The archive.

Did nineteenth-century public finance create a new theory, or refine ideas already developed in the eighteenth? In this brief 1909 review, Hermann von Schullern zu Schrattenhofen endorses Carlo Torlonia’s study of Forbonnais as evidence for continuity. His notice singles out taxation’s economic effects, public debt and the distribution of tax burdens as subjects of that earlier theoretical inquiry. Schullern’s praise also sets a revealing limit: he judges Torlonia’s treatment comprehensive insofar as Forbonnais’s doctrines still command contemporary interest. The review offers a concise example of a financial scholar assessing historical scholarship by both its care and the continuing relevance of its subject.

Restoring Adam Smith’s standing need not mean declaring his theory beyond criticism. In this brief 1909 review of Emilio Cossa’s study, Hermann von Schullern zu Schrattenhofen welcomes the painstaking scholarship while resisting its unconditional defence of Smith’s theory of value. His reservation centres on a concrete distinction: the supposedly invariant labour required by a kind of commodity versus the labour actually embodied in an individual unit. The review offers a compact encounter with a sympathetic but discriminating reader of classical economics. Schullern’s closing plea is not for Smith’s infallibility, but for judging his arguments through careful reading rather than through doctrines associated with his successors.

Mercantilist habits of thought persist, Schullern observes, even among readers unwilling to judge mercantilism fairly. His brief review of Emilio Cossa’s study welcomes an explanation of precious-metal accumulation not as wealth hoarding for its own sake, but as a response to the monetary needs of expanding exchange. In Cossa’s account, policies later condemned by economists become intelligible within the transition from feudalism to capitalism. Schullern’s interest lies in this recovery of historical rationale, yet his approval stops short of accepting every defence: Cossa’s enthusiasm, he suggests, occasionally overshoots its mark. The review offers a compact instance of the distinction between explaining why an economic policy made sense in its circumstances and endorsing its claims without reservation.

A tax on rising urban land values may have a coherent fiscal rationale yet leave its social consequences unsettled. In this 1909 review of Fabrizio Natoli’s study, Hermann von Schullern zu Schrattenhofen makes that distinction decisive: could the levy itself raise building-site prices and produce social harm? He credits Natoli’s systematic treatment but finds this question left unanswered. His reservations also concern taxable capacity: against Natoli’s general emphasis on wealth, Schullern argues that income ordinarily provides the relevant measure, while accepting a marginal-utility account of tax sacrifice. This brief review offers a precise encounter between fiscal reasoning and social-policy scrutiny, showing why a justification for collecting a tax does not by itself establish the desirability of its effects.

Must the state know before it acts—and refrain from regulating labour whenever it does not? In this brief 1909 review, Hermann von Schullern zu Schrattenhofen singles out that demand in Herman Schoolmeesters’s argument against an eight-hour law, prompted by proposed working-hour limits for Limburg’s future coal mines. Schullern carefully translates the pamphlet’s conditions for legitimate state action without endorsing them. His closing judgement is pointed but qualified: the argument seems strangely out of place in contemporary literature, yet he concedes that he may not fully understand it. The review offers a compact encounter with a restrictive justification of nonintervention and a reviewer’s effort to combine fidelity with intellectual distance.

A useful survey need not yet warrant a settled judgment: that distinction shapes Hermann von Schullern zu Schrattenhofen’s brief review of Marco Fano’s study of note-issuing banks. Schullern identifies Fano’s comparative framework—a movement from monopoly through banking plurality and freedom to renewed restrictions and monopoly—but reserves fuller assessment because the study is a preliminary chapter of a larger work on exchange mechanisms. Readers gain a concise account of Fano’s organizing idea and a precise sense of the reviewer’s qualified approval, including his particular notice of the discussion of the Austro-Hungarian Bank.

A socialist movement’s leadership need not mirror its working-class constituency. In this brief 1909 review of R. Michels’s study of Italian socialism, Hermann von Schullern zu Schrattenhofen singles out its university connections, predominantly urban intellectual leadership, and shortage of agrarian leaders. He reports Michels’s estimate that some sixty Italian university teachers openly belong to the Socialist Party and another eighty sympathize. Writing for specialists already familiar with the earlier German studies, Schullern offers a selective notice rather than a sustained critique. His emphases show what he finds instructive in Michels’s proposed analytical history of political parties: concrete evidence connecting a movement’s social composition with its development.

