Pages

Thursday, October 30, 2014

Böhm-Bawerk’s Critique of the Exploitation Theory of Interest - Robert P. Murphy - Mises Daily









Böhm-Bawerk’s Critique of the Exploitation Theory of Interest - Robert P. Murphy - Mises Daily



Eugen Bohm-Bawerk's critique of Karl Marx's labor theory of value was revolutionary. His introduction of the notion of time preference was one of the great innovations of economic thought. Many other Economists built upon his framework, as he developed various theories regarding the abstract notion of the natural rate of interest. Eugen Bohm-Bawerk's work is highly relevant, as all aspiring Economists should read.

No comments: