Power & Market

Eugen von Böhm-Bawerk’s “Interest Theory of 1876”

A new translation of Bohm-Bawerk’s “Interest Theory of 1876” is now available in the Quarterly Journal of Austrian Economics.

From the Introduction:

To our knowledge, this is the first English translation of Eugen von Böhm-Bawerk’s seminar paper of 1876. Our English translation draws from three sources in German: (1) the original handwritten seminar paper located in the Hayek Library at the University of Salzburg; (2) a transcription from the Ludwig von Mises Collection in the Grove City College Archives; and (3) a transcription published by Kiichiro Yagi in March 1983. It seems Böhm-Bawerk never gave the paper a title. Hayek used the title “Zinstheorie von 1876” (Interest theory of 1876). The transcription in the Mises Collection has the title “Referat über Kapitalzins im Knies’schen Seminar” (Lecture on capital and interest in the Knies seminar).11 Finally, Yagi (1983) used the title “Böhm-Bawerk’s Jugendarbeit über den Kapitalzins” (“Böhm-Bawerk’s First Interest Theory”). For this translation, we have chosen to use the English for Hayek’s title, “Interest Theory of 1876.”

Read the full text in the Quarterly Journal of Austrian Economics. 

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