CHAPTER VI. The Vicious Circle of the Austrians

THE VICIOUS CIRCLE OF THE AUSTRIANS

Extreme abstractness of the Austrian theory--Abstraction legitimate and necessary, but must not be carried so far that the explanation phenomena are obliged to include the problem phenomenon--Austrians explain value in terms of value,--a vicious circle--Circle explicit in Wieser--Also explicit in Hobson's attempt to combine Austrian theory with cost theory of English School 45