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Bohm Bawerk Eugen Von – Capital E Interes – Ebook download as PDF File .pdf) or read book online. Eugen Von Bohm Bawerk – Capital e Interés. Buy Capital e interés by EUGEN VON BOHM-BAWERK (ISBN: ) from Amazon’s Book Store. Everyday low prices and free delivery on eligible. With depth and lucidity, Böhm-Bawerk surveys and critiques failed theories of interest from antiquity to modern times, presents a full theory of the structure of.

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The analysis may be capitap easily understood from the following concrete example. Thus it is that the phenomenon of interest, as a whole, presents the remarkable picture of a lifeless thing producing an everlasting and inexhaustible supply of goods.

Before that century the controversy is mainly confined to the theologians, and even the way in which it is treated is essentially theoiogical.

Here, as in the former cases, the services originally undervalued ripen to full present value in the hands of the owner, and the difference between the past and the present values, after providing for replacement of the good, is Interest. Captivated by the deceptive symmetry that exists between the three great factors of production—Nature, Labour, Capital—and the three great blanches of income—Rent, Wage, and Interest—the science, from Say’s day till the present, has taught that these three branches of income are nothing else than the payment for the three factors of production, and that Interest in particular is nothing else than the compensation which capital receives for its productive services when the product is divided out among society.

They are known and recognised by everybody, and, in one form or other, they have been expressed all along in our economic literature. But, accurately speaking, Rodbertus, in these historic flights, aimed only at winning assent to his exploitation theory, while the characteristic feature of that theory is that it makes use from end to end of the abstract deductive machinery of the classical school, the labour theory of Ricardo.

If so, interest cannot be the price of the “use” of capital, as interest is paid for all capital, whether durable or perishable. My thanks are due, first of all, to Dr.

He is not misled by the old ideas of the “unnaturalness” of interest. But, like so many another conception in the theory of capital, this conception of capital itself has become a veritable apple of discord to the theorists. The bawefk between a perishable and a durable good is that, while both are the sums of their respective uses or services, the durable good is a sum extending over capktal period of time.


Online Library of Liberty

The question now is, Calital such a dividend pure interest? For fifteen hundred years this turn of affairs gave abundant support to those writers who were hostile to interest. In short, regard it as we may, interest always appears as a parasitic profit, extorted or filched from the defrauded borrower. As the product does not pass into his own hand, he has no means of knowing what the real value of his day’s work is.

It is very rarely indeed that, when a phenomenon first capitaal attention, it is seen in its full extent, with all its constituent and peculiar details, and is then made the subject of one comprehensive inquiry.

It is only after these funds are provided for that the dividend is paid over to the shareholders, and this accentuates two important facts: What does the practical world mean, and what has it hitherto meant, by the word Capital?

And the answer is: For when Turgot designated all saved goods indiscriminately as Capital, he seemed to have gone too far in broadening the conception. For a little, indeed, the prohibition was reimposed under Edward VI, but in it was once more taken off by Queen Elizabeth, and this time for ever. Work as I may, it is as impossible for me to make spectacles directly out of silicious earth as it would be to make the steel frames out of iron ore.

What remains for us here is, on the same lines, to lay down certain fundamental ideas as to the origin of material goods. The course of the quarrel belongs to the history of civilisation; it is deeply interesting in itself, and has besides had an influence of the deepest importance on the practical development of economic and legal life, of which we may see many traces even in our own day.

But we must remember that this connection only entitles us to bring together the results; it does not justify us in confusing the investigations. If then we accept “dividend” as the equivalent of “interest”” we shall have to conclude that varying rates of interest are obtainable on equal amounts of capital.


These seem peculiarly trifling propositions. The theory of capital has to reckon with a number of facts which history and statistics have not recorded, partly because in their nature they could not, partly because attention has not hitherto been drawn to the importance of these facts.

The intentionally limited task to which I intend ingeres devote myself in the following pages is that of writing a critical history of the theoretical problem of interest.

He begins by giving his own theory. If, then, from so many aides and classes—from the young who expect to be better off, from the rich and improvident who wish to enjoy the present, from the industrious who wish to add to their wealth; that is to say, from probably the majority of mankind—there comes an underestimate of the future compared cspital the present, it is easily explained why, as a rule, present goods have a greater value than future goods of like capihal and amount.

Capital and Interest: A Critical History of Economic Theory – Online Library of Liberty

This is the true importance which attaches to our entering on roundabout ways of production, and this is the reason of the result associated with them: And this circle again, according to the tendencies of the writer, might be larger or smaller; sometimes of moderate dimensions, and sometimes, again, very closely limited. In any case, if want is pressing and provision is scarce, value is high. But the pressure of want in the present is always with us, while as regards provision in the future it is generally true omne ignotum pro mirifico.

The “capital value” of such a good, then, will be to all appearance much less than the sum of the values really obtained during its lifetime. The peculiar spirit of Christianity worked in the same direction.