Money raised for war is not yet a means of defence: the distance between fiscal policy, treasury receipts and military expenditure gives this brief collective review its focus. Hermann von Schullern zu Schrattenhofen assesses three studies by Luigi Einaudi and Giuseppe Prato on Savoyard finance during the War of the Spanish Succession, distinguishing historical analysis from the accounting needed to trace how revenues were spent. His concrete interests range from tobacco and spirits taxation to the difficulty of calculating war costs. Rather than testing individual findings, Schullern uses the studies’ complementary methods to defend detailed historical research against those who discount its relevance to contemporary economic policy. The review offers a compact statement of what he values in fiscal history: documentary care joined to an account of how state finance actually works.

The value of bread must somehow reach back to the land, labor and tools that make it—yet deriving the values of productive goods from those of the consumption goods they yield is a knot that practice unties daily while theory struggles to. Schumpeter works at this imputation problem by reading Austrian value theory architectonically, premise by premise. He reconstructs Wieser's system of equations, which allocates a product's value among its factors and lets distribution flow directly from imputation, and shows it standing or falling with one assumption: that every unit of a stock is valued alike, so total value equals marginal utility times quantity. Against it he sets Böhm-Bawerk's principles of complementarity, loss and substitution, faulting the claim that a replaceable factor can never exceed its substitution value. The true task, he concludes, is to derive whole value-curves of productive goods, not single marginal shares.

Auch die Produktivgüter, auch Land, Kapital und Arbeit müssen um ihres Nutzens willen Wert empfangen, sofern sie nicht im Überflusse vorhanden sind.

English translation: “Productive goods too—land, capital, and labor as well—must receive value for the sake of their utility, insofar as they are not present in superabundance.”

Government securities may look like a secure reserve for a note-issuing bank—but can they be sold when a crisis makes liquidity essential? In this short policy article, Felix Somary separates the capital needed to establish an issuer’s reputation from the investments that sustain its practical influence. He argues that an established, trusted bank may not need equity for note issue in principle, while questioning whether the English and French preference for government securities provides the protection intended. His preference for narrowly restricted commercial banking rests on both realizability and participation in the bill market. The article offers a concrete distinction between assets that appear safe and assets that allow a bank to act, linking portfolio choices to the effectiveness of its discount rate.

Rural rent can be read off differences in fertility and distance to market; the city poses a different puzzle, since near-identical buildings command sharply unequal rents by position alone. Setting his account against the Ricardo-Thünen theory of agricultural rent, Wieser separates a cost-covering minimum rent — construction, upkeep, taxes, normal interest, prior land value — from the positional premium won through overbidding for superior sites. Urban ground rent is a market and price phenomenon, not a technological surplus. Residential demand sorts itself into a hierarchy of quarters governed by social self-classification, each group bidding just enough to exclude the one below; business rents follow customer flows, and building-intensity rent drives the city upward as well as outward. Speculation capitalizes expected future rent rather than withholding, and the largely unearned urban increment, Wieser argues, invites taxation.

Der Wohnungsmarkt zerfällt in eine größere oder geringere Zahl von Lagen.

English translation: “The housing market falls apart into a larger or smaller number of locational grades.”

An import duty can expand domestic production while making the population poorer. In this 1909 article, Richard Schüller asks how to distinguish protection that earns its cost from protection that merely raises prices. His starting point is the unevenness of production costs among enterprises within the same country: what matters is not simply whether domestic firms can compete, but how costly further expansion will be. This perspective unsettles both blanket protectionism and the assumption that free trade automatically keeps productive resources employed. Schüller’s criticisms of German grain duties, cartel protection and Russian raw-material tariffs give the test practical force. Readers can discover why identical tariff rates may yield sharply different results—and why judging those results requires weighing consumer burdens against productive gains, rather than treating producers’ interests as a unified national interest.