The archive.

Useful source material need not make a convincing explanation. In this brief review of the two Valuta volumes edited by Karl Diehl and Paul Mombert, Helene Lieser separates appreciation of the readings and bibliographical guidance from criticism of their theoretical framing. She questions the central place given to balance-of-payments theory, citing objections she regards as still unrefuted. Her sharper concern is with Diehl’s introductory critique of inflation theory: it pays too little attention to how prices form and affect payment transactions. The review offers a compact glimpse of Lieser’s critical priorities in monetary economics, directing attention from the value of a collection to the causal mechanisms its organizing perspective may obscure.

For Felix Kaufmann, legal philosophy can support jurisprudence only if it rests on logic. This brief review of C. A. Emge’s Vorschule der Rechtsphilosophie makes that conviction the measure of its praise: Kaufmann welcomes Emge’s use of epistemological distinctions to approach fundamental legal problems. Yet logical grounding is not his only criterion. Recommending the book as an introduction for students, he also asks for clearer organization in a future edition. Rather than offering a substantive critique of Emge’s arguments, the review gives a compact statement of what Kaufmann expects from an introduction to legal philosophy: sound foundations joined to accessible presentation.

Restoring a currency’s old value does not restore everyone’s purchasing power at once. In this 1926 review of Keynes’s The Economic Consequences of Mr. Churchill, Emil Lederer endorses the critique of Britain’s return to gold, but gives particular weight to the sequence of adjustment: wages fall before prices, making workers pay for monetary stability. Monopoly and unequal social power, he argues, obstruct the smooth adjustment promised by abstract economic models. His distinctive move is to draw a political implication from Keynes’s proposal to make wage cuts conditional on corresponding price reductions: such an agreement would implicitly recognize workers’ claim to preserved real wages and society’s capacity to secure them. The review connects a concrete currency dispute to the possibility of deliberately shaping income distribution.

Felix Kaufmann’s brief review of the second, revised edition of Max Salomon’s Grundlegung zur Rechtsphilosophie separates the merit of arranging philosophical problems from agreement with their proposed solutions. Kaufmann declines to adjudicate Salomon’s doctrines, praising instead the book’s conceptual organization and its value for teaching legal philosophy. His substantial quotation from Salomon’s preface gives this restrained judgment a concrete setting: Salomon would prefer to rewrite the work, but lacks the leisure, and now sees deeper philosophical foundations as more pressing than elaborating individual doctrines. The notice offers a compact example of critical appraisal that recognizes clarity and intellectual seriousness without implying doctrinal endorsement.

Which share certificates could actually be delivered after conversion to gold marks: old stamped certificates or newly issued ones? This practical distinction anchors Helene Lieser’s brief 1926 review of the twenty-fourth edition of Schneider-Dahlheim’s handbook, revised by Kurt Hartung. Judging the book excellent but largely unchanged, she welcomes its added forward-trading regulations, available industrial-bond revaluation figures, and clarification of deliverable certificates. Her notice offers a precise glimpse of what she valued in a financial reference work: information that makes changed monetary and trading arrangements usable in everyday exchange transactions.

What makes an official statistical table useful beyond its apparent breadth? In this brief 1926 review of the sixth annual Statistisches Handbuch für die Republik Österreich, Helene Lieser welcomes an overview of the business results of 583 industrial companies but asks how those companies were selected. Her practical concern gives a precise edge to an otherwise favourable appraisal of the handbook’s organization and restored coverage. She also notes that the returning administrative statistics cover only provincial employees. The review offers a compact example of statistical criticism attentive both to the availability of figures and to the information readers need to assess them.

Soviet Russia challenged Europe not simply as a rival state, but as a power seeking to transform societies beyond its borders. In this 1926 essay, Emil Lederer asks how that revolutionary ambition coexists with inherited territorial power, economic reconstruction, and Asian movements for independence. He connects Soviet influence to class loyalties, opposition to racial hierarchy, and the promise of development without a full passage through capitalism. Yet he neither treats economic recovery as proof of Bolshevik superiority nor recommends Soviet institutions for Western Europe. His practical argument is for cooperation without conversion: European security and industrial recovery, he contends, require Russia’s participation. The essay offers a distinctive account of how social organization becomes international power—and why recognizing political difference might enable, rather than obstruct, coexistence.

