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CHAPTER VI THE VICIOUS CIRCLE OF THE AUSTRIANS

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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

Social Value: A Study in Economic Theory, Critical and Constructive

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