[Title Page and List of Contributors]: The title page and a comprehensive list of international contributors for the multi-volume work 'Die Wirtschaftstheorie der Gegenwart' (Economic Theory of the Present). It lists prominent economists from across Europe, America, and India, identifying Hans Mayer as the primary editor in collaboration with Frank A. Fetter and Richard Reisch. [Preface: The State of Economic Research and International Cooperation]: The preface by Hans Mayer dedicated to Friedrich Wieser. It discusses the fragmentation of economic research along national lines and the resulting inefficiencies in scientific progress. Mayer argues for an international synthesis of economic theory, moving away from subjective 'worldview' literature toward objective, scientific analysis. He outlines the structure of the four volumes, noting the inclusion of financial theory and the exclusion of organizational theory. [Table of Contents: Volumes I-IV]: A detailed table of contents for the first volume (surveys of research by country) and summaries of the subsequent three volumes. Volume II covers value, price, production, and credit; Volume III focuses on income distribution (wages, interest, rent, profit); and Volume IV addresses business cycles, international trade, public finance, and the economic theory of socialism. [Germany: Economic Theory Today - Part I & II]: Joseph Schumpeter's analysis of the state of economic theory in German-speaking regions. He argues that 'economic theory' should be defined narrowly as an analytical toolset rather than a worldview. He highlights the transition from qualitative to quantitative analysis (citing Marshall) and defends the high level of German social science, citing contributions from history, ethnology, and sociology (Weber, Sombart, Schmoller). He emphasizes that all realistic detail research is inherently theoretical. [Germany: The Meaning of Theory - Part III]: Schumpeter continues his survey by addressing the perceived stagnation of German theory. He attributes this not to lack of interest, but to a lack of tradition and the distraction of epistemological 'isms'. He critiques the tendency to turn scientific differences into philosophical conflicts. He discusses the legacy of the 'Methodenstreit', the importance of Max Weber's 'value-free' science, and clarifies that mathematical economics is a technique of expression rather than a separate school of thought. He concludes by urging a focus on concrete results over ideological labels. [Specialized Fields: Population Theory and Rationalization]: Schumpeter examines specialized fields that have evolved from economic theory into autonomous disciplines, focusing first on population theory. He highlights Paul Mombert's 'Wohlstandstheorie' as a milestone that links demographic shifts to the broader rationalization process of capitalist culture, contrasting this approach with Malthusian theory. [Crisis and Business Cycle Theory in Germany]: This segment discusses the development of crisis and business cycle theories, noting a shift from purely analytical models to empirical research. Schumpeter praises the German tradition for maintaining a strong theoretical focus, specifically citing the work of Marxists like Hilferding and Lederer, and identifying Arthur Spethoff's synthesis of facts and theory as the pinnacle of the field. [Monetary Theory and the Critique of Knapp's State Theory of Money]: Schumpeter evaluates the progress of German monetary discussion over the decade following the war. He criticizes the dominance of Georg Friedrich Knapp’s 'State Theory of Money' for leading German science astray during the currency crisis, arguing that a lack of rigorous theoretical training caused scholars to ignore established principles and rely on foreign thinkers like Keynes and Fisher. [The Neglected Potential of German Monetary and Credit Theory]: Schumpeter argues that Germany possessed the theoretical foundations for modern monetary policy in the works of Menger, Wieser, Mises, and Hahn, but failed to utilize them effectively. He notes that concepts later popularized by foreigners—such as Cassel's purchasing power parity or Keynes's monetary ideas—were actually anticipated and often more deeply explored by German-language theorists who were ignored by their own contemporaries. [The Theoretical Apparatus in Germany and Abroad]: Schumpeter examines the state of economic theory in Germany, contrasting it with international standards. He critiques the lack of a unified level of understanding and the tendency toward unproductive controversies over slogans. He highlights Alfred Weber's location theory as a model of fruitful innovation and discusses the subjective originality of thinkers like Oppenheimer, Liefmann, and Gottl, noting their influence despite personal and methodological differences. He also addresses the nature of scientific systems, arguing that they are not dogmatic metaphysical constructs but evolving frameworks where internal differences are signs of vitality. [The Reception of Classical and Marxist Theory in Germany]: This segment explores the evolving relationship between German economic thought and the classical and Marxist traditions. Schumpeter notes the critical role of Bortkiewicz in rehabilitating the theoretical relevance of Ricardo and Marx. He discusses the development of Marxist theory through Bauer and Hilferding, observing that it progresses more effectively in Germany than in England. The section also touches upon the historical study of older masters and the occasional resurgence of interest in figures like List and Dühring, though often with theoretical apparatus in the background. [The International Significance of Marginal Utility Theory]: A comprehensive analysis of Marginal Utility Theory as the dominant international theoretical framework. Schumpeter argues that despite national nuances (e.g., the Marshallian school in England or the Paretian school in Italy), the core logic of marginal analysis remains unified. He defends the German/Austrian contribution against domestic critics, explaining that misunderstandings regarding psychology or social philosophy often cloud the theory's actual utility. Key concepts discussed include the equilibrium system, the theory of imputation (Zurechnung), and the treatment of costs as a value phenomenon. [Economic Theory in America by Frank A. Fetter]: Frank A. Fetter provides a detailed overview of the development of economic theory in the United States from 1865 to the 1920s. He traces the shift from English classical influence to the rise of the 'American Psychological School' and the impact of the Austrian School. Significant attention is given to J.B. Clark's productivity theory, Simon Patten's consumption-based theories, and the subsequent 'Institutionalist' critique led by Thorstein Veblen. Fetter defends the psychological approach against charges of hedonism and discusses the integration of statistical methods and neighboring sciences like sociology into American economic research. [Economic Theory in England by Henry Higgs]: Henry Higgs surveys the state of economic science in England, highlighting the transition from isolation to international integration. He focuses on the 'Marshallian Synthesis' which reconciled Ricardo and Jevons, and its enduring dominance in British academia. Higgs discusses the practical orientation of English economics, covering debates on monetary reform (Keynes, Hawtrey), the rise of collectivism and the Labour Party's influence, and the extensive work in economic history and public finance (Stamp). He notes a certain stagnation in pure theory as scholars focus on applying Marshallian tools to contemporary social problems. [Economic Theory in France by Gaëtan Pirou]: Gaëtan Pirou analyzes the landscape of French economic thought, noting a preference for detailed analysis over grand synthetic systems. He describes a prevailing methodological eclecticism that seeks a middle ground between pure abstraction and pure empiricism. Key figures discussed include Charles Gide (didactic influence), Clément Colson (pre-mathematical/graphical approach), and François Simiand, who advocated for a rigorous positive method based on statistics and sociology (following Durkheim). Pirou explores the tension between rational/deductive approaches and the experimental/statistical movement in French science. [Value and Price: French Perspectives on Marginal Utility]: This section examines the reception of value and price theories among French economists. It contrasts radical thinkers who wish to abolish the concept of value (Aupetit, Brouillet) with the majority who view it as central to economic science. The text highlights the adoption of marginal utility theory by leading figures like Ch. Rist and A. Aftalion, while detailing the significant opposition from critics like Turgeon and Bodin, who argue that the theory neglects the producer's perspective and social-psychological factors. [Synthesis of Supply, Demand, and Economic Equilibrium]: The discussion shifts to the prevailing French view that seeks a synthesis between utility and production costs, often aligning with Alfred Marshall's approach. It explores the application of equilibrium theories (Walras, Colson) and the rise of statistical economics (Lenoir, Brocard) to analyze price movements in specific commodities like coal and iron. These