Recent Literature on Interest by Eugen von Böhm-Bawerk

By Eugen von Böhm-Bawerk

Contemporary Literature on curiosity is a complement to Eugen von Böhm-Bawerk's nice past books, Capital and curiosity and The optimistic idea of Capital. This methodical exam of choices to the Austrian thought he formerly awarded is a superb representation of the economist's beautiful persistence and ability for thorough exposition. Historian of idea William A. Scott offers a laudatory introduction.

Among the choice theories mentioned by means of Böhm-Bawerk are the agio thought, use theories, the abstinence concept, the hard work idea, the productiveness thought, the exploitation concept, and the eclectics. In each one case, he indicates the fallacies and missteps of all possible choices to the time-preference idea, leaving without doubt as to the foundation and nature of interest.

It is exceptional that every of those theories remains to be "discovered" by way of present-day economists, who, being blind to the heritage of notion, are lower than the influence that they're advancing technology while in truth they're basically digging up outdated fallacies.

Recent Literature on curiosity constitutes what has been in the past a misplaced booklet within the background of the Austrian culture. it's indispensible for realizing either the speculation and the brain of the economist who used to be Mises's instructor and the grasp of the idea of interest.

To look for Mises Institute titles, input a key-phrase and LvMI (short for Ludwig von Mises Institute); e.g., melancholy LvMI

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Their failure to develop it in detail prevented them from testing whether the psychological causes of the lower estimation of future goods are able to furnish a sufficiently broad basis for a complete explanation of the phenomena of interest, or whether in addition certain facts connected with the technique of production, and entirely neglected by them, must not be employed in the explanation. " The " Positive Theory of Capital" set forth in the second volume contains an for rendering the same satisfaction; or what amounts to the same thing, smaller than the value which that concrete consumption good, after it has come into existence, will have for him in view of the need which at that time exists.

It speaks for itself. It is the hope and the belief of the translators that the English-speaking world will accord to this little book the same welcome they gave to the translation of the first edition. WILLIAM A. SCOTT. UNIVERSITY OF WISCONSIN, May, 1903. CONTENTS PAG3 TRANSLATOR'S PREFACE v CHAI'TEIl I. II. INTRODUCTION i T H E AGIO THEORY 6 III. T H E U S E THEORIES 14 IV. T H E ABSTINENCE THEORY 17 V. LABOUR T H E O R I E S . . . 63 VI. T H E PRODUCTIVITY THEORIES . . 90 VII. T H E EXPLOITATION THEORY .

VII, Ch. 6) ; at least, I am unable to discover any characteristic point in his rather voluminous disquisition upon this subject. He refuses his adherence to most of the theories ordinarily held, but on his part presents only such statements as in substance constitute either an appeal to the reality, propriety, justice, and equity of certain phenomena or echo certain universal motives (such as the motive referred to by Adam Smith, that without the prospect of interest, capital would 14 THE USE THEORIES 15 of Turgot, and the theory of Henry George, have remained without new adherents; and for the second reason theories of the type of Schellwien's.

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