Nineteenth century Austrian economist and minister of Finance
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  • Eugen Böhm von Bawerk

    Eugen Böhm Ritter von Bawerk (born Eugen Böhm, 12 February 1851 - 27 August 1914) was an Austrian economist who made important contributions to the development of the Austrian School of economics.

    Reference

    Böhm-Bawerk, Eugen von (1851-1914), by Lawrence H. White, The Encyclopedia of Libertarianism, 15 Aug 2008
    Biographical essay
    "Eugen von Böhm-Bawerk was a professor of economics at the Universities of Innsbruck and Vienna, a finance minister of Austria for many years, a major contributor to the 'Austrian School' of economic thought, and an important critic of Marxism. Building on the work of Carl Menger, he developed a theory of capital and interest centered on 'the relation between present and future in economic life.' His analysis, in turn, provided the starting point for the theory of business cycles developed by his student Ludwig von Mises and by Friedrich A. Hayek."
    Related Topic: Capitalism

    Born

    Upd12 Feb 1851, Eugen Böhm, in Brünn, Moravia (Brno), Czech Republic

    Died

    27 Aug 1914, in Kramsach, Tirol, Austria

    Biography

    UpdBiography of Eugen von Böhm-Bawerk, by Roger W. Garrison
    Ludwig von Mises Institute
    Biography of Eugen von Böhm-Bawerk (1851-1914), The Concise Encyclopedia of Economics
    Laissez Faire Books

    Articles

    Editorial: Turgot and the Battle Against Physiocracy, by Leonard Liggio, Literature of Liberty, 1979
    Editorial essay for volume II, number 1; discusses those who influenced Turgot and those influenced by him
    "Turgot's Réflexions also adumbrated the concept of marginal utility later worked out by Carl Menger with J. B. Say as an important intermediary. Carl Menger's successor and pupil in the Austrian School tradition, Eugen von Böhm-Bawerk, was indebted to Turgot for his development of modern capital theory. Böhm-Bawerk's Heidelberg 1876 seminar paper (now in the possession of F. A. Hayek) and his The Positive Theory of Capital (1889) show his reliance upon Turgot."
    Eugen von Böhm-Bawerk: A Sesquicentennial Appreciation, by Richard Ebeling, The Freeman, Feb 2001
    Broad biographical essay, including Böhm-Bawerk relationships with Menger, von Mises and Schumpeter, and his two major works
    "Eugen von Böhm-Bawerk was born on February 12, 1851 in Brno, capital of the Austrian province of Moravia (now the eastern portion of the Czech Republic). He died on August 27, 1914, at the age of 63, just as the First World War was beginning. ... The scientific contributions to which both Mises and Schumpeter referred were Böhm-Bawerk’s writings on what has become known as the Austrian theory of capital and interest, and his equally insightful formulation of the Austrian theory of value and price."
    Eugen von Böhm-Bawerk: Capital, Interest, and Time, by Roger W. Garrison, 15 Great Austrian Economists, 1999
    Ludwig von Mises, socialism's greatest enemy: His life and times, by Jim Powell
    Lengthy biographical essay on Mises, including details on Menger and Böhm-Bawerk
    "The person who most directly influenced Mises was the economist Eugen von Bohm-Bawerk. ... During the eight years he taught [at the University of Innsbruck], Bohm-Bawerk became the greatest champion of Menger's ideas, and he wrote his masterwork, Kapital und Kapitalzins [Capital and Interest] which was published in 1884."

    Writings

    Karl Marx and the Close of His System, 1896
    Related Topic: Communism
    The Austrian Economists, The Annals of the American Academy of Political and Social Science, 1891
    Explains some of the major tenets of the Austrian school -just two decades after publication of its seminal treatise, contrasting them with the views of classical economics and the historical school; paper solicited by the editors of the magazine
    "The province of the Austrian economists is theory in the strict sense of the word. ... Their researches take their direction from the theory of value, the corner-stone being the well-known theory of final utility. This theory can be condensed into three unusually simple propositions. The value of goods is measured by the importance of the want whose satisfaction is dependent upon the possession of the goods."
    The Historical vs. the Deductive Method in Political Economy, The Annals of the American Academy of Political and Social Science, 1890

    Books Authored

    Capital and Interest, 1884
    3 volumes: History and Critique of Interest Theories, Positive Theory of Capital, and Further Essays on Capital Interest. Electronic text based on 1890 translation, available at The Library of Economics and Liberty.
    Related Topic: Capital Goods
    Exploitation Theory of Socialism-Communism: The Idea That All Unearned Income (Rent, Interest and Profit) Involves Economic Injustice), 1975
    Extract from Volume I, Chapter XII, of Capital and Interest
    Related Topic: Communism
    Value and Price: An Extract from Capital and Interest, 1973
    Extract from Volume II of Capital and Interest
    Related Topic: Prices

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