authors emphasize functional dependencies between costs and prices rather than simple linear causality. [Modern Monetary Theory and the Critique of the Quantity Theory]: This segment analyzes the evolution of monetary theory in France following post-war currency instability. It focuses on three major works: Ch. Rist's empirical study of deflation and budget balance, B. Nogaro's radical critique of the quantity theory and the commodity-nature of money, and A. Aftalion's development of a psychological 'income theory' of money. These authors argue that psychological factors, social expectations, and income levels are more decisive for price levels than the mere quantity of money in circulation. [Die Konjunktur: French Contributions to Business Cycle Theory]: This section examines the contributions of contemporary French economists, specifically J. Lescure and A. Aftalion, to business cycle theory. Lescure focuses on fluctuations in profit rates and rising costs as the primary drivers of crises, while Aftalion emphasizes the long duration of capitalist production processes and the lag between investment and market saturation. The text also reviews critiques and refinements by other French scholars like Colson, Lazard, and Gide, concluding that French economic thought generally integrates technical, legal, and psychological factors to explain cyclical price movements. [Der Lohn: F. Simiand and the Sociology of Wages]: A detailed analysis of wage theory in France, focusing on the work of François Simiand. Simiand's empirical study of the coal industry leads to a theory of wages based on psychological tendencies (maintaining profit vs. reducing effort) rather than pure productivity. The section discusses the reception of his work by the sociological school (Halbwachs) and critiques regarding its generalizability to other industries or cultures. It concludes that wages are a complex phenomenon governed by both economic laws and social-psychological factors. [Über die Systematik und das Wesen der Nationalökonomie]: This section critiques the traditional classification of economics (production, circulation, distribution, consumption) and explores modern French attempts to restructure the discipline. It highlights Ch. Bodin's distinction between 'simple' and 'complex' economies and discusses the ongoing debate regarding the separation of economic science from moral judgments and social doctrines. The author proposes a four-part systematic framework: economic institutions, economic mechanisms (value, price, cycles), international trade, and social doctrines. [Italien: Contemporary Economic Research in Italy]: A comprehensive overview of Italian economic thought in the first quarter of the 20th century, authored by Augusto Graziani. It details the influence of Pantaleoni and Pareto on pure economics and equilibrium theory, Loria's sociological approach to production and distribution, and the extensive Italian literature on money, credit, and public finance. The section covers a wide range of topics including wage theory, protectionism vs. free trade, and the application of mathematical and statistical methods to economic phenomena. It emphasizes the Italian school's ability to synthesize classical and marginalist theories while maintaining a strong focus on empirical reality and social reform. [Norwegen, Dänemark und Schweden: Scandinavian Economic Thought]: This chapter surveys the development of economic theory in Norway, Denmark, and Sweden. In Norway, it highlights Aschehoug's synthesis of cost and utility and Jäger's methodological work. In Denmark, it focuses on Westergaard's introduction of marginalism and Birck's detailed value theory. The Swedish section is dominated by the 'older' generation of Davidson, Wicksell, and Cassel, focusing on Wicksell's integration of capital and interest theory and Cassel's work on purchasing power parity and the 'scarcity' principle. The text notes a strong trend toward applying theory to practical problems, especially monetary policy during and after World War I. [Niederlande: Economic Theory in the Netherlands]: C.A. Verrijn Stuart describes the state of economic research in the Netherlands, noting the historical constraints of the university system where economics was often a subset of law. He emphasizes the early and consistent adoption of marginal utility theory (Jevons, Menger, Boehm-Bawerk) by thinkers like Pierson. The section explores the subjective-individualist foundation of Dutch economics, its application to colonial policy, taxation, and monetary theory (including a shift toward ametallism), and the rejection of 'universalist' or purely historical approaches in favor of causal-theoretical analysis. [The Beginnings of Russian Social Science and the Influence of Adam Smith]: This section traces the origins of Russian economic thought from the reign of Alexander I, highlighting the early adoption of Adam Smith's theories through state-sponsored translations and university chairs. It discusses the contributions of Heinrich Storch, who integrated immaterial goods into economic theory, and the practical applications of Smithian principles by statesmen like Mordwinow, who argued for protectionism to foster Russian industry. The segment also contrasts the views of Turgenjeff, a proponent of laissez-faire and critic of serfdom, with the more conservative and practical approaches of the era. [Kankrin, the Decembrists, and the Rise of Socialistic Tendencies]: This segment examines the transition from classical liberalism to more reactionary and socialistic tendencies in Russia. It details Kankrin's pragmatic approach to monetary policy and protectionism, followed by the suppression of liberal thought under the late reign of Alexander I. A significant focus is placed on the Decembrist movement, particularly P. J. Pestel, who introduced ideas of class struggle and radical agrarian reform, marking the beginning of the socialist coloring that would characterize later Russian economic development. [Academic Stagnation and the Influence of Utopian Socialism]: Following the failed Decembrist revolt, Russian social thought survived through literature and university lectures despite heavy censorship. The text describes the emergence of two academic directions: a factual Manchester-style school and an 'idealistic' school attempting to reconcile classical theory with utopian socialism. It highlights the critiques of W. A. Miljutin against abstract liberal theories and the influential writings of Alexander Herzen, who critiqued the European bourgeoisie and looked toward the Russian national spirit and communal values for social salvation. [Tschernyschewski and the Synthesis of Classical Theory and Socialism]: This section focuses on N. G. Tschernyschewski, a pivotal figure who sought to ground socialist ideals in the rigorous logic of classical economics. Through his commentary on J.S. Mill and his promotion of Fourierist principles, Tschernyschewski argued for the economic necessity of production communities and communal land ownership. He utilized utilitarian and hedonistic frameworks to justify the transition to a socialist order, viewing the labor community as the only form capable of satisfying the workers' drive for independence. [The Rise of Narodnitschestwo and the Reception of Marx]: The narrative moves into the late 19th century, where the 'Narodnitschestwo' (populist socialism) became the dominant intellectual force, focusing on the peasant commune as an alternative to Western capitalism. The section details the first Russian reception of Karl Marx's 'Capital' and the work of N. J. Siber, the first Russian Marxist. It also highlights the contributions of A. J. Tschuprow in statistics and railway economics, noting a period where theoretical development stalled in favor of addressing acute social and agrarian needs. [The Conflict Between Populism and Marxism in the 1890s]: This final segment of the chunk describes the intellectual crisis of the 1890s, characterized by the fierce polemic between the 'Narodniki' (populists) and the emerging Marxists. Key figures like P. B. Struve, G. W. Plechanow, and V. I. Lenin are discussed alongside M. J. Tugan-Baranowsky's work on industrial crises. The section concludes by noting the diversification of Russian Marxism into various branches under the influence of German revisionism and the persistence of the 'populist' spirit in agrarian and cooperative studies, leading into the modern theoretical landscape. [Methodological Debates in Russian Economic Theory]: This section examines the methodological evolution of Russian economic thought, highlighting the rejection of Western-style exclusivity between abstract and historical schools. It details S. Bulgakow's radical critique of theoretical economics as 'scholastic' and his call for a synthesis of Marxism and empiricism. The text also explores A. A. Tschuprow's refinement of Rickert's methodology, applying statistical logic to distinguish between nomographic (general laws) and idiographic (individual phenomena) sciences. [Tschuprow's Statistical Methodology and the Concept of Laws]: A deep dive into Tschuprow's critique of Rickert's schema. Tschuprow argues that the transition from singular cases to multiple cases does not constitute a jump into nomography unless it involves infinite cases. He discusses how eternal causal relations in