OeNB's Anniversary Fund project: Carl Menger as a Central Banker? From the Origin to the Future of Money

Mag. Dr. Alexander Linsbichler, MA (principal investigator)

Em. o. Univ.-Prof. Mag. Dr. Reinhard Neck (Alpen Adria Universität Klagenfurt)

Univ.-Prof. Julian Reiss, PhD, lic. oec. HSG, ML, MAE, MEUrASC

1 predoc position is advertised right now.. Job posting see below.

Prospected project duration: 1.1.2025 - 31.12.2027

Short decription of the project

Carl Menger (1840-1921) features prominently in contemporary political and academic controversies about monetary policy. Menger’s view on the origin of money is invoked in fierce debates about the proper roles of states and central banks regarding the most beneficial monetary systems. As the examples of crypto assets and of MMT illustrate, diverging assessments of the epistemological strength of Menger’s theory are thought to imply diverging normative standpoints on the desirable actions of monetary authorities in the 21st century. The recent recollection of Mengerian economics (Latzer & Schmitz 2002, White 2023, Sielska et al. 2023), its historical and anthropological critics (Wray 2015, Graeber 2011), and separate novel alternatives (Heinsohn & Steiger 2008) all fruitfully contribute to the understanding of some intricate theoretical and practical problems. Yet, in at least three crucial respects our project will address shortcomings and lacunae of the current state of research.

Contemporary debates on monetary policy invoke descriptive accounts of the origin of money to justify normative conclusions. Menger's theory of the origin of money is contested due to purportedly contradicting historical evidence. We address three crucial shortcomings of the current state of research: 1) Instead of neglecting the last three decades of Menger's life, we update his account of money using novel archival material. 2) The relation between Menger's explanations and the historical evidence is nontrivial and precarious. We employ the conceptual toolbox of contemporary philosophy of science ("how-possible-explanations" in particular) to provide a more nuanced, more adequate appraisal of the controversy. 3) Logically problematic inferences from a descriptive theory to normative conclusions seem to be drawn on both sides of the debate. Focusing on the regulation of crypto assets and on Modern Monetary Theory, we critically analyze such arguments and assess what, if anything, the origin of money implies for monetary policy.

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Job posting

2-3 years predoc position (30h per week)

Deadline for applications: 30.09.2024

You can apply here: https://karriere.jku.at/hcm/jobexchange/showJobOfferDetail.do?jobOfferId=8a7ec03e90e9bb9301910886ba151e20&j=&organizationUnitId=, opens an external URL in a new window

Start date: 01.01.2025 (or as soon as possible after that)

End date: 31.12.2026

Possible extension to 31.12.2027 (with 30-40 hours per week)

Job Duties:

• Conduct research and write a doctoral thesis in the context of the OeNB project “Carl Menger as a Central Banker?”
• Participate in the project’s and the institute’s administrative tasks
• Teaching option in the third year

Your Qualifications:

• The successful candidate must hold a Diploma/Master’s degree in Philosophy & Economics, Philosophy, HPS, PPE, Economics, or another relevant discipline by the time employment starts
• Good knowledge or willingness to quickly acquire good knowledge of as many of the themes of the project as possible: philosophy of economics, Mengerian economics and methodology, different monetary theories and their critics (MMT, chartalism, Austrian, Eigentumsökonomik, …), cryptocurrencies, how-possibly-explanations, the fact-value-dichotomy and barriers to entailment, explication and rational reconstructions, economic modelling, philosophy of disagreement
• Strong command of English (B2 minimum)
• Strong command of German (reading C1) is an asset but not necessary
• Strong team player
• Intellectual curiosity regarding the themes of the project and beyond

What we offer:

• On the basis of 30 hours per week employment, the salary for doctoral candidates of the Austrian Science Fund (to be adjusted to inflation annually in February, 14x per year). Current rates available here: https://www.fwf.ac.at/en/funding/steps-to-your-fwf-project/further-information/personnel-costs, opens an external URL in a new window

• Dynamic and internationally well-connected research environment
• Stable employer
• Attractive campus environment with good public transportation connections
• Broad range of on-campus dining services / healthy meals (organic food at the cafeteria)
• Exercise and sports classes (USI)
• … and much more

Application documents:

• Cover letter [optional]
• CV
• Reading sample (seminar paper, MA thesis, published paper, review essay, …) [5000-50000 words]
• Outline of your previous involvement with themes relevant to the project and/or sketch of ideas for your research in the project [500-5000 words]
• Transcript and/or diploma
• Other documents [optional]

Contact: alexander.linsbichler(at)jku.at

Subject to change.