By Ludwig von Mises, Murray N. Rothbard, Richard M. Ebeling, Jane E. Sanders, Bettina Bien Greaves, Albert Zlabinger
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But there was a special difficulty, which the classical economists with all their ingenuity could not overcome. Some of the most useful goods are assigned a low value such as iron, coal or bread or are given no value at all such as water or air, whereas doubtless less useful ones such as gems are valued very highly. In view of the failure of all efforts to explain this paradox, it was decided to look for other explanations of value which however could not be thought out without artificial aids and without contradiction.
For the opponents of liberalism there was only one way out: they had to reject in principle, as the German historical school did, every science of the social economy that claimed general validity of its principles. Only economic history and descriptive economics was to be valid. " After Walter Bagehot, whose reputation as an economist is based on the famous book about the London money market, Lombard Street, had attacked these fallacies in the mid-70's, Menger appeared on the scene in 1883 with his book Untersuchungun iiber die Methode der Sozialwissenschaften [Problems of Economics and Sociology].
The renunciation of the hostility towards theory of the historical school began. The decades of neglect of theoretical studies therefore led to the peculiar situation that today a foreigner, the Swede [Gustav] Cassel, has earned the gratitude of the German public for enlightening them about the problems and principles of the Germany economy. For example, Cassel has provided the German newspaper readers with the knowledge of the old purchasing power parity theory of exchange rates originally developed by Ricardo, as well as pointing out that unemployment as a continuing phenomenon must be a necessary consequence of the wage policy of trade unions.