physics and social sciences are often mixed with 'idiographic chance' (spatial-temporal coincidences), requiring a more nuanced understanding of scientific generalization. [P. B. Struve and the 'Statistification' of Political Economy]: This segment focuses on P. B. Struve, a major theorist who moved from Marxism to a critical analysis of economic principles. Struve defines the economy as a subjective teleological unity and critiques the concept of objective value as a 'metaphysical phantom' of price. The text includes a significant rebuttal from A. A. Tschuprow, who defends the category of value using probability theory and the logic of 'apriori' unknowns in statistics. [The Nature of Economic Goods: Materiality and Appropriability]: An analysis of the debate regarding the 'material' nature of economic goods. While Jurowski argues that materiality is essential for measurement, Gelesnoff contends that even 'immaterial' services (like music) have a physical nature (sound waves) that allows for quantitative measurement and appropriation. The section concludes that materiality and the capacity for legal appropriation are essential definitions of economic goods. [Russian Value Theory: From Marxism to Marginal Utility]: This section traces the shift in Russian thought from orthodox Marxist labor value theory to marginal utility. It highlights Tugan-Baranowsky's attempt to synthesize the two by arguing that marginal utility (subjective) and labor costs (objective) exist in harmony. It also introduces the mathematical critiques of W. K. Dmitriew, who used Ricardo's theories to define profit rates through production costs and time. [Distribution Theory and the Mathematical School in Russia]: The text discusses the development of distribution theory, noting the influence of Schaposchnikow and Struve. Schaposchnikow argues that abstract-deductive theories of distribution fail under conditions of ideal competition, suggesting distribution belongs to 'inductive sociology.' The segment also critiques Tugan-Baranowsky's 'social theory of distribution' and mentions specialized works on wages and capital interest by Gelesnoff, Solnzew, and Zalesski. [Subjectivism vs. Objectivism in Price and Value]: A comparison of Bilimovicz and Jurowski regarding the measurability of psychic states in economics. Bilimovicz argues that while needs are not measurable, they are comparable in intensity. Jurowski, influenced by Bergson, rejects 'psychologism' entirely, asserting that measurement is only possible for the external, spatial objects of evaluation (prices and quantities) rather than internal psychic states. [Business Cycle Theory: Tugan-Baranowsky and Buniatian]: This section explores Russian contributions to business cycle (Konjunktur) theory. It contrasts Tugan-Baranowsky’s theory of periodic crises—rooted in the lack of organization in capital accumulation and the 'steam engine' metaphor of money capital—with Buniatian’s theory of 'over-capitalization.' Buniatian utilizes subjective value theory to explain price movements and the disproportion between production and consumption. [Modern Russian Research on Economic Dynamics and Money]: The text reviews modern Russian research on economic dynamics, specifically Perwuschin's work on cycles and Kondratiew's famous 'long waves' (large cycles) of approximately 50 years. It also touches upon monetary theory, noting a general adherence to the quantity theory of money among Russian economists (Katzenelnbaum, Jurowski, etc.), while mentioning Sokolow's dissenting view on the velocity of circulation. [Economic Theory in Poland: Historical Context and Challenges]: Ladislaus Zawadzki provides an overview of Polish economic thought, noting that political oppression and the lack of an independent state hindered scientific development. He argues that great theories require a flourishing social life. Despite these obstacles, Polish economists maintained a strong interest in methodology and the analysis of concepts borrowed from foreign schools due to the lack of a native tradition. [Methodological and Theoretical Works in Polish Economics]: This segment lists key Polish works on economic methodology, value, and the application of mathematics. It highlights Edward Taylor's analysis of statics and dynamics and Zawadzki's own work on mathematical applications. The author notes a disproportionate focus on methodology over positive research in Poland, though all major economic questions (capital, rent, wages) have been addressed. [The Influence of Marxism and the Austrian School in Poland]: Zawadzki describes the two dominant influences in Polish economics: Marxism (prevalent in Russian-Poland) and the Austrian School/Marginal Utility (prevalent in Austrian-Poland/Galicia). He discusses the transition of thinkers like Forszteter away from Marx and the radical subjectivism of Włodzimierz Czerkawski, who applied Austrian principles to land rent and income theory while critiquing Ricardo. [Psychological and Theoretical Developments in Modern Poland]: This section examines the 'Psychological Economic Theory' of Tadeusz Brzeski, who, influenced by Rickert, emphasizes the individual character of cultural phenomena over natural-scientific generalization. It also covers Roman Rybarski's work on value, capital, and 'regressive economy' (verarmung), which attempts to synthesize cost and utility while analyzing economic disturbances post-WWI. [Mathematical, Classical, and Historical Schools in Poland]: The text reviews the limited but present mathematical school in Poland (Zawadzki, Seiden) and the resurgence of interest in the Classical school (Lewinski, Krzyanowski). It also mentions the historical-theoretical work of Antoni Kostanecki on the evolution of value and the contributions of Krzeczkowski to scientific organization. Finally, Zawadzki summarizes his own 'Theory of Production,' which analyzes the conditions for regular production and the incompatibility of 'Etatisierung' with economic regularity. [Introduction to Czechoslovak Economic Science]: An overview of the historical development of Czech economic science, framed within the context of the 19th-century national and cultural rebirth. It traces the transition from early literary and practical economic works to the formal academic establishment of the discipline at the Charles University in Prague. [Early Czech Economic Literature and Academic Pioneers]: Details the early pioneers of Czech economic thought, including Chleborád and Rieger, and the subsequent academic professionalization led by Kaizl and Bráf. It notes the influence of the Austrian School and mentions T. G. Masaryk's philosophical critique of Marxism. [Contemporary Economic Schools in Czechoslovakia]: Categorizes contemporary Czechoslovak economic science into three groups: the Prague historical school (influenced by German and Austrian schools), the Brünn philosophical/normative school (led by Engliš), and the socialist direction. It lists key representatives and their major publications across various sub-disciplines like monetary theory and social policy. [Socialist Economic Literature and Footnotes]: Briefly describes the socialist economic literature in Czechoslovakia, highlighting Modráček's work on labor self-management and Macek's work on pricing and social policy. Includes detailed footnotes regarding the publications of Engliš and Loevenstein. [Epistemology of Economic Science: Observation and Classification]: An epistemological analysis of economic science, arguing that the object of a science is defined by its mode of observation rather than the physical object itself. It discusses how different ways of looking at the same reality create different scientific 'thought objects'. [Natural vs. Relational Qualities: Postulates and Norms]: Distinguishes between natural qualities (based on sensory perception and causality) and relational qualities (based on human will, postulates, and norms). It explains the difference between teleological thinking (means-ends) and normative thinking (logical grounds for what 'ought' to be), and how these three modes of thought (causal, teleological, normative) relate and transition into one another. [Theory of Valuation across Different Modes of Thought]: Explores how valuation differs depending on the mode of observation. It contrasts the valuation of natural qualities (measuring degrees of a physical trait) with the valuation of relational qualities, which possess polarity (positive/negative) based on whether an object corresponds to or contradicts a postulate or norm. [Subjective and Objective Value of Purpose Qualities]: This section explores the distinction between subjective and objective postulates in economic valuation. It argues that subjective value is rooted in individual emotional states (e.g., pleasure or pain), while objective value stems from communicable and definable ideals or norms. The author uses the example of a child's toy versus a book to illustrate how the same object can be valued differently based on the underlying postulate (subjective happiness vs. objective education). [Tripartite Division of Empirical Sciences]: The text proposes a classification of empirical sciences into three branches based on their mode of observation: natural sciences (causality/being), teleological sciences (purpose/will), and normative sciences (logic/ought). It emphasizes that these