The Positive Theory of Capital

Bohm-Bawerk is too often overlooked when discussing influential Austrian School economists. This is a shame because his work included significant insights and new contributions to economic science. This book, written in 1888, is no exception. 

In this book, Bohm-Bawerk uncovers the origin of the phenomena of interest to be man’s time preference. That is, humans value present goods more than future goods. Thus, the important implications of the passage of time in the production process are examined in this book, including a discussion of why this concept refutes Marx’s labor theory of value and his conclusion that capitalism exploits workers.