by Böhm Bawerk
[Google Digitization Notice]: Standard Google Books notice regarding the digitization of public domain library books, including usage guidelines for non-commercial purposes and legal responsibilities. [Title Page and Publication Details]: Title pages for 'Zur neuesten Literatur über Kapital und Kapitalzins' by Eugen von Böhm-Bawerk, noting its origin as a reprint from the Zeitschrift für Volkswirtschaft, Sozialpolitik und Verwaltung. [Introduction: Review of Recent Capital Theory Literature]: Böhm-Bawerk introduces a review of recent literature on capital and interest, focusing primarily on English-language works from 1899-1905. He identifies J.B. Clark's 'The Distribution of Wealth' as the most influential and innovative work, noting its significant impact on contemporary American economic thought and setting the stage for a critical analysis of Clark's specific theories. [Part I: Critique of the Distinction Between Capital and Capital Goods]: Böhm-Bawerk critiques J.B. Clark's fundamental distinction between 'true capital' (a permanent fund of value) and 'capital goods' (perishable concrete instruments). He argues that Clark's 'true capital' is a mere abstraction or rhetorical metaphor rather than a material entity. Böhm-Bawerk asserts that capital is simply the sum of concrete capital goods and that attributing 'absolute mobility' or 'permanence' to an abstract fund leads to logical fallacies and a loss of contact with economic reality. [Part II: Critique of the Productivity Theory of Interest]: Böhm-Bawerk examines Clark's explanation of interest as a direct result of capital's productivity. He argues that Clark commits a logical leap by assuming capital produces a 'net' return without explaining why the value of the product exceeds the value of the consumed capital (wear and tear). He critiques Clark's use of marginal productivity diagrams, claiming they presuppose the existence of interest rather than explaining its origin, and compares Clark's 'value jelly' to Marx's 'labor jelly' as a mystical construction. [Colophon]: Printer's colophon for the publication.
Standard Google Books notice regarding the digitization of public domain library books, including usage guidelines for non-commercial purposes and legal responsibilities.
Read full textTitle pages for 'Zur neuesten Literatur über Kapital und Kapitalzins' by Eugen von Böhm-Bawerk, noting its origin as a reprint from the Zeitschrift für Volkswirtschaft, Sozialpolitik und Verwaltung.
Read full textBöhm-Bawerk introduces a review of recent literature on capital and interest, focusing primarily on English-language works from 1899-1905. He identifies J.B. Clark's 'The Distribution of Wealth' as the most influential and innovative work, noting its significant impact on contemporary American economic thought and setting the stage for a critical analysis of Clark's specific theories.
Read full textBöhm-Bawerk critiques J.B. Clark's fundamental distinction between 'true capital' (a permanent fund of value) and 'capital goods' (perishable concrete instruments). He argues that Clark's 'true capital' is a mere abstraction or rhetorical metaphor rather than a material entity. Böhm-Bawerk asserts that capital is simply the sum of concrete capital goods and that attributing 'absolute mobility' or 'permanence' to an abstract fund leads to logical fallacies and a loss of contact with economic reality.
Read full textBöhm-Bawerk examines Clark's explanation of interest as a direct result of capital's productivity. He argues that Clark commits a logical leap by assuming capital produces a 'net' return without explaining why the value of the product exceeds the value of the consumed capital (wear and tear). He critiques Clark's use of marginal productivity diagrams, claiming they presuppose the existence of interest rather than explaining its origin, and compares Clark's 'value jelly' to Marx's 'labor jelly' as a mystical construction.
Read full textPrinter's colophon for the publication.
Read full text