worlds are interconnected, as norms arise teleologically and will arises causally. [The General Methodology of Economic Science]: This section defines the economic perspective as viewing objects not merely as existing (natural science) but as willed or not willed (teleology). It introduces the concept of 'formalism' in economic terms like 'need', 'good', 'utility', and 'cost', arguing these are complementary concepts that derive their specific content from the underlying postulate, whether subjective or objective. [Economic Theory in Hungary: Historical Overview and Key Thinkers]: A comprehensive survey of the development of economic theory in Hungary following the territorial losses of WWI. It discusses the influence of the Marginal Utility School (Grenznutzenschule) and profiles major figures including Béla Földes (social ethics), Akusius von Navratil (legal-economic relations), and Béla von Jankovich (mathematical methods and energetics). The text also touches on the lack of significant socialist economic theory in Hungary and the state of academic research in the post-war era. [Economic Theory in Spain: From Classical Schools to Modern Directions]: This section details the history of economic thought in Spain, starting with the influence of Adam Smith, Ricardo, and J.B. Say. It covers the fierce 19th-century debates between free traders (Rodriguez, Carreras y Gonzalez) and protectionists (Güell y Ferrer). It also explores the 'Ethical-Social School' influenced by the philosopher Krause and the rise of Social Catholicism. Finally, it highlights the modernization of Spanish economics through Flores de Lemus, who integrated German historical and mathematical methods, and his influence on contemporary Spanish economic policy. [Economic Studies in Greece: 19th and 20th Century Development]: A detailed account of economic science in Greece, noting its slow start due to poverty and a focus on legal studies. It tracks the transition from 19th-century popularizers like Soutzo to 20th-century specialists. Key topics include the stabilization of the Drachme, the economic impact of emigration to the US, and the development of financial history by A. Andréadès. The section also profiles the 'new school' of Greek economists (Varvaressos, Kalitsunakis) who integrated German and Austrian theoretical frameworks into Greek policy. [Economic Theory in Yugoslavia: Serbian and South Slavic Perspectives]: This segment examines the evolution of economic thought in the Kingdom of Serbs, Croats, and Slovenes. It highlights the unique 'Janus-faced' ideology of Serbian Radicals who combined socialist convictions with bourgeois practice. It profiles Mihailo Vujić, who introduced Wieser's marginalism to Serbia, and Milorad Nedeljković, who developed a sociological theory of production factors and taxation. The text notes the challenges of academic research in a rapidly developing but financially constrained state. [Economic Theory in India: Colonial Foundations and Agrarian Policy]: An analysis of the development of economic theory in India, beginning with the influence of the British classical school (Smith, Ricardo, Malthus) on East India Company officials. It highlights the role of Haileybury College in training administrators and the pivotal work of James Wilson in establishing India's financial system. The section focuses on the central importance of agrarian policy, land revenue (Zemindari), and the development of the 'famine code' as the primary areas of economic inquiry in the 19th century. [Trade and Industrial Policy with Special Reference to Foreign Trade Policy]: This section examines the evolution of Indian trade and industrial policy from the mid-19th century to the early 20th century. It highlights the influence of James Wilson and British free trade principles, the introduction of differential tariffs based on cargo origin, and the controversial implementation of cotton excise duties in 1894, which fueled the popular demand for protective tariffs. [Financial Policy including Federal and State Budgets]: An analysis of Indian financial policy in the second half of the 19th century, characterized by strict individualism and orthodox British Treasury principles. The text provides detailed statistical tables comparing state revenues and expenditures across fifty years, showing a shift from direct land taxes toward indirect taxes and a persistent focus on primary expenditures like defense and debt service over social welfare. [Banking Policy]: This segment discusses the development of the banking sector in India, noting the early existence of Presidency Banks and the setbacks caused by the collapse of the Presidency Bank of Bombay in 1868. It identifies banking as a critical weakness in Indian economic development during this period and references the work of Professor Findlay Shirras regarding financial measures. [Currency Policy and Price Theories]: A comprehensive overview of Indian monetary history from 1850 to 1900, focusing on the transition from a silver standard to the closure of mints for free silver coinage in 1893. It details the global fluctuations in gold and silver production, the debates surrounding bimetallism involving thinkers like Jevons and Walras, and the successful introduction of paper currency despite high illiteracy rates. [The Modern Phase of National Upswing (1900-1926)]: This section describes the shift toward economic nationalism in India during the early 20th century. It notes the move away from Adam Smith's cosmopolitanism toward radical protectionism, the expansion of the university system, the professionalization of economics through the Indian Economic Association, and the impact of the 1918 constitution on Indian autonomy. [Agrarian Policy in the 20th Century]: A discussion of the challenges facing Indian agriculture in the early 20th century, including high peasant indebtedness, the Land Alienation Act of 1900, and the role of cooperatives. It explores how religious and social customs (caste, marriage costs, views on cattle) impact economic productivity and compares Indian agricultural yields unfavorably with British standards. [Trade, Industrial, and Financial Policy in the 20th Century]: This segment outlines the abandonment of laissez-faire in favor of active industrial and trade intervention, including factory acts and increased import duties. It also covers financial reforms under Sir Basil Blackett, such as the separation of railway finances from the general budget and the creation of a Board of Central Revenue. [Banking Policy in the 20th Century]: The final section details the maturation of the state bank concept, culminating in the Imperial Bank Act of 1920 which fused the three Presidency Banks. It discusses the bank's role as the government's sole banker, the expansion of its branch network, and the lack of specific legislation regulating reserves for joint-stock banks in India. [Währungspolitik und Preistheorien in Indien]: This section examines Indian monetary policy and price studies in the early 20th century. It details the work of various commissions (Chamberlain, Babington Smith, and Hilton Young) and the impact of the World War on currency stability, specifically the debate between a pure gold standard and a gold exchange standard. [Schluß: Entwicklung der volkswirtschaftlichen Theorie 1900-1926]: The concluding section summarizes the development of economic theory from 1900 to 1926, highlighting the internationalization of the field and the significant influence of the Austrian School (Menger, Böhm-Bawerk, Wieser) on global thought. It also reflects on the state of economic science in India, noting a shift toward empirical study of daily life while cautioning against the intrusion of partisan politics into scientific work. [Übersetzerverzeichnis und Namenverzeichnis (A-Z)]: A comprehensive list of translators for the volume's international contributions followed by an extensive alphabetical index of names mentioned throughout the work, ranging from historical figures like Adam Smith to contemporary theorists like Keynes and Schumpeter. [Sachverzeichnis]: A detailed subject index (Sachverzeichnis) covering the core economic concepts discussed in the volume, including diminishing returns, labor theory of value, business cycles, marginal utility, and various schools of economic thought. [Verlagsanzeigen: Die Wirtschaftstheorie der Gegenwart]: Publisher's announcement and detailed table of contents for the four-volume series 'Die Wirtschaftstheorie der Gegenwart' edited by Hans Mayer, Frank A. Fetter, and Richard Reisch. It lists the contributors and topics for all volumes, including value, production, money, income distribution, and business cycles. [Verlagsanzeigen: Das Gesetz der Macht (Friedrich Wieser)]: A detailed promotional description and table of contents for Friedrich Wieser's final work, 'Das Gesetz der Macht' (1926). The text describes the book as the culmination of Wieser's life's work, bridging economic theory, sociology, and history through the central principle of power. [Verlagsanzeigen: Wirtschaftswissenschaftliche Leitfäden und Einzeldarstellungen]: A list of economic guides and monographs published by Springer, including works by Henderson, Robertson, and Wright (with forewords by Keynes), as well as Werner Sombart's 'Die Ordnung des Wirtschaftslebens' and a technical dictionary by Hereward Price.
