Editing Max Weber (section)

===Economics===
Weber primarily regarded himself as an economist, and all of his professorial appointments were in economics, but his contributions to that field were largely overshadowed by his role as a founder of modern sociology.{{sfnm|1a1=Petersen|1y=2017|1p=29|2a1=Baehr|2y=2002|2pp=22–23|3a1=Turner|3y=2001b|3p=16406}} As a [[Political economy|political economist]] and [[Economic history|economic historian]], Weber belonged to the German [[historical school of economics]], represented by academics such as [[Gustav von Schmoller]] and his student [[Werner Sombart]].{{sfnm|1a1=Swedberg|1y=1999|1pp=561–582|3a1=Heath|3y=2024}} While Weber's research interests were largely in line with this school, his views on methodology and [[marginal utility]] significantly diverged from those of the other German [[Historicism|historicists]]. Instead, they were closer to those of [[Carl Menger]] and the [[Austrian school of economics]], the traditional rivals of the historical school.{{sfnm|1a1=Beiser|1y=2011|1pp=525–527|2a1=Maclachlan|2y=2017|2pp=1161–1163|3a1=Radkau|3y=2009|3p=138}} The division caused by the {{Lang|de|[[Methodenstreit]]}} caused Weber to support a broad interpretation of economics that combined economic theory, economic history, and economic sociology in the form of ''{{Interlanguage link|Sozialökonomik|de}}'' ("social economics").{{sfn|Swedberg|Agevall|2016|p=103}}

====''Economy and Society''====
{{Main|Economy and Society}}

[[File:Manuskript max weber rechtssoziologie.jpg|thumb|A page from the manuscript of the sociology of law within ''[[Economy and Society]]''|alt=A page from the ''Economy and Society'' manuscript]]

Weber's {{Lang|la|magnum opus}} ''Economy and Society'' is an essay collection that he was working on at the time of his death in 1920.{{sfnm|1a1=Whimster|1y=2023|1p=82|2a1=Roth|2y=2016|2pp=250–253|3a1=Hanke|3y=2009|3pp=349–350}} Its text was largely unfinished, outside of the first three chapters. The first four chapters were written between 1919 and 1920, but the other chapters were generally written between 1909 and 1914.{{sfn|Swedberg|Agevall|2016|pp=105–106}} After his death, the final organisation and editing of the book fell to his widow [[Marianne Weber|Marianne]]. She was assisted by the economist [[Melchior Palyi]]. The resulting volume was published in 1922 and was titled {{lang|de|Wirtschaft und Gesellschaft}}.{{sfnm|1a1=Swedberg|1a2=Agevall|1y=2016|1p=105|2a1=Whimster|2y=2023|2p=82|3a1=Hanke|3y=2009|3pp=349–350}} The resulting volume included a wide range of essays dealing with Weber's views regarding sociology, [[social philosophy]], politics, [[social stratification]], [[World religions|world religion]], diplomacy, and other subjects.{{sfnm|1a1=Roth|1y=2016|1pp=250–253|2a1=Whimster|2y=2023|2p=82}} In 1956, the German jurist {{Interlanguage link|Johannes Winckelmann|de|Johannes Winckelmann (Jurist)}} edited and organised a revised fourth edition of ''Economy and Society'', later editing a fifth edition of it in 1976.{{sfnm|1a1=Swedberg|1a2=Agevall|1y=2016|1pp=109, 393|2a1=Roth|2y=2016|2pp=250–253}} [[Guenther Roth]] and Claus Wittich edited an English translation of the work in 1968. It was based on Winckelmann's 1956 edition of the text that he had revised in 1964.{{sfnm|1a1=Roth|1y=2016|1pp=250–253|2a1=Swedberg|2a2=Agevall|2y=2016|2p=109}}

