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This book by Eugen von Boehm-Bawerk is a supplement to his two great books, Capital and Interest and The Positive Theory of Capital. Here he takes on alternatives to the Austrian theory he had previously presented, and thereby clarifies the case. It is an excellent illustration of the economist's stunning patience and capacity for thorough exposition.It begins with an introduction by the historian of thought William A. Scott, who praises these essays to the skies. Boehm-Bawerk then takes on a number of new competitors to the Austrian theory: The agio theory, use theories, the abstinence theory, the labor theory, the productivity theory, the exploitation theory, and the eclectics. It's incredible, by the way, how each of these theories continues to be "discovered" by economists in our own time, who, being unaware of the history of thought, are under the impression that they are advancing science when in fact they are only digging up old fallacies. In each case, he shows the fallacies and missteps of all alternatives to the time-preference theory, leaving no doubt as to the origin and nature of interest. Writes Scott: "Bohm-Bawerk's review of the literature of interest produced during the fifteen years preceding 1900, is presented herewith in translation, and needs no description or commendation. 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." In our own time, these rare essays constitute what is really a lost book in the history of the Austrian tradition. It is indispensible for understand both the theory and the mind of the economist who was the teacher of Mises and the master of the theory of interest. 197 pages, paperback, 2007
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RECENT LITERATURE ON
INTEREST (1884-1899) A SUPPLEMENT TO «CAPITAL AND INTEREST"
BY
EUGENE v. BOHM-BAWERK AUSTRIAN MINISTER OP FINANCE, AND HONORARY PROFESSOR OF POLITICAL ECONOMY IN THE UNIVERSITY OF VIENNA
TRANSLATED BY
WILLIAM A. SCOTT, P H . D . DIRECTOR OF TUB SCHOOL OF COM MERCK AND TROFESSOR OF ECONOMIC HISTORY AND THEORY IN THE UNIVERSITY OF WISCONSIN
ANO
PROFESSOR DOCTOR SIEGMUND FEILBOGEN UN1VERS1TATS-DOCBNT IN THE UNIVERSITY OF VIENNA
Neto gotft THE MACMILLAN COMPANY. LONDON: MACMILLAN & CO., LTD. 1903 All rights reserved
COPYRIGHT,
1903,
BY THE MACMILLAN COMPANY. Set up, electrotyped, and published September, 1903.
Norfoooto J. 8. Cuihlng 8c Co. — Berwick & Smith Co. Norwood, Musa., U.S.A..
TRANSLATOR'S PREFACE little volume is intended as a supplement to the admirable translation of the first edition of Professor Bohm-Bawerk's " Geschichte und Kritik der Capitalzins-Theorien," given to the world by Professor William Smart of Glasgow in 1890. During the twelve years since this notable contribution to the critical literature of economic science has been available to English-speaking students, great progress has been made in the realm of economic theory, and for this Bbhm-Bawerk and Professor Smart's translation are in no slight degree responsible. Whatever may be the final verdict of science regarding the agio theory, no one can doubt that the splendid example of criticism and analysis which is contained in Bohm-Bawerk's work has raised theoretical discussion to a higher level and has been a constant and powerful stimulus to investigation in this field. THIS
vi
TRANSLATOR'S PREFACE
In the United States the appearance of Smart's translation must be regarded as an event of prime importance in the history of political economy. The work of some of our theorists1 had already been directed along practically the same line as that of Jevons and the Austrians, and a new generation of young econ