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Mises, Ludwig Edler von, 1881-1973 (B3)<br />A leading Viennese economist whose influential seminar conducted when he was professor of the University of Vienna (1913-36) included many famous economists, such as MACHLUP and HAYEK. He taught at the Graduate Institute of International Studies, Geneva, from 1934 to 1940 and was professor of economics at New York University from 1945 to 1969. As an economic liberal, he was a leading member of the AUSTRIAN SCHOOL, which seemed to be eclipsed by KEYNESIANISM until its powerful revival in the 1970s. Like his Austrian contemporaries, Mises began with UTILITY theory and a study of BUSINESS CYCLES but after the First World War attacked the nature of allocation in socialist societies and then investigated economic philosophy in great detaiL In his The Theory of Money and Credit (1912) he was one of the first economists to integrate MICROECONOMICS and MACROECONOMICS by founding his theory of money and credit on the individualism of Austrian microeconomics. He also used a cash balance and EXPECTATIONS APPROACH to money. His novel approach to the trade cycle based on the SPECIE-FLOW MECHANISM with bank credit being crucial to the generation of booms and slumps was to be a major inspiration to HAYEK.<br /> <br /><em>Reference</em><br />Butler, E. (1988) Ludwig von Mises, Aldershot: Gower.<br /> von Mises, L.E. (1912) The Theory of Money and Credit, trans. H. E. Batson, London: Jonathan Cape.<br /> - (1937) Socialism: An Economic and Sociological Analysis, 2nd edn, trans. J Kahane, New York: Macmillan.<br /> - (1949) Human Action, A Treatise on Economics, New Haven, CT: Yale University Press.<br /> - (1962) The Ultimate Foundation of Economic Science, Princeton, NJ: Van Nostrand.<br /> Moss, L.S. (ed. ) (1976) The Economics of Ludwig von Mises, Kansas City, KS: Sheed and Ward.
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revenue seeking (Fl)<br />Attempting to gain part of the revenue from protective tariffs.<br /> <br /><em>Reference</em><br />Bhagwati, J.N. and Srinivasan, T.N. (1980)<br />'Revenue-seeking: a generalisation of the theory of tariffs', Journal of Political Economy 88: 1069-87.
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