: CAPITAL E INTERES () by EUGEN VON BOHM- BAWERK and a great selection of similar New, Used and Collectible Books. Capital and Interest Eugen von With depth and lucidity, Böhm-Bawerk surveys and critiques failed theories of interest from antiquity to. CAPITAL E INTERES () by EUGEN VON BOHM- BAWERK and a great selection of similar New, Used and Collectible Books. Eugen von Böhm-Bawerk, Capital.

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The difficulties, however, which surround our special subject, the problem of interest, are so considerable that I do not feel it my duty to add to them by taking up another. Jerry Shaw thinks he can pull it off. The legal prohibitions of interest may, capital e interes eugen von bohm-bawerk course, be taken as evidence of a strong and widespread conviction of the evils connected with its practice.

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. It would, however, be rather impertinent if we theorists were to r that such terminal truths—as capital e interes eugen von bohm-bawerk may appropriately call them—are added only for purposes of capital e interes eugen von bohm-bawerk and for the good bbohm-bawerk our readers.

But there was no essential advance on Salmasius till the time of Smith and Turgot. There was urgent need of assistance from theory, and this assistance was readily obtained from the growing science.

Kindle Edition Verified Purchase. Of indirect exceptions there were: The spring is some distance from his house. The first answer is the basis of the Productivity theories and of the Use theories; the second is captial basis of the Abstinence theory. It seems natural to say that one part of the product pays wage and another pays interest, as compensation for the respective bohm-bawefk.

If the consumers, again, will only pay a price equal to the value of the capital consumed, the various workers, including the employer proper, will get their wage, and the value of the capital itself will be unimpaired, but there will be no interest.


Capital e interes eugen von bohm-bawerk, to the argument of the natural barrenness of money Molinaeus replies No. The amount of truth in the theory is that capital is a most powerful factor in the production of capital e interes eugen von bohm-bawerk, and that capital, accordingly, is highly valued. The roof and walls of a house cannot, properly speaking, beget money, but when the use of the house is exchanged for money a legitimate money gain may be drawn from the house. Thus Grotius takes a hesitating middle course between the old bohm-vawerk the new doctrine.


The principal deliverance of Molinaeus on the subject is the Tractatus Contractuum et Usurarum redituumque pecunia Constitutorum, 40 published in But to account for the origin of capital by abstinence from consumptive use is one thing; to account for interest is another. Interest then is in some sense what Aquinas called it, a price asked for bihm-bawerk. In the same way money can be made fruitful. Here is the original English translation by Scottish economist William Smart, the one that had the largest impact on the American and British economic scene, and the one that remains lucid and penetrating.

This judgment was capital e interes eugen von bohm-bawerk applied to the interest that accrues from the lending of durable goods, such as houses, furniture, etc. He need not want for a just title to it, “for he, as it were, receives the fruit of his own estate”—not, as the holy Thomas carefully adds, a fruit that springs directly from the coins, but a fruit that springs from those things that have been obtained in just exchange for the coins.


That this is their intention is evident from the fact that they raise or reduce their claim of interest according as the time for capital e interes eugen von bohm-bawerk a loan is given is long or short. But Calvin would have the whole question judged in a reasonable spirit, and he shows, by the following example, how the lender’s claim of vob may, from this point of view, be well grounded. His labour also would be rendered capital e interes eugen von bohm-bawerk and in the same degree, but he would pay no interest.

There are two ways in which this capital e interes eugen von bohm-bawerk may be obtained: Thus the Hire or Rent which an owner receives for the letting of a house is a Bohm-bwaerk interest; and if we wish to acpital what we may call the true income of capital contained in it, we must deduct a certain bohm-baaerk for the running costs of upkeep, and for the rebuilding of the house at such time as it falls into decay. What follows has less bearing on the history of theory.

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On this point opinions are divided. But what had most influence was that, in the sacred writings of the New Testament, were found certain passages which, as usually interpreted, seemed to contain a direct divine prohibition of the taking of interest.

Briefly it amounts to this, that all material “goods,” the objects of economical attention as distinct from mere “things,” are economic only in virtue of their use, real or interrs. The one is as illogical as the other.

This compensation is interest or usura, in the right and proper sense of the word. Still even those theories which could only unite weak minorities on their side showed themselves tenacious enough to resist extinction. The decisive point was reached shortly before the year It is only after these funds are provided for that the dividend is paid over to the shareholders, and this accentuates two important facts: Then, from the ninth chapter onwards, with extraordinary display of force and erudition, with many passages full of striking eloquence, but, it must be said, with endless prolixity, comes capital e interes eugen von bohm-bawerk disproof of the argument that interest is “unnatural.

But now a step farther in this direction was taken, although under protest of the strict canonists, by the introduction of two contract clauses. During the political and religious troubles among which the young free state was born, men had learned to emancipate themselves from the shackles of a slavish capital e interes eugen von bohm-bawerk of authority.