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The Contrasting Views of Menger and Böhm-Bawerk on Capital and Production

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  • Jacques-Laurent RAVIX

Abstract

This paper proposes a reassessment of the well-known opposition between Menger and Böhm-Bawerk, generally presented as an opposition between a "subjectivist" view and a "materialist" view on capital and production. Using textual evidence, we argue that Böhm- Bawerk was a quasi-dogmatic follower of Menger in the description of capitalist economy as well as in the theory of value. In fact, Böhm-Bawerk tried to reconcile a pure theory of capital founded on a realistic vision of the time structure of production, with the theory of imputation of subjective values of consumer goods to capital goods. We show that, in doing so, Böhm-Bawerk reveals the basic contradictions of the Austrian methodology

Suggested Citation

  • Jacques-Laurent RAVIX, 2006. "The Contrasting Views of Menger and Böhm-Bawerk on Capital and Production," Cahiers d’économie politique / Papers in Political Economy, L'Harmattan, issue 51, pages 157-176.
    • Handle: RePEc:cpo:journl:y:2006:i:51:p:157-156
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    JEL classification:

    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • B53 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Austrian

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