A tax’s legal name does not tell us who ultimately bears it. In these closing remarks from a 1926 conference discussion, Hans Mayer shows why even a question as apparently precise as whether land tax can be shifted requires distinctions between recipients of differential rent and marginal producers. His defence of deduction is also a statement of its limits: theory may identify how burdens move, but cannot alone measure how much falls on each participant. Mayer proposes comparing price changes with consumption and sales data, including across countries. This brief intervention offers a concrete view of the gap between legislative intention and economic incidence—and of the evidence needed to move beyond a simple verdict that a tax either is or is not shifted.

The label social liberalism promised a synthesis; Mises reads it instead as an equivocal name for anti-liberal intervention. Framed as a review of the Brentano Festgabe, the essay treats that volume as evidence that Kathedersozialismus and the Historical School have exhausted their scientific content while keeping their political influence. His wedge is ownership of the means of production: liberalism, socialism, and syndicalism are rival institutional arrangements, not moral temperaments, and property as immediate control over production is indivisible. He counts the Methodenstreit settled against the historicists, denies that unions can raise labor's income as a whole by force without cost, and portrays Max Weber breaking painfully from Prussian statism toward liberal conclusions. Socialism, he insists, foundered not on resistance but on its own impracticability.

Nationalökonomische Erkenntnis führt notwendigerweise zum Liberalismus.

English translation: “Economic understanding leads necessarily to liberalism.”

Can a theory of the state explain its object without presenting political preferences as necessary truths? In this review essay on Hans Kelsen’s Allgemeine Staatslehre, Felix Kaufmann makes that methodological question the basis of his endorsement. He distinguishes what scientific reasoning can establish from the ultimate values it cannot prove, then examines Kelsen’s identification of state and legal order. His defence confronts a concrete objection: if the state is experienced as an effective social reality, why treat it as a system of norms? Kaufmann argues that understanding obedience still requires identifying what is obeyed. The essay offers readers a philosopher’s account of Kelsen’s legal theory—and a precise way to distinguish causal explanation, normative validity, and political judgement without declaring values irrelevant.

What can a people be made to pay without destroying the conditions that make future payment possible? Amid Weimar fiscal strain and the reparations debate, Schumpeter recasts tax capacity as a problem of national time rather than an accounting residue, and rejects the seductive arithmetic that takes national income, subtracts a subsistence minimum, and hands the remainder to the state. Fiscal extraction is not a neutral transfer of purchasing power; it changes conduct, and reparations cost more than their nominal sum by worsening export terms. His decisive distinction is between short emergencies, which citizens endure without changing their habits, and permanent high taxation, which reshapes savings, ambition, entrepreneurship, and capital formation. Protect saving, he urges, and load the burden onto consumption; a society cannot demand capitalist performance while suppressing capitalist motives.

Die unmittelbaren Wirkungen einer Politik oder einer bestimmten Maßregel springen in die Augen.

English translation: “The immediate effects of a policy or of a particular measure leap to the eye.”

Bankrupt firms and idle workers are political facts no government can ignore, yet Schumpeter refuses to treat postwar business stagnation as one uniform European disease, insisting that depression, inflationary aftermath, war damage, and each nation's fiscal position combine differently across Germany, Austria, England, and France. His sharpest objection to general subsidy is that a state funding relief out of the very income stream already sustaining private demand creates no new purchasing power but merely reroutes what exists. The essay's original turn takes up Alfred Mond's proposal to convert unemployment relief into employment subsidies, which Schumpeter reads not as demand stimulus but as a cheapening of labor costs that permits lower prices and greater output. He grants the risks of propping up weak firms, yet concludes the policy is no logical absurdity.

Subventionen müssen ja aus Quellen stammen, die ohnehin den Strom der Wirtschaft speisen, und wer der Wirtschaft damit aufhelfen will, erhält infolgedessen eine fatale Aehnlichkeit mit Münchhausen, der sich an seinem eigenen Zopf aus dem Sumpfe zog.

English translation: “Subsidies, after all, must come from sources that already feed the stream of the economy, and whoever wishes to help the economy in this way therefore acquires a fatal resemblance to Münchhausen, who pulled himself out of the swamp by his own pigtail.”