Eugen von Böhm-Bawerk

Eugen Böhm Ritter von Bawerk (Known as "Böhm-Bawerk")

Leading Austrian Economist, Three-Time Minister of Finance, Pioneer of Capital and Interest Theory

Born 1851-02-12

Brünn (Brno), Historical Austria

Passed Away 1914-08-27 Kramsach, Tyrol, Austria

Lifespan 63 years old

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"Interest is not an arbitrary extraction of capital, but the natural price differential between present and future goods."

Archival Overview

Leading Austrian economist and three-time Finance Minister of Austria-Hungary whose monumental work 'Capital and Interest' formulated the time-preference theory of interest and critique of Marxism.

Biographical Record

Eugen von Böhm-Bawerk was born on February 12, 1851, in Brünn (Brno). Studying law and economics under Carl Menger at the University of Vienna, Böhm-Bawerk became one of the greatest analytical economists in world history.

His two-volume treatise Capital and Interest (1884–1889) demonstrated that interest rates emerge naturally from human 'time preference'—the universal tendency of humans to value present goods more highly than future goods. His 1896 essay Karl Marx and the Close of His System delivered the definitive economic refutation of Marx's exploitation theory. As Austrian Minister of Finance, he strictly maintained a balanced budget and tied the currency to gold.

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Final Resting Place

Perpetual Memorial

Vienna Central Cemetery (Zentralfriedhof)
Vienna, Austria

                         GPS: 48.1518, 16.4410                    

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