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An Overlooked Infinite System of Groups of Order pq2 by Miller G. A.

By Miller G. A.

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On the other hand, these measures would be incapable of stopping the erosion of the purchasing power of the currency that is caused by inflation. Protective trade policies divert production from where it can best take advantage of natural conditions, and thus reduce the abundance produced by economic activity and depress the standard of living of the masses. In the eyes of classical economists, the use of interventionism appears as counter-productive in every respect; it is not from the interventions by the government, which only can hinder and hamper, but from the free rein of all forces that they expect a continuing increase in the welfare of all groups.

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].

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 discussions known as the "Methodenstreit" which followed this book have 24 successfully destroyed the logical and methodological validity of the criticism of the historical school against the fundamental possibility of generally valid insights into economic problems.

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