“It is not surprising that Böhm-Bawerk and Mises came to radically different policy conclusions from Wieser and Schumpeter [sc. about the role of money]. Whereas Mises held that the stock of money was ultimately irrelevant, Wieser stressed that money’s function as a measuring rod must not be interfered with. Its value should be as stable as possible, and all destabilizing influences should be eliminated. Wieser suggested that one could optimize the national currency by abolishing commodity money and putting a pure paper money in its place. In fact, paper would be more stable because its value is not subject to the influence of the non-monetary demand for the monetary commodity.” (Hülsmann 2007: 235–236).How times have changed.
But this confirms that there was a forgotten wing of the early Austrian school, whose views were different from modern Austrians, and Wieser was an important member of that wing.
Hülsmann, J. G. 2007. Mises: The Last Knight of Liberalism. Ludwig von Mises Institute, Auburn, Ala.