Control or Economic Law

Control or Economic Law

by Eugen von Böhm-Bawerk

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Overview

Eugen von Boehm-Bawerk was a giant of the Austrian School. Finally, here is an approachable book by him.

His masterworks on interest and capital run up to 1000-plus pages. Everyone should read them, as Mises said, but of course it is a bit much to take on as your first approach to this great thinker. Until now, there haven't been any monograph-length essays in print that show off the core of his thought.

"Control or Economic Law," written in 1914, gets to the heart of the matter as regards the application of economics to politics. Either we let economic law run its course or we destroy the engine of prosperity. We must defer or we make matters worse by attempting to control society.

In short, this is a scientific but impassioned call for economic liberalization - from the grand old man who learned from Menger and then taught Mises his economics.

This essay also demonstrates that economic liberalism has long been part of the foundation of the political worldview of the Austrian tradition.

Product Details

BN ID: 2940015644531
Publisher: Ludwig von Mises Institute
Publication date: 01/02/2010
Sold by: Barnes & Noble
Format: NOOK Book
Pages: 60
File size: 2 MB

About the Author

Eugen von Böhm-Bawerk, Austrian economist at the University of Vienna, and Austrian finance minister, made the modern intertemporal theory of interest rates possible in his work Capital and Interest. His second book in this series of two, The Positive Theory of Capital, continued on to study the accumulation and influences of capital, proposing an average period of production. This work on capital stood in contrast to the contemporaneous work of John Bates Clark on the marginal productivity of capital, and set off a great debate in economics. Although marginal productivity theory proved more accurate, Böhm-Bawerk's highlighting the importance of thinking clearly about interest rates and their intertemporal nature permanently changed economic theory. In the process, he also helped highlight errors in the economic foundations of socialism, as proposed by Rodbertus and Marx. Böhm-Bawerk was influenced by Carl Menger; Ludwig von Mises and Joseph Schumpeter were Böhm-Bawerk's students.

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