Hostname: page-component-848d4c4894-m9kch Total loading time: 0 Render date: 2024-06-04T20:41:47.471Z Has data issue: false hasContentIssue false
  • English
  • Français

Austrian and American Capital Theories: A Contrast of Cultures

Published online by Cambridge University Press:  11 June 2009

Robert Dorfman
Get access Rights & Permissions [Opens in a new window]

Extract

Controversies about capital, its role in the economy, and its claims for reward are still very much with us. Though the exchanges are often heated, all the contestants' are descended from either of two monumental works of about a century ago: Eugen von Bohm-Bawerk's Positive Theory of Capital (1889) and Irving Fisher's The Rate of Interest (1907). This essay inquires: in what respects are these two theories the same? In what respects do they differ? And why?

Type
Articles
Information
Journal of the History of Economic Thought , Volume 17 , Issue 1 , Spring 1995 , pp. 21 - 34
Copyright
Copyright © Cambridge University Press 1995

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

References

REFERENCES

Allen, Robert Loring, Irving Fisher: A Biography, Blackwell Publisher, Cambridge, Mass., 1993.Google Scholar
Böhm-Bawerk, Eugen von. 1884. Geschichte und Kritik der Kapitalzinstheorien; English translation: Capital and Interest, I, History and Critique of Interest Theories, translated by Huncke, G. D. and Sennholz, H. F., Libertarian Press, South Holland, 1959.Google Scholar
Böhm-Bawerk, Eugen von. 1889. Positive Theorie des Kapitales; English translation: Capital and Interest, II, Positive Theory of Capital; translated by G. D. Huncke, H. F. Sennholz, consultant, Libertarian Press, South Holland, 1959.Google Scholar
Eatwell, John, Murray, Milgate, and Newman, , eds. 1987. The New Palgrave Dictionary of Economics, Macmillan Press, London; entries “Böhm-Bawerk, Eugen von,” by K. Hennings, and “Fisher, Irving,” by J. Tobin.CrossRefGoogle Scholar
Fisher, Irving, Mathematical Investigations in the Theory of Value and Prices, Transactions of the Connecticut Academy, 9, July 1892.Google Scholar
Fisher, Irving. 1896a. Appreciation and Interest, Macmillan, New York.Google Scholar
Fisher, Irving 1896b. “What Is Capital?,” Economic Journal, 6, December, 509–34.CrossRefGoogle Scholar
Fisher, Irving 1906. The Nature of Capital and Income, Macmillan, New York.CrossRefGoogle Scholar
Fisher, Irving 1907. The Rate of Interest, Macmillan, New York.Google Scholar
Fisher, Irving 1909. “A Reply to Critics,” Quarterly Journal of Economics, 23, May 536–41.CrossRefGoogle Scholar
Fisher, Irving 1912. Elementary Principles of Economics, Macmillan, New York.Google Scholar
Fisher, Irving 1913. “The Impatience Theory of Interest,” American Economic Review, 3, September, 610–18.Google Scholar
Fisher, Irving 1930. The Theory of Interest, Macmillan, New York.Google Scholar
Fisher, Irving Norton. 1956. My Father Irving Fisher, Comet Press Books, New York.Google Scholar
Rae, John. 1834. Statement of Some New Principles on the Subject of Political Economy, Hilliard, Gray, Boston;Google Scholar
reprinted in James, R. W., John Rae, Political Economist, II, University of Toronto Press, Toronto, 1965.Google Scholar
Robinson, Joan. 1954. “The Production Function and the Theory of Capital,” Review of Economic Studies, 21, 81–106.CrossRefGoogle Scholar