Hermann von Schullern zu Schrattenhofen: Review of Augusto Graziani’s Problemi speciali di valore di scambio (1911)

Schullern’s 1911 review presents Graziani’s investigation of particular problems within exchange-value theory. Its starting point is the distinction between settled theoretical foundations and unresolved applications:

Der Verfasser geht von der Ansicht aus, daß die Theorie des Tauschwertes in ihrem Wesen feststehe und unbestritten sei, daß aber noch zahlreiche Einzelfragen offen seien, von denen er einige zur Diskussion stellen will.

English translation: The author starts from the view that the theory of exchange value is settled in its essence and uncontested, but that numerous particular questions are still open, some of which he wishes to put up for discussion.

The review surveys four essays concerning value and production costs, the measure of value, discount rates and prices, and the price effects of import and export duties. Only the essay on the measure of value had previously appeared; Schullern registers it without developing its argument.

Production costs receive the most sustained attention. Schullern explicitly welcomes inquiry into the outstanding questions:

Da das erstbezeichnete Problem eine Reihe noch offener, wichtiger Fragen in sich schließt, wird Grazianis Versuch, einige davon klarzulegen, von vornherein das lebhafte Interesse der Theoretiker erwecken müssen.

English translation: Since the first-named problem encloses within itself a series of still open and important questions, Graziani's attempt to clarify some of them must from the outset arouse the lively interest of theorists.

Graziani’s tendency for exchange ratios to correspond to production costs depends upon continuous production and legally and practically unrestricted competition. These conditions remain incompletely realized, despite their historical expansion. Schullern consequently emphasizes the essay’s historical and history-of-thought discussions of restrictions on competition and their effects. The theoretical proposition acquires significance through examination of its conditions, not as an unconditional description of actual exchange. The essay also considers movements in monetary and commodity values.

The concluding topics receive briefer treatment. Graziani examines whether discount rates are connected with changes in monetary value and prices, without regarding either Tooke’s or Wicksell’s differing position as conclusively demonstrated. On tariffs, Schullern reports Graziani’s doubts about their price effects and his rejection of protective purposes in favor of generally fiscal duties aligned with domestic taxation. The review’s strongest appreciation concerns the production-cost essay: its contribution lies in clarifying unresolved theory through historically situated analysis of competition.