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That some of these irregulars, who were at one time justly condemned for professional incompetence, proved to have been fundamentally right at another time is neither paradoxical nor in itself proof of the incompetence of those who were responsible for the condemnatory sentence. The reader can easily satisfy himself from what has been said in the last but one paragraph...
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We proceed to mention a few examples of the period’s performances in special fields that, however, belonged to autonomous sociology—to sociology that did not borrow methods and results from outside. Durkheim’s name must not be omitted from these pages for reasons other than that he was one of the leading sociologists of religion. The fundamental explanation of the phenomenon of...
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Many of the volumes presented work of a high grade that was not only exemplary in its minute attention to detail but also analytically significant and inspired by considerations of scientific as well as practical urgency. 149 of the Schriften), that was a part of them, rose far above the general level. On the whole, however, the economists responsible for...
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Mill bestowed upon theory in the traditional sense, and reduce correspondingly the space and thought allotted to the latter. Comfortably assured of the survival of both parties, we may therefore turn back for a moment to consider the famous clash between theoretical and historical economists that has come down to posterity as the Battle of Methods (Methodenstreit). When ‘historism’ was...
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But we must record the excellent performance of J.N.Keynes that settled most of these methodological issues in a spirit of judicial reasonableness and to the satisfaction of the profession. account of the fact that they lent the support of their great influence on a large section of opinion to methodological views akin to those of the German historical school. See...
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bound differences, we find strong similarity in the visions or general conceptions of the process and, in particular, with respect to economic evolution. Also we find an approximately equal distribution of weights as between ‘theory’ and ‘facts,’ although Marshall’s superior art succeeded in banishing mere narration from the pages of the Principles—so that to readers who neglect Industry and Trade,...
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He was thirty when he was appointed to the University of Innsbruck, and the eight years he taught there define the whole of the time that he was able to devote, in the plenitude of his powers, to scientific economics. He was a hard, systematic, and effective worker, and we need not, perhaps, deduct very much from his fund of...
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But he was not devoid of insight and threw out many good ideas.. Among other things, he saw the use of the concept, and coined the word, Comparative Statics (see below, ch. The most benevolent observer could not have paid any compliments to Italian economics in the early 1870’s. Some of the excellent work done especially in money and banking,...
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Barring his panacea (the Single Tax) and the phraseology connected with it, he was a very orthodox economist and extremely conservative as to methods. They were those of the English ‘classics,’ A.Smith being his particular favorite. and he shared none of the current misunderstandings or prejudices concerning it. Even the panacea—nationalization not of land but of the rent of land...
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Davenport was an excellent theorist and a great teacher in his day, and the profession is under considerable obligation to him for the infinite pains he took to straighten out the fundamental problems of the theory of his time. He was an enthusiastic Veb lenite and a strong radical of the Middle Western type who saw the evil spirits of...
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But these attempts have never, so far as I am aware, gone to the length of trying to revive Marx’s theoretical apparatus. 13 Third, though the Marx vogue in England and in the United States is in part simply the natural consequence of immigration, it is also something more. In any case, Marx’s influence must be listed among the factors...
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The record of successful research practically begins in the 1920’s, especially in the United States where scarcity of material was an almost prohibitive obstacle before. That is to say, they all started by attributing to entrepreneurs an essential function in the productive process, and they all went on to explain entrepreneurial gains by success in filling that function. 9 It...
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37 This amounts to setting up a law of decreasing (physical) returns that is formally analogous to the law of decreasing marginal productivity of any other factor: in the arithmetical tables by which Böhm-Bawerk illustrated his ideas (see, e.g., Kapital und Kapitalzins, II, p. of the 3rd ed. The restriction involved is stronger than necessary but made the going much...
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Marginal physical productivity of a ‘factor’ is the increment of product that results from an infinitesimal increment in the quantity of that factor. 16 Fundamentally, the Austrian marginal productivity was indeed a value productivity but one that did not presuppose the price of the product: it was not physical marginal productivity multiplied by any price but physical marginal productivity multiplied...
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Monetary interest remained for him simply the shadow of the interest that is earned by supplying physical goods—which really were what, though perhaps ‘in the form of money,’ the capitalist owned. This is all the more remarkable because Böhm-Bawerk’s own work was principally instrumental in dissolving this schema.. To begin with, it is not recognized sufficiently that Böhm-Bawerk’s criticisms of...
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Second, extensions of the concept of rent just discussed suggest themselves readily in view of the difficulty of drawing a logically tenable line between what objects are, and what are not, natural agents or, which is only another way of expressing the same thing, of agreeing on the defining characteristics of natural agents. But he made no difficulty about the...
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majority of economists, believing themselves to be concerned with the affairs of nations, used to consider the details of the economic lives of households and firms to be outside of their sphere and also, perhaps, somewhat below it. Actually, this material is basic to the work of the economist so soon as he goes beyond the most jejune assumptions about...
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the maximum of return may be distilled from the little we know about the form of the relations between our variables;. 4 Did space permit, it could be shown instructively that a great part of the controversies of that period consisted simply of controversies between people who lacked a powerful tool of thought and people who possessed it. But some...
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However, independently of him it began to be used in the period under discussion for the purpose of singling out, for preliminary analysis, a set of particularly simple problems: as such it was recognized, for example, by Marshall, 6 who spoke of the ‘famous fiction of the “Stationary state”’—though, as a methodological fiction the stationary state was not at all...
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excellent critical histories permit us to confine ourselves to the most general outlines. 10 The chief performance was Cournot’s and the period’s work may be described as a series of successful attempts to develop his statics of straight monopoly and as another series of much less successful attempts to develop and to correct his theories of oligopoly and bilateral monopoly....