[This is an excerpt from an essay that was originally published in the Annals of the American Academy of Political and Social Science , volume 1 (1891).] As often happens, the Austrian economists find most to improve and correct in a department that has heretofore passed as so plain and simple that the literature of several nations — the English,
[This is an excerpt from an essay that was originally published in the Annals of the American Academy of Political and Social Science , volume 1 (1891).] The question of the relation of cost to value is properly only a concrete form of a much more general question — the question of the regular relations between the values of such goods as in
What I have to say may, I think, best be developed by looking at a typical instance that illustrates price determination through social control in a particularly noticeable manner: the case of the settlement of wage disputes by means of a strike . According to the accepted formula of modern wage theory, based on the marginal-utility theory, the
All material goods ( Sachgüter ) are of use to mankind through the action of the natural powers that reside in them. They are a part of the material world, and for that reason all their working, including their useful working, must bear the character that working generally has in the material world; it is a working of natural powers according to
[This article is excerpted from The Positive Theory of Capital , book 3, chapter 2, “Nature and Origin of Subjective Value.”] All goods without exception — indeed according to the very conception of them as “good” — possess a certain relation to human well-being. There are, however, two essentially distinct grades of this relation. A good belongs
[ Recent Literature on Interest (1903)] During this entire period the exploitation theory has occupied much space in literary discussions. These have been especially excited and animated on account of a peculiar personal turn that they have taken and sometimes also on account of a kind of dramatic tension. Of all socialistic writers Karl
[ Karl Marx and the Close of His System (1896)] It is admitted by Marx that separate commodities exchange with each other either over or under their value according as the share of constant capital employed in their production is above or below the average. Stress is, however, laid on the fact that these individual deviations which take place
Volume. 5, No. 1 (Summer 2002) The times are past in which one could naively teach the cost theory without getting involved in more precise explanations concerning in particular the origin of the value of the cost goods itself and the laws determining its magnitude. Whoever begins, however, really to explain, instead of merely assert, will
The offering which the most prominent leader of the younger generation of the historical school has made to the founder and head of that school, Wilhelm Roscher, at the fiftieth anniversary of his doctorate, is a most fitting tribute. The book is dedicated to Professor Roscher, in honor of the fiftieth anniversary of his doctorate. It is as if
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