[Title Page and Publication Details]: Title page and publication details for the second part of the proceedings regarding value theory held by the Verein für Sozialpolitik in Dresden, 1932. [Foreword by the Editors]: The editors explain the delays in holding the oral discussion on value theory due to bank failures and logistical issues. They note the absence of certain schools of thought (Liefmann, Oppenheimer, Spann, Cassel) and state the policy of only publishing remarks made in person. [List of Speakers]: A list of the participants in the discussion and the page numbers corresponding to their contributions. [Introduction and Opening Remarks by Ludwig Mises]: Emil Lederer opens the session, and Ludwig Mises provides a foundational introduction. Mises argues for the universality of logic across races and classes, critiques the Marxist view of 'class-bound' thought, and defends the subjective theory of value against Gustav Cassel and Othmar Spann. He emphasizes that economic theory must explain market phenomena by tracing them back to individual choices (marginal utility) and argues that the subjective school has successfully integrated cost and money theory into a unified system. [Oskar Engländer on Subjective and Objective Value]: Oskar Engländer discusses the distinction between subjective and objective value, critiquing both the classical labor theory of value (Ricardo/Marx) and the Austrian school's perceived failure to bridge the gap between subjective utility and absolute prices. He argues that the Austrian school fails to explain the transition from utility to 'price willingness' without assuming existing prices. He proposes a synthesis where subjective-social and objective-technical factors provide boundaries for price ratios, which are then made absolute through the quantity of money. [Alfred Amonn on the Scope of Value Theory]: Alfred Amonn critiques the lack of argumentative rigor in the previous papers and defines the two tasks of value theory: explaining objective exchange ratios and understanding subjective valuation. He argues that subjective value is only relevant to economists insofar as it determines exchange ratios. He critiques the labor theory of value as arbitrary and discusses methodological issues such as the measurability of utility, the role of equilibrium as a mental construct, and the distinction between functional and causal dependence in economic variables. [Procedural Discussion and Ewald Schams on Marginal Analysis]: Following a brief procedural exchange between Lederer, Mises, Mackenroth, Hayek, and Spiethoff regarding the focus of the debate, Ewald Schams defends marginal analysis as a formal logical tool for ordering economic series. He argues that 'value' is simply ordered utility and that marginal concepts are necessary to understand economic movement and direction. He critiques Othmar Spann's universalism for ignoring the dynamic process of re-ordering that occurs when equilibrium is disturbed. [Franz X. Weiß on the Austrian School and Political Neutrality]: Franz X. Weiß defends the Austrian school against Engländer's criticisms, arguing that the school does distinguish between value and price willingness. He critiques Franz Oppenheimer's labor theory and Robert Liefmann's misunderstandings of marginal utility. Crucially, he uses citations from Menger, Böhm-Bawerk, and Wieser to refute Mises's implication that the subjective theory of value is inherently tied to liberal or anti-socialist politics, asserting the school's commitment to value-free (wertfrei) science. [Arthur Spiethoff and Oskar Engländer: Historical vs. Pure Theory]: Arthur Spiethoff defends the Historical School, arguing that Mises's characterization is fifty years out of date. He asserts that historical economists do not reject general price laws but seek to supplement them with 'historical theories' applicable to specific 'economic styles.' He emphasizes the harmony between Menger and the later Historical School and praises Wieser's work as a bridge between the two. Engländer briefly responds to Weiß, maintaining his distinction regarding the synthesis of subjective and objective factors. [Edmund Herzfelder on Measuring Value]: Edmund Herzfelder presents his 'Measuring Theory of Value.' He critiques the Austrian school for identifying value intensity with utility without a functional understanding of supply changes. He argues for a purely dynamic approach to economics, rejecting statics as a fiction. He claims to have discovered a 'Law of Exchange Value' that allows for the numerical measurement of utility and the resolution of the quantity theory of money through the analysis of price and value changes during exchange. [Gerhard Mackenroth's Critique of Subjective Value Theory]: Gerhard Mackenroth delivers a sharp critique of the subjective theory of value from an epistemological and psychological standpoint. He argues that the theory is either based on an obsolete associationist psychology or is a contentless tautology ('individuals act as they desire'). He claims the theory serves as a 'verbalism' that masks political value judgments as scientific deductions. He advocates for a behaviorist approach or a return to the Lausanne school's formal systems, stripped of their 'utility metaphysics,' while integrating modern social psychology. [Wilhelm Vleugels and Gerhard Colm: Theory and Sociology]: Wilhelm Vleugels defends the utility of value theory against Cassel's rejection, noting that even Cassel's results rely on the very value theory he tries to discard. Gerhard Colm then proposes a distinction between the 'objective' economic system (interdependent structures) and the 'subjective' sociological sphere. He argues that value theory is the bridge between these two. He critiques the 'psychological mantle' of the Austrian school, suggesting it should be replaced by a robust economic