====Marginal utility====
Unlike other historicists, Weber accepted [[marginal utility]] and taught it to his students.{{sfnm|1a1=Radkau|1y=2009|1p=138|2a1=Schweitzer|2y=1975|2pp=279–292|3a1=Swedberg|3y=1999|3pp=564–568}} His overall economic sociology was based on it.{{sfnm|1a1=Parsons|1y=2007|1pp=236–237|2a1=Honigsheim|2y=2017|2pp=187–188}} In 1908, Weber published an article, "Marginal Utility Theory and 'The Fundamental Law of Psychophysics'", in which he argued that marginal utility and economics were not based on psychology.{{sfnm|1a1=Mass|1y=2009|1pp=507–511|2a1=Swedberg|2y=1999|2p=564}} As part of that, he disputed Lujo Brentano's claim that marginal utility reflected the form of the psychological response to stimuli as described by the [[Weber–Fechner law]].{{sfnm|1a1=Mass|1y=2009|1pp=509–511|2a1=Swedberg|2a2=Agevall|2y=2016|2p=227}} He rejected the idea that marginal utility and economics were dependent on [[psychophysics]].{{sfnm|1a1=Mass|1y=2009|1pp=509–511|2a1=Swedberg|2a2=Agevall|2y=2016|2p=227}} In general, Weber disagreed with the idea that economics relied on another field.{{sfn|Swedberg|Agevall|2016|p=227}} He also included a similar discussion of marginal utility in the second chapter of ''Economy and Society''. Both marginal utility and declining utility's roles in his writings were implied through his usage of [[Instrumental and value-rational action|instrumentally rational action]] in that chapter.{{sfn|Parsons|2007|pp=235–238}}

====Economic calculation====
Like his colleague [[Werner Sombart]], Weber regarded [[Cost–benefit analysis|economic calculation]], particularly [[double-entry bookkeeping]], as having played a significant role in [[Rationalization (sociology)|rationalisation]] and the development of capitalism.{{sfnm|1a1=Carruthers|1a2=Espeland|1y=1991|1pp=31–34|2a1=Swedberg|2a2=Agevall|2y=2016|2pp=24–25}} Weber's preoccupation with the importance of economic calculation led him to critique socialism as lacking a mechanism to efficiently allocate resources to satisfy human needs.{{sfnm|1a1=Tribe|1y=2009|1pp=157–158|2a1=Swedberg|2a2=Agevall|2y=2016|2p=199}} [[Otto Neurath]], a socialist thinker, thought that [[price]]s would not exist and central planners would use in-kind, rather than monetary, [[economic calculation problem|economic calculation]] in a completely socialised economy.{{sfnm|1a1=Tribe|1y=2009|1pp=143–147|2a1=Cat|2y=2023}} According to Weber, this type of coordination was inefficient because it was incapable of solving the problem of [[Theory of imputation|imputation]], which related to the difficulties in accurately determining the relative values of [[capital good]]s.{{sfnm|1a1=Tribe|1y=2009|1pp=158–159|2a1=Cat|2y=2023}} Weber wrote that the value of goods had to be determined in a socialist economy. However, there was no clear method for doing so in that economic system. Planned economies were, therefore, irrational.{{sfnm|1a1=Callison|1y=2022|1pp=281–282|2a1=Tribe|2y=2009|2pp=157–159|3a1=Swedberg|3a2=Agevall|3y=2016|3p=199}} At approximately the same time, [[Ludwig von Mises]] independently made the same argument against socialism.{{sfnm|1a1=Tribe|1y=2009|1p=142|2a1=Swedberg|2a2=Agevall|2y=2016|2p=199}} Weber himself had a significant influence on Mises, whom he had befriended when they were both at the University of Vienna in the spring of 1918. However, Mises ultimately regarded him as having been a historian, rather than an economist.{{sfnm|1a1=Maclachlan|1y=2017|1p=1166|2a1=Kolev|2y=2020|2p=44|3a1=Callison|3y=2022|3pp=275–276}}