ABSTRACT
Mises and Schumpeter at the University of Vienna, and after Ludwig von Mises entered the University of Vienna as a student in 1900. A year later, Joseph A. Schumpeter began his matriculation there as well. Both received their doctoral degrees in Roman and Canon Law in 1906. These were exciting years to be a student at the University of Vienna for anyone interested in economics, especially Austrian Economics. Following is a very abridged selection illustrating the faculty and course offerings in economics during this time:1
Eugen von Böhm-Bawerk (returned to teaching summer semester 1905, after serving as Finance Minister of Austria-Hungary) Introduction to Economics Investigations into Political Economy Topics on Themes in Economic Theory (for advanced students only;
began summer semester 1906) Karl Grunberg Introduction to Economics History of Economics Economic History of Recent Time On Socialism Johann von Komorzynski Fundamental Principles of Economics The Theory of Prices Credit and Banking Direct Personal Income Tax in Austria Victor Mataja Investigations into Social Policy Carl Menger (retired summer semester 1903) Introduction to Economics Public Finance with Special Consideration to Austrian Tax Law Robert Meyer Investigations into Public Finance Eugen von Philippovich Introduction to Economics
Economic Policy Public Finance with Special Consideration to Austrian Tax Law Richard Schaller (Privatdozent) International Trade Policy Friedrich von Wieser (replaced Menger winter semester 1903) Introduction to Economics Economic Policy Public Finance with Special Consideration to Austrian Tax Law Theory of Money
In 1906, both Mises and Schumpeter participated in Böhm-Bawerk’s advanced seminar, along with Otto Bauer (a leading Austrian socialist of the postwar period), Rudolf Hilferding (a leading Marxist), Emil Lederer (a socialist and later co-founder of the Graduate Faculty at the New School for Social Research in New York), and Felix Somary (later a prominent banker and diplomat). Mises, in his Notes and Recollections, described the seminar:
When Böhm-Bawerk opened his seminar it was a great day in the history of the University and the development of economics. As the subject matter of the first seminar, Böhm-Bawerk chose the fundamentals of the theory of value. From his Marxian position, Otto Bauer sought to dissect the subjectivism of the Austrian value theory. With the other members of the seminar in the background, the discussion between Bauer and Böhm-Bawerk filled the whole semester. Bauer’s brilliant intellect was very impressive; he was a worthy opponent of the great master whose critique had mortally wounded Marxian economics. I believe that in the end Bauer had to admit to himself also that the Marxian labor theory of value was untenable.2
