The Positive Theory of Capital

by Eugen von Böhm-Bawerk, William Smart (Translator)

What is capital? Even economists don't seem to agree on a definition. Here, in this classic primer on the subject, German economist EUGEN V. BOHM-BAWERK (1851-1914) discusses: . the nature of capital . historical development of the concept . competing ideas about capital . the function of capital in production . two conceptions of value . price and the law of supply and demand . loans and interest . and much more. First published in Germany in 1888 and in English in 1891, this intriguing work offers yet another valuable perspective on one of the most basic and yet most debated subjects in economics.

Genres: Economics, Politics, Philosophy, History

452 pages, Paperback

First published January 1, 1891

About the author

Austrian economist who made important contributions to the development of the Austrian School of Economics. He served intermittently as the Austrian Minister of Finance between 1895 and 1904. He also wrote a series of extensive critiques of Marxism.

Reviews

[Marcus Christianson · Rating 4 out of 5]

Interesting book. Probably the most substance you’ll get out of the Austrian school of economics though it needs to be adjusted for diminishing returns.

[Kevin Carson · Rating 3 out of 5]

I added a star on rereading, based on his attempts at thoroughness in developing his arguments.
But he largely ignores institutional effects on the steepness of time preference, and greatly exaggerates the differences between his time preference theory and similar theories like Nassau Senior's "abstinence" (basically what also became Marshall's "waiting"). All just minor variations on the same "advance" approach.