One Hundred Years from Today (Das Wesen Und Der Hauptinhalt Der Theoretischen Nationalokonomie) (The Nature and Essence of Theoretical Economics) (Book Review‪)‬

Joseph A. Schumpeter. Das Wesen und der Hauptinhalt der theoretischen Nationalokonomie. Berlin: Duncker & Humblodt. 1908 Readers might be a little surprised to find an assessment here of Das Wesen und der Hauptinhalt der theoretischen Nationalokonomie (The Nature and Essence of Theoretical Economics). They might object that Wesen und Hauptinhalt is a contribution to a controversy (the first Methodenstreit). which nobody is interested in anymore, that it aims to explain Walrasian equilibrium theory to a school of economics (the German Historical School), which has vanished from the earth's surface, and that it does not offer any insights that will expand the body of economic theory, neither conceptually nor empirically. All of these objections are, to some extent, justified.