Lange Quotes
The illiterate expression ‘given data' constantly recurs in Lange. It appears to have an irresistable attraction to mathematical economists because it doubly assures them that they know what they do not know. It seems to bewitch them into making assertions about the real world for which they have no empirical justification whatever.
Friedrich Hayek
If Engels had not been the constant companion in arms of Marx in the revolutionary struggles of the 19th century, there is no doubt that he would be remembered chiefly as one of the foremost scientist-philosophers of the century. It was an ironical tribute paid to the correctness of his views as to the relations between politics and ideology that he suffered complete neglect from the scientists of the Victorian age. But time now has taken its revenge, and Engels' contemporary views on 19th century science seem to us now in the 20th far more fresh and filled with understanding than those of the professional philosophers of science of his day, who for the most part are completely forgotten, while the few that linger on, such as Lange and Herbert Spencer, are only quoted as examples of the limitations of their times.
John Desmond Bernal
The equilibrium price level is determined at the point where the money market is in equilibrium. The temporary suspension of Walras' Law, far from making economic nonsense, thus appears as the crucial "trick" by which the tatonnement process is decomposed in two parts.
This analysis confirms that for a neoclassical general equilibrium system with neutral money there is indeed a consistent decomposition procedure, based on appropriate compensation principles, permitting the determination of real variables in the real sector while the price level is determined in the monetary sector. However, the amount of intellectual effort which, in the wake of Lange and Patinkin, was devoted to this issue, is entirely out of proportion to its economic significance. The real economic question is not whether a system can be dichotomized, but whether money is neutral.
Jürg Niehans
