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"Whether and, if so, in what sense Joseph A. Schumpeter (1883-1950) and Ludwig von Mises
(1881-1973) may both be classified as ‘Austrian economists’ is a controversial issue. In terms
of their biographical background they were, of course, Austrian nationals, and as students of
Böhm-Bawerk and von Wieser both qualify in a formal sense as third-generation members of
the Austrian School. Yet, whether they so qualify in a substantive sense as well is much more
questionable. Apparent differences between their views on a number of issues have often been
cited as evidence for a paradigmatic divide between, on the one side, Mises as the true
messenger of the Mengerian heritage and the principal inspirer for the modern revival of
Austrian economics and, on the other side, Schumpeter as a renegade who departed from
constitutive tenets of the Austrian paradigm. While this view has long been dominant among
historians of economic thought, Mises’ student Israel Kirzner and others have more recently
called for a re-evaluation of Schumpeter’s place in the tradition of Austrian economics. The
purpose of the present paper is to take a closer look at the mixture of commonalities and
disagreements in the writings of Schumpeter and Mises that have given rise to the ambivalent
evaluations of their ‘Austrian’ credentials. Section 1 offers a few comments on their common
Viennese background and their different personalities, section 2 looks at Mises’ and
Schumpeter’s respective methodological views, section 3 contrasts their arguments on the
socialist calculation issue, section 4 compares their outlooks at entrepreneurship, and section
5 draws some conclusions." [author's abstract]
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