[Diskussionsbeitrag zur Einheit des Unternehmens als Substrat der Entschädigung, S. 411]

Emil Lederer: The Enterprise as the Basis of Compensation (1921)

This brief intervention in an official commission record defines the enterprise’s unity through its relevance to compensation. Lederer identifies the whole enterprise, rather than its liquidation value or asset value, as the appropriate basis:

Wenn die Frage der Einheit zur Diskussion steht, so ist das nur so aufzufassen, daß das Ganze als Substrat der Entschädigung zu betrachten ist, nicht der Liquidationswert, nicht der Sachwert.

English translation: When the question of unity is under discussion, this is to be understood only as meaning that the whole is to be regarded as the basis of compensation, not the liquidation value, not the asset value.

Lederer closes by endorsing this position as substantively correct. His conceptual move distinguishes what compensation should encompass from particular measures of value; the recorded turn supplies no valuation procedure or further justification.