The archive.

There is no unified state of science in economics, only a disorderly interaction of problems and traditions, and so this survey of German-language economic theory quickly becomes an anti-nationalist argument about method. Schumpeter accepts Marshall's claim that the nineteenth century built qualitative analysis and that the next task is quantitative and institutional; theory, he insists, is an apparatus, not a worldview. He praises the factual richness of Schmoller, Sombart, and Max Weber while diagnosing German economics as lacking a sustaining tradition and squandering energy on epistemology and methodological labels. Writing after the Methodenstreit, inflation, and the international triumph of marginalism, he defends marginal utility not as one competing doctrine but as the single common instrument of contemporary price theory, shared by Walras, Pareto, Marshall, and the Austrians alike.

Mit keinem dieser „ismen“ ist die Theorie auf Gedeih und Verderb verbunden, mit jedem kompatibel — hören wir doch auf, während ringsum die Probleme locken und drängen, diesen Sand zu pflügen und uns damit zu bewerfen!

English translation: “With none of these "isms" is the theory bound for better or worse; with each it is compatible — let us therefore cease, while problems all around are beckoning and pressing, to plow this sand and to pelt one another with it!”

Supporting a new research institute need not mean trusting its forecasts. In this 1927 article, Oskar Morgenstern endorses Hayek’s proposal for an Austrian business-cycle institute while questioning the predictive authority claimed for American research. His concrete examples expose the gap between statistical precision and economic understanding: correlations require knowledge of institutions, composite indices accumulate errors, and Harvard’s forecast differs less radically from an experienced banker’s judgment than its numerical form suggests. Yet Morgenstern’s skepticism is an argument for better research, not its abandonment. Vienna needs stronger statistics and statistical training, he maintains, alongside theoretical direction. The article offers a pointed examination of how to build a scientific institution without promising that it can immediately cure economic distress.

A tjurunga is not a soul but a second body, binding an Aranda man to his totem ancestor and arming him with creative power; kugi, in central New Guinea, names an undifferentiated swarm of the dead, of illness, and of the uncanny. Assembled as a reader in the history of religion, this 1927 volume gathers source accounts of Australian, Papuan-Melanesian, and Polynesian-Micronesian belief, arranged so that each idea sits inside its own social and material culture. Thurnwald sets tjurunga songs and kangaroo-increase rites beside the Kai notion of Seelenstoff—soul-substance clinging to shadow, name, and voice—and the Marind-anim Majo cult of coconut fertility. The Polynesian materials turn on mana, against which no one can prevail, and on tapu, which means not holy or defiled but forbidden through sanctity or custom.

Die Welt der „Seelenstoffe“ umgibt den Eingeborenen ringsum mit geheimnisvollen Kräften, so daß er kein Ding, keine Begebenheit, abstrakt betrachten kann.

English translation: “The world of "soul-substances" surrounds the native on all sides with mysterious forces, so that he cannot contemplate any thing or any event in an abstract manner.”

European commerce in China could expand even as European political privileges disappeared: this is the tension Emil Lederer explores in his 1927 article. Rather than treating Chinese modernization as a foreign achievement, he foregrounds domestic savings, banks, industrial enterprises, and the intermediaries on whom foreign merchants depended. The boycott of British goods beginning in May 1925 makes the stakes concrete: established commercial networks could not guarantee access to politically mobilized buyers. His comparison of British and Japanese investments also distinguishes ordinary economic participation from lending and industrial expansion pursued for strategic ends. Readers can discover why Lederer regarded accommodation to Chinese sovereignty—not the defence of concessions—as a practical condition for sustaining European trade and investment.

Because modern bank credit creates purchasing power rather than merely transferring existing savings, it needs an external restraint, and gold, for all its flaws, supplies one. Written after Britain's 1925 return to gold, the essay concedes every fashionable objection: gold circulation is a superfluous luxury, money need not be materially backed, and gold discoveries can trigger arbitrary price revolutions. Against Keynes, who would free credit policy from exchange parity to fight unemployment and stabilize prices, Schumpeter argues that discretion alone is not safer. His theory of credit as forced saving, with entrepreneurs outbidding old users of labor and machinery and then repaying as new goods appear, explains cyclical price movements without reducing the cycle to money, as he thinks Hawtrey wrongly does. Gold is defensible because it works automatically yet still permits development.

Und wirklich, die Goldwährung wirkt wie eine Bremse an der Maschine des Kredits, indem sie bei freier Einlöslichkeit der Kreditinstrumente der Kreditausdehnung dort eine Grenze setzt — sonst aber nie —, wo die Parität zwischen Goldgeldeinheit und Kreditgeldeinheit in Gefahr kommt.

English translation: “And indeed, the gold standard acts like a brake on the machinery of credit, in that—given free redeemability of the credit instruments—it sets a limit to credit expansion there, but never otherwise, where the parity between the gold-money unit and the credit-money unit comes into danger.”

Industrial capitalism gathers workers under shared technical and disciplinary conditions, so that, Lederer and Marschak argue, their conduct can never be explained by the isolated choices of classical market theory. Workers react not as individuals but as a class, and the labor market itself is transformed once unions and employers' associations bargain as collective subjects. Collective agreements move to the center of the analysis: they translate antagonism into general rules, and autonomous bargaining typically precedes the law that later codifies it. From this the study follows the whole institutional apparatus, from strikes and lockouts, conciliation, and yellow unions to works councils, labor exchanges, and the reach toward economic self-government. First drafted in 1913 and expanded by Marschak through the 1920s, it binds the workplace formation of class to the larger problem of governing a modern economy.