The title page and a comprehensive list of international contributors for the multi-volume work 'Die Wirtschaftstheorie der Gegenwart' (Economic Theory of the Present). It lists prominent economists from across Europe, America, and India, identifying Hans Mayer as the primary editor in collaboration with Frank A. Fetter and Richard Reisch.
Read full textThe preface by Hans Mayer dedicated to Friedrich Wieser. It discusses the fragmentation of economic research along national lines and the resulting inefficiencies in scientific progress. Mayer argues for an international synthesis of economic theory, moving away from subjective 'worldview' literature toward objective, scientific analysis. He outlines the structure of the four volumes, noting the inclusion of financial theory and the exclusion of organizational theory.
Read full textA detailed table of contents for the first volume (surveys of research by country) and summaries of the subsequent three volumes. Volume II covers value, price, production, and credit; Volume III focuses on income distribution (wages, interest, rent, profit); and Volume IV addresses business cycles, international trade, public finance, and the economic theory of socialism.
Read full textJoseph Schumpeter's analysis of the state of economic theory in German-speaking regions. He argues that 'economic theory' should be defined narrowly as an analytical toolset rather than a worldview. He highlights the transition from qualitative to quantitative analysis (citing Marshall) and defends the high level of German social science, citing contributions from history, ethnology, and sociology (Weber, Sombart, Schmoller). He emphasizes that all realistic detail research is inherently theoretical.
Read full textSchumpeter continues his survey by addressing the perceived stagnation of German theory. He attributes this not to lack of interest, but to a lack of tradition and the distraction of epistemological 'isms'. He critiques the tendency to turn scientific differences into philosophical conflicts. He discusses the legacy of the 'Methodenstreit', the importance of Max Weber's 'value-free' science, and clarifies that mathematical economics is a technique of expression rather than a separate school of thought. He concludes by urging a focus on concrete results over ideological labels.
Read full textSchumpeter examines specialized fields that have evolved from economic theory into autonomous disciplines, focusing first on population theory. He highlights Paul Mombert's 'Wohlstandstheorie' as a milestone that links demographic shifts to the broader rationalization process of capitalist culture, contrasting this approach with Malthusian theory.
Read full textThis segment discusses the development of crisis and business cycle theories, noting a shift from purely analytical models to empirical research. Schumpeter praises the German tradition for maintaining a strong theoretical focus, specifically citing the work of Marxists like Hilferding and Lederer, and identifying Arthur Spethoff's synthesis of facts and theory as the pinnacle of the field.
Read full textSchumpeter evaluates the progress of German monetary discussion over the decade following the war. He criticizes the dominance of Georg Friedrich Knapp’s 'State Theory of Money' for leading German science astray during the currency crisis, arguing that a lack of rigorous theoretical training caused scholars to ignore established principles and rely on foreign thinkers like Keynes and Fisher.
Read full textSchumpeter argues that Germany possessed the theoretical foundations for modern monetary policy in the works of Menger, Wieser, Mises, and Hahn, but failed to utilize them effectively. He notes that concepts later popularized by foreigners—such as Cassel's purchasing power parity or Keynes's monetary ideas—were actually anticipated and often more deeply explored by German-language theorists who were ignored by their own contemporaries.
Read full textSchumpeter examines the state of economic theory in Germany, contrasting it with international standards. He critiques the lack of a unified level of understanding and the tendency toward unproductive controversies over slogans. He highlights Alfred Weber's location theory as a model of fruitful innovation and discusses the subjective originality of thinkers like Oppenheimer, Liefmann, and Gottl, noting their influence despite personal and methodological differences. He also addresses the nature of scientific systems, arguing that they are not dogmatic metaphysical constructs but evolving frameworks where internal differences are signs of vitality.
Read full textThis segment explores the evolving relationship between German economic thought and the classical and Marxist traditions. Schumpeter notes the critical role of Bortkiewicz in rehabilitating the theoretical relevance of Ricardo and Marx. He discusses the development of Marxist theory through Bauer and Hilferding, observing that it progresses more effectively in Germany than in England. The section also touches upon the historical study of older masters and the occasional resurgence of interest in figures like List and Dühring, though often with theoretical apparatus in the background.
Read full textA comprehensive analysis of Marginal Utility Theory as the dominant international theoretical framework. Schumpeter argues that despite national nuances (e.g., the Marshallian school in England or the Paretian school in Italy), the core logic of marginal analysis remains unified. He defends the German/Austrian contribution against domestic critics, explaining that misunderstandings regarding psychology or social philosophy often cloud the theory's actual utility. Key concepts discussed include the equilibrium system, the theory of imputation (Zurechnung), and the treatment of costs as a value phenomenon.
Read full textFrank A. Fetter provides a detailed overview of the development of economic theory in the United States from 1865 to the 1920s. He traces the shift from English classical influence to the rise of the 'American Psychological School' and the impact of the Austrian School. Significant attention is given to J.B. Clark's productivity theory, Simon Patten's consumption-based theories, and the subsequent 'Institutionalist' critique led by Thorstein Veblen. Fetter defends the psychological approach against charges of hedonism and discusses the integration of statistical methods and neighboring sciences like sociology into American economic research.
Read full textHenry Higgs surveys the state of economic science in England, highlighting the transition from isolation to international integration. He focuses on the 'Marshallian Synthesis' which reconciled Ricardo and Jevons, and its enduring dominance in British academia. Higgs discusses the practical orientation of English economics, covering debates on monetary reform (Keynes, Hawtrey), the rise of collectivism and the Labour Party's influence, and the extensive work in economic history and public finance (Stamp). He notes a certain stagnation in pure theory as scholars focus on applying Marshallian tools to contemporary social problems.
