This is the critical analysis to which Mises refers in Human Action, 3rd ed. page 488, note 5 (Chicago: Regnery, 1966). It appeared in Nationalökonomie (Geneva, Switzerland: Editions Union, 1940), pp. 439-444. This excerpt has been translated from the German by Bettina Bien Greaves and edited by Percy L. Greaves, Jr.: Mises Made Easier (Dobbs Ferry: Free Market Books, 1974), pp. 150-157.