdozent1 seemed to offer sufficient opportunity for salutary teaching. In 1913 I was admitted to the faculty of law at the University of Vienna in the capacity of Privatdozent in the spring...

Further Studies in Indirect Exchange

I was not satisfied with a number of things in The Theory of Money and Credit. I found it necessary to remedy its shortcomings. Neither the criticism of my book, nor the works of others published on the problems of indirect exchange since 1911 were in any way able to shake my claims. I am grateful for the incentive provided by the works of B.M. Anderson, T.E. Gregory, D.H. Robertson, Albert Hahn, Hayek, and Machlup. They caused me to reconsider my theory and improve its presentation. Even where...

The Austrian School of Economics

University, and I had no interest in it at the time. Around Christmas, 1903, I read Menger's Grunds tze der Volkswirtschaftslehre1 for the first time. It was through this book that I became an economist. Many years passed before I encountered Carl Menger in person. When I met him he was already over seventy years old, hard of hearing, and plagued by an eye disorder. His mind, however, was young and vigorous. I have asked myself again and again why this man did not make better use of his last...