sociology that accounts for irrational and social factors. [Morgenstern, Zeisl, and Rosenstein-Rodan: Data and Dynamics]: Oskar Morgenstern defends the Austrian school against Mackenroth, citing its success in explaining monopoly and elasticity. Hans Zeisl argues that the subjective theory has become 'bloodless' and tautological; he calls for the introduction of concrete sociological data (e.g., class-specific demand) to make the theory applicable to real-world problems like planned economies. Paul Rosenstein-Rodan counters Zeisl, arguing that pure theory must remain general to cover all systems, and that the 'modern' Vienna school (Mayer, Schönfeld) has already moved toward a synthesis of price formation and price structure. [Egner, Schmidt, and Helander: Ontology and Practice]: Erich Egner argues for an 'economic ontology' based on the structure of human reason rather than empirical sociology. Fritz Schmidt reports on value theory in business administration (Betriebswirtschaftslehre), emphasizing the importance of 'replacement values' (Tagesbeschaffungswert) for dynamic accounting and business cycle theory. Sven Helander suggests that different value theories (labor vs. market) are essentially 'economic-political dogmas' that describe different systems (socialism vs. capitalism), and calls for a higher synthesis that recognizes these as distinct organizational principles. [Emil Lederer's Critique of Mises]: Emil Lederer critiques Mises's 'caricature' of Marxism and the sociology of knowledge. He argues that while pure logic exists, economic categories are often historically and socially conditioned. He disputes Mises's claim that liberal policy can be strictly deduced from value-free theory, noting that dynamic theory requires social concepts (like the 'entrepreneur') that go beyond static equilibrium. He warns against using subtle theoretical reasonings as 'scientific toys' rather than practical engines. [Mises's Rebuttal and Final Remarks]: Ludwig Mises responds to the various critiques. He maintains that economic laws are not class-bound and that the 'static method' is a necessary tool for studying change. He reaffirms his stance that liberal policy is a logical consequence of economic understanding, as interventionism is 'counter-productive' to the goals of its own proponents. He challenges Zeisl to produce a system of economic calculation for a socialist society and concludes that despite deep divides, the discussion clarified the central importance of value and price theory for practical life. [Closing Statements by Amonn, Weiß, Lederer, and Spiethoff]: Alfred Amonn and Franz X. Weiß offer final defenses of the subjective theory against Mackenroth's psychological and 'tautology' objections, arguing that the theory describes real-world choices regardless of the underlying psychological school. Emil Lederer clarifies his own long-standing position on economic theory. Arthur Spiethoff closes the session by thanking Mises for organizing the investigation and the participants for their contributions, declaring the discussion a success for the Verein für Sozialpolitik.
Title page and publication details for the second part of the proceedings regarding value theory held by the Verein für Sozialpolitik in Dresden, 1932.
Read full textThe editors explain the delays in holding the oral discussion on value theory due to bank failures and logistical issues. They note the absence of certain schools of thought (Liefmann, Oppenheimer, Spann, Cassel) and state the policy of only publishing remarks made in person.
Read full textA list of the participants in the discussion and the page numbers corresponding to their contributions.
Read full textEmil Lederer opens the session, and Ludwig Mises provides a foundational introduction. Mises argues for the universality of logic across races and classes, critiques the Marxist view of 'class-bound' thought, and defends the subjective theory of value against Gustav Cassel and Othmar Spann. He emphasizes that economic theory must explain market phenomena by tracing them back to individual choices (marginal utility) and argues that the subjective school has successfully integrated cost and money theory into a unified system.
Read full textOskar Engländer discusses the distinction between subjective and objective value, critiquing both the classical labor theory of value (Ricardo/Marx) and the Austrian school's perceived failure to bridge the gap between subjective utility and absolute prices. He argues that the Austrian school fails to explain the transition from utility to 'price willingness' without assuming existing prices. He proposes a synthesis where subjective-social and objective-technical factors provide boundaries for price ratios, which are then made absolute through the quantity of money.
Read full textAlfred Amonn critiques the lack of argumentative rigor in the previous papers and defines the two tasks of value theory: explaining objective exchange ratios and understanding subjective valuation. He argues that subjective value is only relevant to economists insofar as it determines exchange ratios. He critiques the labor theory of value as arbitrary and discusses methodological issues such as the measurability of utility, the role of equilibrium as a mental construct, and the distinction between functional and causal dependence in economic variables.
Read full textFollowing a brief procedural exchange between Lederer, Mises, Mackenroth, Hayek, and Spiethoff regarding the focus of the debate, Ewald Schams defends marginal analysis as a formal logical tool for ordering economic series. He argues that 'value' is simply ordered utility and that marginal concepts are necessary to understand economic movement and direction. He critiques Othmar Spann's universalism for ignoring the dynamic process of re-ordering that occurs when equilibrium is disturbed.
