Note 38 — Chapter III · CONCERNING THE INTERPRETATION AND CRITICISM OF SOME CONCEPTS OF MARXISMToC

It is strange how among the students of pure economics also this need for a different treatment makes itself felt, leading them to contradictory statements and to insuperable perplexities. Pantaleoni, Principî di economia pura, Florence, Barbara, 1889, p. 3, Ch. iii § 3 (pp. 299-302), contradicts Böhm-Bawerk, inquiring whence the borrower of capital at interest is able to find the wherewithal to pay the interest. Pareto, Introd. critica agli Estratti del Capitale del Marx, Ital. trans. Palermo, Sandron, 1894, p. xxx, n.: 'The phenomena of surplus value contradicts Marx's theory which determines values solely by labour. But, on the other hand, there is an expropriation of the kind which Marx condemns. It is not at all proved that this expropriation helps to secure the hedonistic maximum. But it is a difficult problem how to avoid this expropriation.' A learned and accurate Italian work which attempts to reconcile the opinions of the hedonistic school with those of the followers of Ricardo and Marx, is the memorandum of Prof. G. Ricca Salermo, La theoria del valore nella storia delle dottrine e dei fatti economici, Rome 1894. (extr. from the Memorie dei Lincei, s. v. vol. I., pt. i.)