The indetermination of senior (or the indetermination of Wagner) and Schmoller as a Social Economist

Abstract

The propositions of pure economics, whatever be their generality and their truth, do not authorize normative concluaions, but cannot be ignored. The latter, namely what ought not to be done, is derivable from socio-economics. The derivation is to be qualified by the specificities of the case. I have called this the Indetermination of Senior; Wagner and Marshall were quite aware of it. The habit of ignoring it is the Ricardian Vice; Schmoller's fight may have been a reaction against the latter. The Methodenstreit was the first great paradigmatic conflict between pure and social economists.