Search Books

  • Search Full Site
  • Display Book Titles
  • Display Book Paragraphs
4 paragraphs found in the 1 Book listed below
Human Action: A Treatise on Economics; Mises, Ludwig von
4 paragraphs found.
Part 3, Chapter XI. Valuation without calculation

However, the spurious idea that values are measurable and are really measured in the conduct of economic transactions was so deeply rooted that even eminent economists fell victim to the fallacy implied. Even Friedrich von Wieser and Irving Fisher took it for granted that there must be something like measurement of value and that economics must be able to indicate and to explain the method by which such measurement is effected. *28 Most of the lesser economists simply maintained that money serves "as a measure of values."


Wieser was right when he once declared that many economists have unwittingly dealt with the value theory of communism and have on that account neglected to elaborate that of the present state of society. *29 It is tragic that he himself did not avoid this failure.

For a critical analysis and refutation of Fisher's argument, cf. Mises, The Theory of Money and Credit, trans. by H. E. Batson (London, 1934), pp. 42-44; for the same with regard to Wieser's argument, Mises, Nationalökonomie (Geneva, 1940), pp. 192-194.
Cf. Friedrich von Wieser, Der natürliche Wert (Vienna, 1889), p. 60, n. 3.