Read full textGaëtan Pirou analyzes the landscape of French economic thought, noting a preference for detailed analysis over grand synthetic systems. He describes a prevailing methodological eclecticism that seeks a middle ground between pure abstraction and pure empiricism. Key figures discussed include Charles Gide (didactic influence), Clément Colson (pre-mathematical/graphical approach), and François Simiand, who advocated for a rigorous positive method based on statistics and sociology (following Durkheim). Pirou explores the tension between rational/deductive approaches and the experimental/statistical movement in French science.
Read full textThis section examines the reception of value and price theories among French economists. It contrasts radical thinkers who wish to abolish the concept of value (Aupetit, Brouillet) with the majority who view it as central to economic science. The text highlights the adoption of marginal utility theory by leading figures like Ch. Rist and A. Aftalion, while detailing the significant opposition from critics like Turgeon and Bodin, who argue that the theory neglects the producer's perspective and social-psychological factors.
Read full textThe discussion shifts to the prevailing French view that seeks a synthesis between utility and production costs, often aligning with Alfred Marshall's approach. It explores the application of equilibrium theories (Walras, Colson) and the rise of statistical economics (Lenoir, Brocard) to analyze price movements in specific commodities like coal and iron. These authors emphasize functional dependencies between costs and prices rather than simple linear causality.
Read full textThis segment analyzes the evolution of monetary theory in France following post-war currency instability. It focuses on three major works: Ch. Rist's empirical study of deflation and budget balance, B. Nogaro's radical critique of the quantity theory and the commodity-nature of money, and A. Aftalion's development of a psychological 'income theory' of money. These authors argue that psychological factors, social expectations, and income levels are more decisive for price levels than the mere quantity of money in circulation.
Read full textThis section examines the contributions of contemporary French economists, specifically J. Lescure and A. Aftalion, to business cycle theory. Lescure focuses on fluctuations in profit rates and rising costs as the primary drivers of crises, while Aftalion emphasizes the long duration of capitalist production processes and the lag between investment and market saturation. The text also reviews critiques and refinements by other French scholars like Colson, Lazard, and Gide, concluding that French economic thought generally integrates technical, legal, and psychological factors to explain cyclical price movements.
Read full textA detailed analysis of wage theory in France, focusing on the work of François Simiand. Simiand's empirical study of the coal industry leads to a theory of wages based on psychological tendencies (maintaining profit vs. reducing effort) rather than pure productivity. The section discusses the reception of his work by the sociological school (Halbwachs) and critiques regarding its generalizability to other industries or cultures. It concludes that wages are a complex phenomenon governed by both economic laws and social-psychological factors.
Read full textThis section critiques the traditional classification of economics (production, circulation, distribution, consumption) and explores modern French attempts to restructure the discipline. It highlights Ch. Bodin's distinction between 'simple' and 'complex' economies and discusses the ongoing debate regarding the separation of economic science from moral judgments and social doctrines. The author proposes a four-part systematic framework: economic institutions, economic mechanisms (value, price, cycles), international trade, and social doctrines.
Read full textA comprehensive overview of Italian economic thought in the first quarter of the 20th century, authored by Augusto Graziani. It details the influence of Pantaleoni and Pareto on pure economics and equilibrium theory, Loria's sociological approach to production and distribution, and the extensive Italian literature on money, credit, and public finance. The section covers a wide range of topics including wage theory, protectionism vs. free trade, and the application of mathematical and statistical methods to economic phenomena. It emphasizes the Italian school's ability to synthesize classical and marginalist theories while maintaining a strong focus on empirical reality and social reform.
Read full textThis chapter surveys the development of economic theory in Norway, Denmark, and Sweden. In Norway, it highlights Aschehoug's synthesis of cost and utility and Jäger's methodological work. In Denmark, it focuses on Westergaard's introduction of marginalism and Birck's detailed value theory. The Swedish section is dominated by the 'older' generation of Davidson, Wicksell, and Cassel, focusing on Wicksell's integration of capital and interest theory and Cassel's work on purchasing power parity and the 'scarcity' principle. The text notes a strong trend toward applying theory to practical problems, especially monetary policy during and after World War I.
Read full textC.A. Verrijn Stuart describes the state of economic research in the Netherlands, noting the historical constraints of the university system where economics was often a subset of law. He emphasizes the early and consistent adoption of marginal utility theory (Jevons, Menger, Boehm-Bawerk) by thinkers like Pierson. The section explores the subjective-individualist foundation of Dutch economics, its application to colonial policy, taxation, and monetary theory (including a shift toward ametallism), and the rejection of 'universalist' or purely historical approaches in favor of causal-theoretical analysis.
Read full textThis section traces the origins of Russian economic thought from the reign of Alexander I, highlighting the early adoption of Adam Smith's theories through state-sponsored translations and university chairs. It discusses the contributions of Heinrich Storch, who integrated immaterial goods into economic theory, and the practical applications of Smithian principles by statesmen like Mordwinow, who argued for protectionism to foster Russian industry. The segment also contrasts the views of Turgenjeff, a proponent of laissez-faire and critic of serfdom, with the more conservative and practical approaches of the era.
Read full textThis segment examines the transition from classical liberalism to more reactionary and socialistic tendencies in Russia. It details Kankrin's pragmatic approach to monetary policy and protectionism, followed by the suppression of liberal thought under the late reign of Alexander I. A significant focus is placed on the Decembrist movement, particularly P. J. Pestel, who introduced ideas of class struggle and radical agrarian reform, marking the beginning of the socialist coloring that would characterize later Russian economic development.
Read full textFollowing the failed Decembrist revolt, Russian social thought survived through literature and university lectures despite heavy censorship. The text describes the emergence of two academic directions: a factual Manchester-style school and an 'idealistic' school attempting to reconcile classical theory with utopian socialism. It highlights the critiques of W. A. Miljutin against abstract liberal theories and the influential writings of Alexander Herzen, who critiqued the European bourgeoisie and looked toward the Russian national spirit and communal values for social salvation.
Read full textThis section focuses on N. G. Tschernyschewski, a pivotal figure who sought to ground socialist ideals in the rigorous logic of classical economics. Through his commentary on J.S. Mill and his promotion of Fourierist principles, Tschernyschewski argued for the economic necessity of production communities and communal land ownership. He utilized utilitarian and hedonistic frameworks to justify the transition to a socialist order, viewing the labor community as the only form capable of satisfying the workers' drive for independence.
Read full textThe narrative moves into the late 19th century, where the 'Narodnitschestwo' (populist socialism) became the dominant intellectual force, focusing on the peasant commune as an alternative to Western capitalism. The section details the first Russian reception of Karl Marx's 'Capital' and the work of N. J. Siber, the first Russian Marxist. It also highlights the contributions of A. J. Tschuprow in statistics and railway economics, noting a period where theoretical development stalled in favor of addressing acute social and agrarian needs.
