2,793 works, 150 years of economic thought. Each one summarized and searchable, with cited passages inside.
That a bank of issue crowns currency stabilization rather than beginning it has always belonged to the ABC of financial policy the world over - and it is against this maxim that Schumpeter weighs Austria's decision to found a central bank in 1922. His verdict is conditional. The announcement has already steadied exchange rates and securities markets, but psychological effect cannot substitute for structural cure: Austria cannot be set right by formulas and slogans. Every office, revenue source, and state enterprise must be reformed separately, or the bank becomes another engine of inflation, its note reserve financing a depreciation worse than the present. So long as the government cannot commit to a definite crown rate, any success can only be temporary. Chances exist, and so do dangers demanding a moral energy Austria has rarely possessed in abundance.
Natürlich ist das ein kühner Schritt, dessen Rechtfertigung nur im Erfolg liegen kann.
English translation: “Naturally this is a bold step, whose justification can lie only in success.”
Identical resources and identical rankings of needs need not produce identical valuations: everything depends on how long the resources must last. In this 1922 installment of his investigation, Hans Mayer presses marginal-utility theory to account for recurring needs and the time required to replenish supplies. His concern is not to reject marginal valuation, but to establish conditions that its usual derivations leave unspecified. Economizing, on his account, means allocating common means among competing ends—a distinction that leads him to classify the enterprise’s pursuit of monetary income as technical activity, while locating its economic foundations in households. Readers can discover why a period of provision matters to value theory, and why market prices cannot independently explain the valuations from which they are supposedly derived. The promised derivation of the valuation law remains for a subsequent article.
Against theories that lodge value in labor, cost, or the object itself, this short monograph — later folded into Schwiedland's Volkswirtschaftslehre — grounds value in a subjective consciousness of dependence on useful and scarce goods. Utility, he argues, names an objective suitability, whereas value is the felt dependence of the economizing subject; hence his correction of both 'objective value' language and the Austrian preference for 'Grenznutzen.' Price, by contrast, is external, negotiated, social — an actual counter-performance received in exchange, one requiring not equal values but divergent valuations, so that barter enriches both sides. Translating usefulness and scarcity into supply and demand, Schwiedland tracks seller competition in abundance, buyer competition in shortage, hoarding, panic selling, cartels, and monetary policy, yet ends in methodological modesty: no single theory can capture every real price.
Wert ist ein Gefühl, Preis eine tatsächliche Gegenleistung: die Menge von Gütern, die man beim Austausch für andere empfängt.
English translation: “Value is a feeling, price an actual counter-performance: the quantity of goods one receives in exchange for others.”
Higher interest rates may restrain inflation—but what if they also destroy the production needed for recovery? In this 1922 review of Gustav Cassel’s Das Geldproblem der Welt, Emil Lederer tests monetary remedies against the material and social conditions of postwar reconstruction. He accepts Cassel’s insistence that credit cannot substitute for real resources, yet questions policies whose success depends on unemployment forcing down wages. Unemployment relief, political resistance, and obligations to those without work are not external complications: they help determine whether stabilization can succeed. Lederer’s alternative emphasis on restoring production is itself qualified by the problem of finding markets. The review offers a concrete encounter between monetary discipline and reconstruction, showing why neither balanced budgets nor increased output alone can secure economic recovery.
The entrepreneurs capable of rebuilding industry may also acquire the power to bend national policy to private ends. This tension gives Eugen Peter Schwiedland’s 1923 review of Herbert von Beckerath’s book its focus. In presenting Beckerath’s account, Schwiedland explains why postwar shortages and mismatched resources favoured integrated industrial combines rather than cartels of separate firms. He then presses the question of leadership: can roughly two dozen powerful figures supply the judgement these vast organizations require, accommodate workers, and ease international antagonisms? His explicit insistence that economic problems are also ethical questions sharpens the review’s interest. Readers encounter an argument for entrepreneurial coordination whose confidence in practical competence stops short of confidence in the responsible exercise of power.
Can geography explain both the formation of nations and the growth of world wealth? In this brief 1923 review of O. D. von Engeln’s Inheriting the Earth, Eugen Peter Schwiedland finds stimulating material without being persuaded that it forms a unified account of economic development. He reports Engeln’s claim that shared surroundings, rather than race, language or religion, create nations, but reserves his strongest appreciation for the factual discussion of resources and exchange between temperate and tropical regions. The review’s interest lies in this selective judgement: Schwiedland questions the book’s coherence while welcoming the knowledge and prospects offered by its treatment of tropical cultivation, migration and settlement colonies.
