Abstract
For a century following publication of Adam Smith’s Wealth of Nations in 1776, economic theory contained a paradoxical dissonance in its major themes. On the one hand, the classical thought of Smith, David Ricardo, James Mill and John Stuart Mill gave ideological support to economic liberalism and the free market economy. But, on the other hand, it succeeded neither in distinguishing the function of the key figure in that economy — the capitalist — from that of the entrepreneur, nor in providing a convincing rationale for the existence of the economy’s distinctive factor share — interest.
Published originally as Robert E. Kuenne, Eugen von Böhm-Bawerk, Columbia University Press, New York, 1971, and reproduced with permission.
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Kuenne, R.E. (1992). Eugen von Böhm-Bawerk. In: General Equilibrium Economics. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-12752-8_15
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