Read full textThis final segment of the chunk describes the intellectual crisis of the 1890s, characterized by the fierce polemic between the 'Narodniki' (populists) and the emerging Marxists. Key figures like P. B. Struve, G. W. Plechanow, and V. I. Lenin are discussed alongside M. J. Tugan-Baranowsky's work on industrial crises. The section concludes by noting the diversification of Russian Marxism into various branches under the influence of German revisionism and the persistence of the 'populist' spirit in agrarian and cooperative studies, leading into the modern theoretical landscape.
Read full textThis section examines the methodological evolution of Russian economic thought, highlighting the rejection of Western-style exclusivity between abstract and historical schools. It details S. Bulgakow's radical critique of theoretical economics as 'scholastic' and his call for a synthesis of Marxism and empiricism. The text also explores A. A. Tschuprow's refinement of Rickert's methodology, applying statistical logic to distinguish between nomographic (general laws) and idiographic (individual phenomena) sciences.
Read full textA deep dive into Tschuprow's critique of Rickert's schema. Tschuprow argues that the transition from singular cases to multiple cases does not constitute a jump into nomography unless it involves infinite cases. He discusses how eternal causal relations in physics and social sciences are often mixed with 'idiographic chance' (spatial-temporal coincidences), requiring a more nuanced understanding of scientific generalization.
Read full textThis segment focuses on P. B. Struve, a major theorist who moved from Marxism to a critical analysis of economic principles. Struve defines the economy as a subjective teleological unity and critiques the concept of objective value as a 'metaphysical phantom' of price. The text includes a significant rebuttal from A. A. Tschuprow, who defends the category of value using probability theory and the logic of 'apriori' unknowns in statistics.
Read full textAn analysis of the debate regarding the 'material' nature of economic goods. While Jurowski argues that materiality is essential for measurement, Gelesnoff contends that even 'immaterial' services (like music) have a physical nature (sound waves) that allows for quantitative measurement and appropriation. The section concludes that materiality and the capacity for legal appropriation are essential definitions of economic goods.
Read full textThis section traces the shift in Russian thought from orthodox Marxist labor value theory to marginal utility. It highlights Tugan-Baranowsky's attempt to synthesize the two by arguing that marginal utility (subjective) and labor costs (objective) exist in harmony. It also introduces the mathematical critiques of W. K. Dmitriew, who used Ricardo's theories to define profit rates through production costs and time.
Read full textThe text discusses the development of distribution theory, noting the influence of Schaposchnikow and Struve. Schaposchnikow argues that abstract-deductive theories of distribution fail under conditions of ideal competition, suggesting distribution belongs to 'inductive sociology.' The segment also critiques Tugan-Baranowsky's 'social theory of distribution' and mentions specialized works on wages and capital interest by Gelesnoff, Solnzew, and Zalesski.
Read full textA comparison of Bilimovicz and Jurowski regarding the measurability of psychic states in economics. Bilimovicz argues that while needs are not measurable, they are comparable in intensity. Jurowski, influenced by Bergson, rejects 'psychologism' entirely, asserting that measurement is only possible for the external, spatial objects of evaluation (prices and quantities) rather than internal psychic states.
Read full textThis section explores Russian contributions to business cycle (Konjunktur) theory. It contrasts Tugan-Baranowsky’s theory of periodic crises—rooted in the lack of organization in capital accumulation and the 'steam engine' metaphor of money capital—with Buniatian’s theory of 'over-capitalization.' Buniatian utilizes subjective value theory to explain price movements and the disproportion between production and consumption.
Read full textThe text reviews modern Russian research on economic dynamics, specifically Perwuschin's work on cycles and Kondratiew's famous 'long waves' (large cycles) of approximately 50 years. It also touches upon monetary theory, noting a general adherence to the quantity theory of money among Russian economists (Katzenelnbaum, Jurowski, etc.), while mentioning Sokolow's dissenting view on the velocity of circulation.
Read full textLadislaus Zawadzki provides an overview of Polish economic thought, noting that political oppression and the lack of an independent state hindered scientific development. He argues that great theories require a flourishing social life. Despite these obstacles, Polish economists maintained a strong interest in methodology and the analysis of concepts borrowed from foreign schools due to the lack of a native tradition.
Read full textThis segment lists key Polish works on economic methodology, value, and the application of mathematics. It highlights Edward Taylor's analysis of statics and dynamics and Zawadzki's own work on mathematical applications. The author notes a disproportionate focus on methodology over positive research in Poland, though all major economic questions (capital, rent, wages) have been addressed.
Read full textZawadzki describes the two dominant influences in Polish economics: Marxism (prevalent in Russian-Poland) and the Austrian School/Marginal Utility (prevalent in Austrian-Poland/Galicia). He discusses the transition of thinkers like Forszteter away from Marx and the radical subjectivism of Włodzimierz Czerkawski, who applied Austrian principles to land rent and income theory while critiquing Ricardo.
Read full textThis section examines the 'Psychological Economic Theory' of Tadeusz Brzeski, who, influenced by Rickert, emphasizes the individual character of cultural phenomena over natural-scientific generalization. It also covers Roman Rybarski's work on value, capital, and 'regressive economy' (verarmung), which attempts to synthesize cost and utility while analyzing economic disturbances post-WWI.
Read full textThe text reviews the limited but present mathematical school in Poland (Zawadzki, Seiden) and the resurgence of interest in the Classical school (Lewinski, Krzyanowski). It also mentions the historical-theoretical work of Antoni Kostanecki on the evolution of value and the contributions of Krzeczkowski to scientific organization. Finally, Zawadzki summarizes his own 'Theory of Production,' which analyzes the conditions for regular production and the incompatibility of 'Etatisierung' with economic regularity.
Read full textAn overview of the historical development of Czech economic science, framed within the context of the 19th-century national and cultural rebirth. It traces the transition from early literary and practical economic works to the formal academic establishment of the discipline at the Charles University in Prague.
Read full textDetails the early pioneers of Czech economic thought, including Chleborád and Rieger, and the subsequent academic professionalization led by Kaizl and Bráf. It notes the influence of the Austrian School and mentions T. G. Masaryk's philosophical critique of Marxism.
Read full textCategorizes contemporary Czechoslovak economic science into three groups: the Prague historical school (influenced by German and Austrian schools), the Brünn philosophical/normative school (led by Engliš), and the socialist direction. It lists key representatives and their major publications across various sub-disciplines like monetary theory and social policy.
Read full textBriefly describes the socialist economic literature in Czechoslovakia, highlighting Modráček's work on labor self-management and Macek's work on pricing and social policy. Includes detailed footnotes regarding the publications of Engliš and Loevenstein.
Read full textAn epistemological analysis of economic science, arguing that the object of a science is defined by its mode of observation rather than the physical object itself. It discusses how different ways of looking at the same reality create different scientific 'thought objects'.
Read full textDistinguishes between natural qualities (based on sensory perception and causality) and relational qualities (based on human will, postulates, and norms). It explains the difference between teleological thinking (means-ends) and normative thinking (logical grounds for what 'ought' to be), and how these three modes of thought (causal, teleological, normative) relate and transition into one another.
Read full textExplores how valuation differs depending on the mode of observation. It contrasts the valuation of natural qualities (measuring degrees of a physical trait) with the valuation of relational qualities, which possess polarity (positive/negative) based on whether an object corresponds to or contradicts a postulate or norm.
