by Eugen von Böhm Bawerk
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| A strong member of the "second generation of the Austrian school of economics," Eugen von Böhm-Bawerk (1851-1914) and his works are discussed by Peter Klein. Böhm-Bawerk did much to extend and further develop Menger's theories of value, price, capital, and production. Included in his work of the two volume "Capital and Interest" is a devastating critique of Marx's exploitation theory. Böhm-Bawerk explained that far from being exploited, the workers are actually accommodated, being paid in advance of the produced goods being sold. In the second volume, Böhm-Bawerk explained the time consuming nature of production and how it relates to interest. Roundabout production methods are more productive but come at a cost of forgoing current consumption during the process of accumulating the capital. This became the basis for his time preference theory of interest as well as the foundations for the Austrian theory of the business cycle. He also presented a clear example diminishing marginal utility and explained how real prices, as opposed to hypothetical equilibrium prices, are determined. Playlist link for complete "Who Is?" series: http://tinyurl.com/y86u5f7p Links to selected online writings on Austrian Economics: Human Action: A Treatise on Economics http://tinyurl.com/yapklreq Audio version: http://tinyurl.com/ab8wx88 Man, Economy, and State: A Treatise on Economics http://tinyurl.com/y8zg569h Audio version: http://tinyurl.com/axhdzg3 Economic Thought Before Adam Smith: An Austrian Perspective on the History of Economic Thought, Vol. I http://tinyurl.com/y6zwh9fk Audio version: http://tinyurl.com/a3obfgu Classical Economics: An Austrian Perspective on the History of Economic Thought, Vol. II http://tinyurl.com/y47odk98 Audio version: http://tinyurl.com/bd44b6s The Austrian School of Economics: A History of Its Ideas, Ambassadors, and Institutions http://tinyurl.com/yagraqj3 Audio version: http://tinyurl.com/aw5kwdt Theory and History: An Interpretation of Social and Economic Evolution http://tinyurl.com/y2x637pa Audio version: http://tinyurl.com/aa7gyv2 The Austrian Theory of the Trade Cycle and Other Essays http://tinyurl.com/s9xsw2j Audio version: http://tinyurl.com/yy2gg4y9 Mises: The Last Knight of Liberalism http://tinyurl.com/y3afgzup Audio version: http://tinyurl.com/ajaywkh Ludwig von Mises: Scholar, Creator, Hero http://tinyurl.com/yd7ryowf Friedrich A. Hayek: A Centenary Appreciation http://tinyurl.com/rlb8qst Henry Hazlitt: A Man for Many Seasons http://tinyurl.com/y7en2omb Murray Rothbard: Mises's True Heir http://tinyurl.com/ybj2nskx Frédéric Bastiat: Champion of Laissez-faire http://tinyurl.com/yayra8uy The Genius of Carl Menger http://tinyurl.com/ya79lmxa The Life and Works of Böhm-Bawerk http://tinyurl.com/y8jbbdnq Why Austrian Economics Matters http://tinyurl.com/ycqwjzt7 Mises and Austrian Economics: A Personal View http://tinyurl.com/t4hm7kb Ludwig von Mises and the Austrian School of Economics http://tinyurl.com/yavecrju Mises, Hayek, and the Market Process: An Introduction http://tinyurl.com/vhz3c8t Praxeology: The Methodology of Austrian Economics http://tinyurl.com/pf46rtk The Ultimate Foundation of Economic Science http://tinyurl.com/yb3zs4rs Interventionism: An Economic Analysis http://tinyurl.com/y7m7dhky Nation, State, and Economy http://tinyurl.com/ycjere4t The Anti-Capitalistic Mentality http://tinyurl.com/y7c7rejh Socialism: An Economic and Sociological Analysis http://tinyurl.com/yarqka73 Historical Setting of the Austrian School of Economics http://tinyurl.com/y8xj6fq5 The Philosophical Origins of Austrian Economics http://tinyurl.com/y8z4sf59 Capitalism: A Treatise on Economics http://tinyurl.com/vd9mytd The Gold Standard: Perspectives in the Austrian School http://tinyurl.com/tbvtf9q Economic Science and the Austrian Method http://tinyurl.com/y8lgyzta Austrian Macroeconomics http://tinyurl.com/y9gn3eug Philosophical and Ethical Implications of Austrian Economics http://tinyurl.com/yaxz4stm The Austrian Theory of Money http://tinyurl.com/y8gqjnwr The Austrian School's Critique of Marxism http://tinyurl.com/y84g9g7j Methodology of the Austrian School Economists http://tinyurl.com/y9zr25pp Classical Liberalism and the Austrian School http://tinyurl.com/rtbw8gr The Positive Theory of Capital http://tinyurl.com/y832k8vo Capital and Interest http://tinyurl.com/y8h8tp45 Principles of Economics http://tinyurl.com/yecrje5 The Free Market and Its Enemies http://tinyurl.com/nky7aco Government Against the Economy http://tinyurl.com/tzjo9zy Individualism and Economic Order http://tinyurl.com/ydehz4s9 * * * * * Audio presentation produced by the Ludwig von Mises Institute and licensed under Creative Commons Attribution-NonCommercial-NoDerivs 4.0 International License. http://creativecommons.org/licenses/by-nc-nd/4.0/ This YouTube channel is in no way endorsed by or affiliated with the Mises Institute, any of its scholars or staff members. |
“Value does not come out of the workshop, but out of the wants that goods satisfy”
The quote by Mr Eugen von Böhm-Bawerk is as true today as it was more than 100 years ago, even though modern pundits often ignore the simple fact. This blog is not an attempt to revive Mr Böhm-Bawerks thoughts, life and deeds, but from a sober view of the world comment on and analyze ongoing events.
We aim to take the analysis a step further.
We question accepted truths and always strive to answer the simple question “why?”
We are opinionated.
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