để giải thích việc xác định giá về lý thuyết chủ quan của giá tế Giới thiệu Subjectivist sẽ được tội lỗi của một thiếu sót nếu nó đã không còn quan tâm với sự phản đối đã được đưa ra chống lại nó từ quan điểm chính trị và phe phái. Có, đầu tiên của tất cả, | The Controversy Over the Theory of Value 22 7 until this difficulty was overcome could one construct a comprehensive theory of value and price determination that starting from the action of the individual proceeds to the explanation of all the phenomena of the market. The history of modern economics begins with the resolution of the paradox of value by Menger Jevons and Walras. There is no period in the history of economics more important than the one in which these thinkers flourished. However we recognize more clearly today than was yet possible a generation ago that the work of the classical economists was not useless and that the substance of what they accomplished could be incorporated into the modern system. In the theory of value the opposition between subjectivism and objectivism between utility theory and cost theory has lost none of its distinctness. We see it merely in another light since we have understood the proper place of a modified concept of cost in the whole system of subjectivist economics. In the classical doctrine the theory of money occupies a separate position. Neither Ricardo nor his successors succeeded in giving an explanation of the phenomena of the market in which the same principles used to explain the exchange relationships in direct exchange could be used to explain money prices. If one starts from a cost theory like that of the classical economists and accepts the labor theory of value one cannot of course master the problem of indirect exchange. In this way the theory of money and credit and thus also of the trade cycle came to assume a strikingly distinctive position in the whole system of classical economics. The triumph of the subjective theory of value deprived these theories of their separate position. It succeeded in developing the theory of indirect exchange in harmony with that of direct exchange without being compelled to accept the help of hypotheses that are not already contained in the fundamental concepts of its .