Der „Arbeitsmarkt“ ist jetzt nicht mehr unter dem Bilde einer Auktion oder eines Bazars aufzufassen, mit individuellen Käufern und Verkäufern, sondern die Gesamtheit von Arbeitern und Unternehmern ist es, welche zu je einem Subjekt zusammenwächst.

English translation: “The "labor market" is now no longer to be conceived on the model of an auction or a bazaar, with individual buyers and sellers; rather, it is the totality of workers and of entrepreneurs which coalesces into a single subject on each side.”

An economic barometer can indicate where an economy stands without reliably telling when it will turn. This 1927 article, published anonymously and attributed to Friedrich August von Hayek, tests that distinction by adapting Harvard’s business-cycle indicators to Austria. Missing data demand concrete substitutions: securities-clearing payments stand in for share prices, while twelve wholesale prices form a new index. The resulting patterns offer guidance, but departures from the expected sequence resist mechanical prediction. Combining attention to money, credit, and uneven industrial expansion with statistical measurement, the article shows why seasonal adjustment, trend removal, and correlation still require economic judgment. Its Austrian experiment makes visible both the practical ingenuity involved in constructing a forecasting instrument and the limits imposed by war, structural change, and imperfect evidence.

Once industrial societies no longer answer to a shared universal moral authority, the reformer who shortens hours or insures the sick in one country soon collides with unregulated competition in the next. From that impasse Pribram derives international social policy, examined here through the League's newly created International Labour Organization: its tripartite conferences of governments, employers, and workers, its conventions and recommendations, and the stubborn problem of a minimum standard that burdens each nation differently according to productivity, wages, and capital. The Versailles principle that labour must not be treated merely as a commodity gives the project its ethical charge, while the Washington eight-hour convention exposes its limits. International social policy, he concludes, is less one doctrine than a compromise among incompatible worldviews.

Vor dem Kriege hing die Vorbereitung der Konventionsentwürfe von allen Zufällen politischer Konstellationen ab; heute ist sie in einer dauernden, vom Völkerrechte getragenen Einrichtung verankert, an der nahezu sämtliche Kulturstaaten beteiligt sind.

English translation: “Before the war, the preparation of draft conventions depended on all the accidents of political constellations; today it is anchored in a permanent institution, borne by international law, in which nearly all civilised states take part.”

Bracket race entirely, and the real question sharpens: why do social classes exist at all? Set in an ethnically homogeneous milieu precisely to isolate that problem from the ethnological factors stressed by Gumplowicz, this theoretical essay argues that classes are real social organisms, not the income categories economists invent, recognized by manners, association, and above all connubium, socially accepted intermarriage. Schumpeter makes the family, not the individual, the true unit of class theory, and grounds a class's rise or fall in the social importance of its function and its success in performing it. The long case is the Germanic nobility, rising as warrior-leadership becomes vital and declining through patrimonialization once war ceases to be its living function. Classes endure, he argues, even as their constituent families are ceaselessly replaced.

Jede Klasse gleicht während der Dauer ihres Kollektivlebens oder der Zeit, während welcher ihre Identität angenommen werden kann, einem Hotel oder einem Omnibus, die zwar immer besetzt sind, aber von immer andern Leuten.

English translation: “During the duration of its collective life, or the time during which its identity can be assumed, every class resembles a hotel or an omnibus that is always occupied, but by ever different people.”

A commemorative medal’s inscription—scholar, teacher, citizen—provides the frame for Schumpeter’s brief 1927 review of Seligman’s Essays in Economics. His appreciation identifies concrete achievements behind those roles: recovering neglected British economists such as Rooke and Longfield, and urging reason and an understanding of opposing standpoints during the First World War. The interest lies less in theoretical disagreement than in Schumpeter’s criteria for lasting scholarly value. He credits historical research with enlarging economists’ collective knowledge and judges Seligman’s railway-tariff study still consequential decades after publication. This compact review shows what Schumpeter admired in a fellow economist: specialist inquiry joined to teaching and wide-ranging public concern.

A handwritten card, dated 23 January 1927, carries the thanks of Viktor Mataja — economist, former minister, and retired president of Austria's federal statistical office — to the journalist Ignaz Grünberg, who had reviewed favorably the idea of advertising treated as a science. The tribute is apt. Mataja had habilitated in political economy in 1884, taught at Vienna and Innsbruck, and earned his reputation as a pioneer of the subject with 'Die Reklame' (1910), which held that publicity was a proper object of scholarly and statistical study rather than mere commercial noise. Written from Italian soil, where Grünberg's essay reached him only belatedly, this small autograph binds a founder of advertising theory to the daily life of the Viennese press.

Seit geraumer Zeit von Wien abwesend u. auf italienischem Boden habe ich Ihren Aufsatz ‚Die Reklame als Wissenschaft‘ erst verspätet zu Gesicht bekommen.

English translation: “Having been away from Vienna for some time and on Italian soil, I only belatedly caught sight of your essay 'Advertising as a Science.'”

Can an economy become poorer while its capacity to produce grows? In this 1927 critical review of Gustaf Cassel’s memorandum for the World Economic Conference, Emil Lederer contests the claim that excessive wages and trade-union power explain European unemployment. German wage and employment figures provide a concrete test of that diagnosis; producer monopolies expose its uneven treatment of economic power. Lederer concedes that wages can obstruct necessary investment, but asks what happens when low pay and high prices leave expanding factories without sufficient buyers. His distinctive argument is conditional: higher wages may compel technical improvement and make increased productive capacity usable. The review offers a precise way to distinguish wages that hinder accumulation from wages that allow the gains of modernization to reach production and consumption.