Read full textThis section explores the distinction between subjective and objective postulates in economic valuation. It argues that subjective value is rooted in individual emotional states (e.g., pleasure or pain), while objective value stems from communicable and definable ideals or norms. The author uses the example of a child's toy versus a book to illustrate how the same object can be valued differently based on the underlying postulate (subjective happiness vs. objective education).
Read full textThe text proposes a classification of empirical sciences into three branches based on their mode of observation: natural sciences (causality/being), teleological sciences (purpose/will), and normative sciences (logic/ought). It emphasizes that these worlds are interconnected, as norms arise teleologically and will arises causally.
Read full textThis section defines the economic perspective as viewing objects not merely as existing (natural science) but as willed or not willed (teleology). It introduces the concept of 'formalism' in economic terms like 'need', 'good', 'utility', and 'cost', arguing these are complementary concepts that derive their specific content from the underlying postulate, whether subjective or objective.
Read full textA comprehensive survey of the development of economic theory in Hungary following the territorial losses of WWI. It discusses the influence of the Marginal Utility School (Grenznutzenschule) and profiles major figures including Béla Földes (social ethics), Akusius von Navratil (legal-economic relations), and Béla von Jankovich (mathematical methods and energetics). The text also touches on the lack of significant socialist economic theory in Hungary and the state of academic research in the post-war era.
Read full textThis section details the history of economic thought in Spain, starting with the influence of Adam Smith, Ricardo, and J.B. Say. It covers the fierce 19th-century debates between free traders (Rodriguez, Carreras y Gonzalez) and protectionists (Güell y Ferrer). It also explores the 'Ethical-Social School' influenced by the philosopher Krause and the rise of Social Catholicism. Finally, it highlights the modernization of Spanish economics through Flores de Lemus, who integrated German historical and mathematical methods, and his influence on contemporary Spanish economic policy.
Read full textA detailed account of economic science in Greece, noting its slow start due to poverty and a focus on legal studies. It tracks the transition from 19th-century popularizers like Soutzo to 20th-century specialists. Key topics include the stabilization of the Drachme, the economic impact of emigration to the US, and the development of financial history by A. Andréadès. The section also profiles the 'new school' of Greek economists (Varvaressos, Kalitsunakis) who integrated German and Austrian theoretical frameworks into Greek policy.
Read full textThis segment examines the evolution of economic thought in the Kingdom of Serbs, Croats, and Slovenes. It highlights the unique 'Janus-faced' ideology of Serbian Radicals who combined socialist convictions with bourgeois practice. It profiles Mihailo Vujić, who introduced Wieser's marginalism to Serbia, and Milorad Nedeljković, who developed a sociological theory of production factors and taxation. The text notes the challenges of academic research in a rapidly developing but financially constrained state.
Read full textAn analysis of the development of economic theory in India, beginning with the influence of the British classical school (Smith, Ricardo, Malthus) on East India Company officials. It highlights the role of Haileybury College in training administrators and the pivotal work of James Wilson in establishing India's financial system. The section focuses on the central importance of agrarian policy, land revenue (Zemindari), and the development of the 'famine code' as the primary areas of economic inquiry in the 19th century.
Read full textThis section examines the evolution of Indian trade and industrial policy from the mid-19th century to the early 20th century. It highlights the influence of James Wilson and British free trade principles, the introduction of differential tariffs based on cargo origin, and the controversial implementation of cotton excise duties in 1894, which fueled the popular demand for protective tariffs.
Read full textAn analysis of Indian financial policy in the second half of the 19th century, characterized by strict individualism and orthodox British Treasury principles. The text provides detailed statistical tables comparing state revenues and expenditures across fifty years, showing a shift from direct land taxes toward indirect taxes and a persistent focus on primary expenditures like defense and debt service over social welfare.
Read full textThis segment discusses the development of the banking sector in India, noting the early existence of Presidency Banks and the setbacks caused by the collapse of the Presidency Bank of Bombay in 1868. It identifies banking as a critical weakness in Indian economic development during this period and references the work of Professor Findlay Shirras regarding financial measures.
Read full textA comprehensive overview of Indian monetary history from 1850 to 1900, focusing on the transition from a silver standard to the closure of mints for free silver coinage in 1893. It details the global fluctuations in gold and silver production, the debates surrounding bimetallism involving thinkers like Jevons and Walras, and the successful introduction of paper currency despite high illiteracy rates.
Read full textThis section describes the shift toward economic nationalism in India during the early 20th century. It notes the move away from Adam Smith's cosmopolitanism toward radical protectionism, the expansion of the university system, the professionalization of economics through the Indian Economic Association, and the impact of the 1918 constitution on Indian autonomy.
Read full textA discussion of the challenges facing Indian agriculture in the early 20th century, including high peasant indebtedness, the Land Alienation Act of 1900, and the role of cooperatives. It explores how religious and social customs (caste, marriage costs, views on cattle) impact economic productivity and compares Indian agricultural yields unfavorably with British standards.
Read full textThis segment outlines the abandonment of laissez-faire in favor of active industrial and trade intervention, including factory acts and increased import duties. It also covers financial reforms under Sir Basil Blackett, such as the separation of railway finances from the general budget and the creation of a Board of Central Revenue.
Read full textThe final section details the maturation of the state bank concept, culminating in the Imperial Bank Act of 1920 which fused the three Presidency Banks. It discusses the bank's role as the government's sole banker, the expansion of its branch network, and the lack of specific legislation regulating reserves for joint-stock banks in India.
Read full textThis section examines Indian monetary policy and price studies in the early 20th century. It details the work of various commissions (Chamberlain, Babington Smith, and Hilton Young) and the impact of the World War on currency stability, specifically the debate between a pure gold standard and a gold exchange standard.
Read full textThe concluding section summarizes the development of economic theory from 1900 to 1926, highlighting the internationalization of the field and the significant influence of the Austrian School (Menger, Böhm-Bawerk, Wieser) on global thought. It also reflects on the state of economic science in India, noting a shift toward empirical study of daily life while cautioning against the intrusion of partisan politics into scientific work.
Read full textA comprehensive list of translators for the volume's international contributions followed by an extensive alphabetical index of names mentioned throughout the work, ranging from historical figures like Adam Smith to contemporary theorists like Keynes and Schumpeter.
Read full textA detailed subject index (Sachverzeichnis) covering the core economic concepts discussed in the volume, including diminishing returns, labor theory of value, business cycles, marginal utility, and various schools of economic thought.
Read full textPublisher's announcement and detailed table of contents for the four-volume series 'Die Wirtschaftstheorie der Gegenwart' edited by Hans Mayer, Frank A. Fetter, and Richard Reisch. It lists the contributors and topics for all volumes, including value, production, money, income distribution, and business cycles.
Read full textA detailed promotional description and table of contents for Friedrich Wieser's final work, 'Das Gesetz der Macht' (1926). The text describes the book as the culmination of Wieser's life's work, bridging economic theory, sociology, and history through the central principle of power.
Read full textA list of economic guides and monographs published by Springer, including works by Henderson, Robertson, and Wright (with forewords by Keynes), as well as Werner Sombart's 'Die Ordnung des Wirtschaftslebens' and a technical dictionary by Hereward Price.
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