Read full textFranz X. Weiß defends the Austrian school against Engländer's criticisms, arguing that the school does distinguish between value and price willingness. He critiques Franz Oppenheimer's labor theory and Robert Liefmann's misunderstandings of marginal utility. Crucially, he uses citations from Menger, Böhm-Bawerk, and Wieser to refute Mises's implication that the subjective theory of value is inherently tied to liberal or anti-socialist politics, asserting the school's commitment to value-free (wertfrei) science.
Read full textArthur Spiethoff defends the Historical School, arguing that Mises's characterization is fifty years out of date. He asserts that historical economists do not reject general price laws but seek to supplement them with 'historical theories' applicable to specific 'economic styles.' He emphasizes the harmony between Menger and the later Historical School and praises Wieser's work as a bridge between the two. Engländer briefly responds to Weiß, maintaining his distinction regarding the synthesis of subjective and objective factors.
Read full textEdmund Herzfelder presents his 'Measuring Theory of Value.' He critiques the Austrian school for identifying value intensity with utility without a functional understanding of supply changes. He argues for a purely dynamic approach to economics, rejecting statics as a fiction. He claims to have discovered a 'Law of Exchange Value' that allows for the numerical measurement of utility and the resolution of the quantity theory of money through the analysis of price and value changes during exchange.
Read full textGerhard Mackenroth delivers a sharp critique of the subjective theory of value from an epistemological and psychological standpoint. He argues that the theory is either based on an obsolete associationist psychology or is a contentless tautology ('individuals act as they desire'). He claims the theory serves as a 'verbalism' that masks political value judgments as scientific deductions. He advocates for a behaviorist approach or a return to the Lausanne school's formal systems, stripped of their 'utility metaphysics,' while integrating modern social psychology.
Read full textWilhelm Vleugels defends the utility of value theory against Cassel's rejection, noting that even Cassel's results rely on the very value theory he tries to discard. Gerhard Colm then proposes a distinction between the 'objective' economic system (interdependent structures) and the 'subjective' sociological sphere. He argues that value theory is the bridge between these two. He critiques the 'psychological mantle' of the Austrian school, suggesting it should be replaced by a robust economic sociology that accounts for irrational and social factors.
Read full textOskar Morgenstern defends the Austrian school against Mackenroth, citing its success in explaining monopoly and elasticity. Hans Zeisl argues that the subjective theory has become 'bloodless' and tautological; he calls for the introduction of concrete sociological data (e.g., class-specific demand) to make the theory applicable to real-world problems like planned economies. Paul Rosenstein-Rodan counters Zeisl, arguing that pure theory must remain general to cover all systems, and that the 'modern' Vienna school (Mayer, Schönfeld) has already moved toward a synthesis of price formation and price structure.
Read full textErich Egner argues for an 'economic ontology' based on the structure of human reason rather than empirical sociology. Fritz Schmidt reports on value theory in business administration (Betriebswirtschaftslehre), emphasizing the importance of 'replacement values' (Tagesbeschaffungswert) for dynamic accounting and business cycle theory. Sven Helander suggests that different value theories (labor vs. market) are essentially 'economic-political dogmas' that describe different systems (socialism vs. capitalism), and calls for a higher synthesis that recognizes these as distinct organizational principles.
Read full textEmil Lederer critiques Mises's 'caricature' of Marxism and the sociology of knowledge. He argues that while pure logic exists, economic categories are often historically and socially conditioned. He disputes Mises's claim that liberal policy can be strictly deduced from value-free theory, noting that dynamic theory requires social concepts (like the 'entrepreneur') that go beyond static equilibrium. He warns against using subtle theoretical reasonings as 'scientific toys' rather than practical engines.
Read full textLudwig Mises responds to the various critiques. He maintains that economic laws are not class-bound and that the 'static method' is a necessary tool for studying change. He reaffirms his stance that liberal policy is a logical consequence of economic understanding, as interventionism is 'counter-productive' to the goals of its own proponents. He challenges Zeisl to produce a system of economic calculation for a socialist society and concludes that despite deep divides, the discussion clarified the central importance of value and price theory for practical life.
Read full textAlfred Amonn and Franz X. Weiß offer final defenses of the subjective theory against Mackenroth's psychological and 'tautology' objections, arguing that the theory describes real-world choices regardless of the underlying psychological school. Emil Lederer clarifies his own long-standing position on economic theory. Arthur Spiethoff closes the session by thanking Mises for organizing the investigation and the participants for their contributions, declaring the discussion a success for the Verein für Sozialpolitik.
Read full text