Gustav von Schmoller was a German economist and founder of the historical school of economics. He was born on December 15, 1838, in Munich and died on May 14, 1917 in Berlin. During his life, Schmoller made a number of economic theories and also wrote numerous books and articles.
Schmoller was educated at the University of Berlin where he studied law and economics. After completing his studies, he returned to Berlin and worked as an editor at the Berliner Zeitung newspaper. He then joined the University of Berlin as a professor of economics and in 1889, he became the head of the newly formed Economics Department.
Schmoller was an influential figure in the development of German economics and his influence spread beyond the German borders. He was heavily influenced by the works of Karl Marx and was also a strong supporter of public education and government intervention in economic affairs. He was an advocate for the creation of an economic system where the government plays a major role in managing the economy as a whole.
His most famous book was Economic Studies, which was first published in 1890. In it, Schmoller argued that economics is a social science and should be studied from a historical perspective. He also argued that economics should be viewed as an inter-related system of human actions and interactions, instead of a purely technical or rational field.
He also argued against laissez-faire economics, instead emphasizing the importance of government intervention in the economy and a more equitable distribution of wealth. This sparked criticisms from those in favor of free market solutions and limited government intervention, but Schmoller was able to gain support among a wide diversity of economic thinkers.
Schmoller was also known as an advocate of federalism in Germany, believing it was the best system to protect the economic interests of citizens. He saw the federal system as essential to ensuring economic growth while at the same time preserving the autonomy of smaller regions.
Throughout his life, Schmoller maintained an interest in the field of economics. He published many books and articles, in addition to the Economic Studies, and continued to teach and advocate for his views until his death in 1917. His works and ideas, particularly those on the historical school of economics, remain influential today.
