This essay originally appeared in The Political Economy of Freedom Essays in Honor of F. A. Hayek, Edited by Kurt R. Leube and Albert H. Zlabinger (München and Wien: Philosophia Verlag, The International Carl Menger Library, 1985). Apart from a few changes in wording and the addition of a few paragraphs, the present version differs mainly in that endnote references have been updated to refer to works not in existence in 1985, in particular the author's book Capitalism: A Treatise on Economics (hereafter referred to simply as Capitalism) and his translation of Böhm-Bawerk's essay "Value, Cost, and Marginal Utility."

This essay originally appeared in The Political Economy of Freedom Essays in Honor of F. A. Hayek, Edited by Kurt R. Leube and Albert H. Zlabinger (München and Wien: Philosophia Verlag, The International Carl Menger Library, 1985). Apart from a few changes in wording and the addition of a few paragraphs, the present version differs mainly in that endnote references have been updated to refer to works not in existence in 1985, in particular the author's book Capitalism: A Treatise on Economics (hereafter referred to simply as Capitalism) and his translation of Böhm-Bawerk's essay "Value, Cost, and Marginal Utility."

This essay originally appeared in The Political Economy of Freedom Essays in Honor of F. A. Hayek, Edited by Kurt R. Leube and Albert H. Zlabinger (München and Wien: Philosophia Verlag, The International Carl Menger Library, 1985). Apart from a few changes in wording and the addition of a few paragraphs, the present version differs mainly in that endnote references have been updated to refer to works not in existence in 1985, in particular the author's book Capitalism: A Treatise on Economics (hereafter referred to simply as Capitalism) and his translation of Böhm-Bawerk's essay "Value, Cost, and Marginal Utility."

This essay originally appeared in The Political Economy of Freedom Essays in Honor of F. A. Hayek, Edited by Kurt R. Leube and Albert H. Zlabinger (München and Wien: Philosophia Verlag, The International Carl Menger Library, 1985). Apart from a few changes in wording and the addition of a few paragraphs, the present version differs mainly in that endnote references have been updated to refer to works not in existence in 1985, in particular the author's book Capitalism: A Treatise on Economics (hereafter referred to simply as Capitalism) and his translation of Böhm-Bawerk's essay "Value, Cost, and Marginal Utility."

This essay originally appeared in The Political Economy of Freedom Essays in Honor of F. A. Hayek, Edited by Kurt R. Leube and Albert H. Zlabinger (München and Wien: Philosophia Verlag, The International Carl Menger Library, 1985). Apart from a few changes in wording and the addition of a few paragraphs, the present version differs mainly in that endnote references have been updated to refer to works not in existence in 1985, in particular the author's book Capitalism: A Treatise on Economics (hereafter referred to simply as Capitalism) and his translation of Böhm-Bawerk's essay "Value, Cost, and Marginal Utility."

This essay originally appeared in The Political Economy of Freedom Essays in Honor of F. A. Hayek, Edited by Kurt R. Leube and Albert H. Zlabinger (München and Wien: Philosophia Verlag, The International Carl Menger Library, 1985). Apart from a few changes in wording and the addition of a few paragraphs, the present version differs mainly in that endnote references have been updated to refer to works not in existence in 1985, in particular the author's book Capitalism: A Treatise on Economics (hereafter referred to simply as Capitalism) and his translation of Böhm-Bawerk's essay "Value, Cost, and Marginal Utility."