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Who is Eugen von Böhm-Bawerk? | by Peter G. Klein

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



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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.
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Eugen von Böhm Bawerk
“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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