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Hayek , and Sir John Hicks. His theories of interest and capital were catalysts in the development of economics, but today his original work receives little attention. Second, for psychological reasons the marginal utility of a good declines with time. Economists have accepted both as valid reasons for positive time-preference. Production, he noted, is roundabout, meaning that it takes time. It uses capital, which is produced, to transform nonproduced factors of production—such as land and labor—into output.
Roundabout production methods mean that the same amount of input can yield a greater output. An example helps illustrate the point. But if you forgo consumption of fish for one day and use that labor to produce nets, hooks, and lines—capital—each fisherman can catch more fish the following day and the days thereafter.
Capital is productive. He argued that interest does not exist due to exploitation of workers. Workers would get the whole of what they helped produce only if production were instantaneous. But because production is roundabout, he wrote, some of the product that Marx attributed to workers must go to finance this roundaboutness, that is, must go to capital. Mainstream economists still accept this argument. After teaching at the University of Innsbruck and serving in the civil service, he was appointed minister of finance during the years , , and He left the ministry in and taught economics at the University of Vienna until his death in Selected Works Capital and Interest.
London: Macmillan. Translated by William Smart. Reprint, The Positive Theory of Capital.
CAPITAL E INTERES: EUGEN VON BOHM-BAWERK (9781909870208)
He served intermittently as the Austrian Minister of Finance between and He also wrote a series of extensive critiques of Marxism. After completing his studies in , he entered the Austrian Ministry of Finance, holding various posts until , when he became qualified as a Privatdozent of political economy at Vienna. The following year, however, he transferred his services to the University of Innsbruck , where he remained until , becoming a professor in
Eugen von Böhm-Bawerk