Money and Markets: Essays in Honor of Leland B. Yeager

Leland’s favorite economists 105economic sense, the natural question arises of whether they can find reason inother, perhaps philosophers’, reasonings. In a different context, we have found thatFriedrich Nietzsche might have been a source of inspiration. 8 Is it possible or isit conceivable that Friedrich Nietzsche influenced Eucken’s view of the world?The question cannot be readily answered. On the one hand, both Nietzsche andEucken’s father, Rudolf Eucken, were eminent literary figures. Next to everythingthat Nietzsche had published, in particular Morgenröte, must have been householditems at dinner table conversations in Jena (at Eucken’s table). It is therefore not farfetchedto wonder whether we can find the basic ideas of Eucken’s Ordo-notions inNietzsche’s writings. As the reader will soon discover, we can very well find the gistof the ideas in Nietzsche’s works, but Eucken did make a very good attempt to translatethe basic ideas into economic practice, to the extent that he was aware of it. 9As far as I can see, most but not all what Eucken suggests in his wheel is wellcontained in Nietzsche, but I could have done the same for Justi. What is importantis not the original insight of the basic ingredients of a market economy. What isimportant, and that has to do with his religious dedication, is to have understoodwhat such a market economy requires, and that it takes determination to make ithappen. Having witnessed several generations enslaved in state socialism, whowould cast the first stone against a scholar who honestly believes that his economicinsight comes from the scripture?Clearly, Nietzsche is another scholar who fell apart because he could not reconcilescripture and evidence, and nevertheless came to rather similar conclusions.Although the conclusions cannot be tested, since they are basic propositions, theyearn credence if different trains of thought lead to the same basic principles. It is forthis reason that we now turn to Friedrich Nietzsche.II Sources of insightSince we are now somewhat stunned as to where Eucken got his insights from, let uslook at a somewhat unlikely source.Friedrich Nietzsche (1844–1900) is certainly not known as a profound writer ineconomics. Contemporary writings do not quote him as having contributed toeconomics at all. However, a closer look shows that Friedrich Nietzsche had deepinsights into why and how man can be a homo economicus. This part has three basicpieces. The first piece gives essential quotes from his now available work. Thesecond piece gives a sketch of basic institutions of the market economy. The thirdpiece connects the two in showing that Nietzsche, indeed, had profound insightsthat go way beyond other classical thinkers in economics. In this sense, and in thissense only, Nietzsche can be claimed to be an important thinker in the history ofeconomic thought.A)Friedrich Nietzsche (1844–1900) is probably the most important philosopher of thenineteenth century. Since philosophy is the mother of the social sciences, it would