Can an autarkic economic union spanning several nations escape the nationalist motives behind trade barriers? In this short 1923 review of Waldemar Mitscherlich’s Der Nationalismus Westeuropas, Ludwig von Mises questions that proposed compromise between free trade and national self-sufficiency. He credits Mitscherlich’s historical account with fresh insights but argues that nationalism cannot be adequately understood without examining protectionist economics. His criticism rests alongside a pointed distinction: belonging to a nation is not the same as subscribing to a nationalist party’s programme. The review offers a compact encounter with Mises’s insistence on separating linguistic nationality from political allegiance—and on testing schemes for economic union against the motives that would sustain their restrictions on trade.
Ranking wants by urgency is not the same as measuring satisfaction—and measuring one person’s satisfaction would not establish that it can be added to another’s. This distinction drives Hayek’s 1923 review of L. V. Birck’s The Theory of Marginal Value. Hayek questions the foundations of Birck’s claim that equal incomes maximize aggregate utility, while praising his detailed analysis of price formation and his engagement with Wieser’s theory of imputation. The review offers a compact view of Hayek’s standards of theoretical criticism: analytical finesse cannot compensate for unsupported premises, especially in a textbook. His reservations about mathematical notation sharpen the point: treating economic relations as an equilibrium problem does not, he argues, require an exposition burdened with mathematical apparatus.
Opposition to Marxism does not necessarily imply a defence of liberalism: this distinction frames Eugen Peter Schwiedland’s affirmative 1923 review of Mises’s Die Gemeinwirtschaft. Writing in English, Schwiedland places the book against German nationalist alternatives that reject liberalism alongside Marxism. He foregrounds Mises’s shift from the unequal distribution of wealth to the conditions of its production: could socialism increase output, and could it calculate rationally without market prices? His account also presents consumer choice, rather than control of the workplace, as the basis of economic self-determination. This short review offers a concrete instance of Mises’s early reception, showing which arguments a sympathetic contemporary selected and why he regarded a liberal defence of capitalism as a distinctive intervention.
A central bank can count its notes precisely and still misread the monetary conditions it faces. In this 1923 article, Richard Kerschagl draws on Austrian experience to ask what makes monetary statistics economically meaningful under inflation. Gold reserves valued at legal parity tell a different story from reserves valued at current exchange rates; separate lending categories can obscure the extent of government financing; a monthly exchange-rate average may describe a quotation that never occurred. His distinctive concern is not simply to collect more figures, but to distinguish the processes those figures measure—and acknowledge what they cannot establish. Readers can discover how choices of valuation, timing, and classification shape the evidence available for monetary policy, especially when depreciation unsettles familiar accounting conventions.
Does waiting for consumption create a production cost, or does it change what future goods are worth today? In this 1923 encyclopedic article, Franz Xaver Weiss makes that distinction the test of abstinence theory’s explanation of interest. He credits Senior with connecting interest to time and rejects the charge that his theory merely rationalizes capitalist income. Yet, following Böhm-Bawerk, Weiss argues that postponement lowers present valuations rather than adding a separate sacrifice to labor and material outlays. His treatment shows why replacing “abstinence” with “waiting” does not settle the dispute. Readers gain a precise way to distinguish two explanations that acknowledge the same reluctance to defer enjoyment but assign it different economic roles.
Schumpeter recasts supply not as a stock of goods or an independent "cost side" opposed to demand, but as a relational category within the whole exchange economy. The primordial act of exchange, he argues, breaks down for every agent into alienation and acquisition, so that each participant is in principle both supplier and demander; supplying and demanding are reciprocal standpoints, not separate classes. From this he builds definitions of individual and marginal supply, cases of alternative and joint production, and three types of supply law - rising output at rising price, rising output at falling price, and the labor-and-saving case of falling supply at a rising price. Costs are reinterpreted through marginal valuation and opportunity cost, quasi-rent explains the returns of inelastic plant, and monopoly forms the limiting contrast. Supply emerges as a system-wide, time-bound, expectation-laden relation.
Das Anbieten ist eine notwendige Voraussetzung für effektive Nachfrage und das Nachfragen die notwendige Voraussetzung dafür, daß etwas angeboten wird.
English translation: “Supplying is a necessary precondition for effective demand, and demanding is the necessary precondition for anything to be supplied.”