Abstract
As civil servant and economic theorist, Böhm-Bawerk was one of the most influential economists of his generation. A leading member of the Austrian School, he was one of the main propagators of neoclassical economic theory and did much to help it attain its dominance over classical economic theory. His name is primarily associated with the Austrian theory of capital and a particular theory of interest. But his prime achievement is the formulation of an intertemporal theory of value which, when applied to an exchange economy with production using durable capital goods, yields a theory of capital, a theory of interest, and indeed a theory of distribution in which the time element plays a critical role. Both this construction and his equally famous critique of Marx’s economics strongly influenced the development of economic theory from the 1880s until well into the 1930s.
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Bibliography
Selected Works
1881. Rechte und Verhältnisse vom Standpunkte der volkswirtschaftlichen Güterlehre. Innsbruck: Wagner. Trans. as ‘Whether legal rights and relationships are economic goods’ in Böhm-Bawerk (1962).
1884. Kapital und Kapitalzins. Erste Abteilung: Geschichte und Kritik der Kapitalzins-Theorien. Innsbruck: Wagner. 2nd edn, 1900; 3rd edn, 1914; 4th edn, Jena: Fischer, 1921. Translation of 1st edn as Capital and Interest, London: Macmillan, 1890. Translation of 4th edn as Capital and Interest, vol. 1. South Holland, Ill.: Libertarian Press, 1959.
1886. Grundzüge der Theorie des wirthschaftlichen Güterwerthes. Jahrbücher für Nationalökonomie und Statistik 13, 1–82 and 477–541. Reprinted separately, London: London School of Economics, 1932.
1889. Kapital und Kapitalzins. Zweite Abteilung: Positive Theorie des Kapitales. Innsbruck: Wagner. 2nd edn, 1902; 3rd edn in two volumes 1909 and 1912; 4th edn in two volumes, 1921, Jena: Fischer. Translation of 1st edn as The Positive Theory of Capital, London: Macmillan 1891. Translation of 4th edn by G.D. Huncke as Capital and Interest, vols 2 and 3, South Holland, Ill.: Libertarian Press, 1959.
1896. Zum Abschluss des Marxschen Systems. In Staatswissenschaftliche Arbeiten, Festgaben für Karl Knies. ed. O. von Boenigk, Berlin: Haering. Trans. as Karl Marx and the Close of his System, London: Fisher Unwin, 1898. Reprinted in Sweezy (1949). Also trans. as ‘Unresolved contradictions in the Marxian economic system’ in Böhm-Bawerk (1962).
1913. Eine ‘dynamische’ Theorie des Kapitalzinses. Zeitschrift für Volkswirtschaft, Socialpolitik und Verwaltung 22, 520–85 and 640–57.
1914. Macht oder ökonomisches Gesetz? Zeitschrift für Volkswirtschaft, Socialpolitik und Verwaltung 23, 205–271.
1924. Gesammelte Schriften, ed. F.X. Weisz, Vienna and Leipzig: Hölder-Pichler-Tempsky.
1926. Kleinere Abhandlungen über Kapital und Zins. Vienna and Leipzig: Hölder-Pichler-Tempsky.
1962. Shorter Classics. South Holland, Ill.: Libertarian Press.
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Hennings, K.H. (1990). Eugen von Böhm-Bawerk. In: Eatwell, J., Milgate, M., Newman, P. (eds) Capital Theory. The New Palgrave. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-20861-6_4
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