savings Capital
Accumulated wealth used to generate further production
format_quote Quotes
"The third volume of Marx's Capital contradicts the first. A system erected on a certain fundamental principle receives, in the third volume, a superstructure in direct conflict with it. The contradiction is obvious and enormous."
menu_book Karl Marx and the Close of His System
View Full Quote"Present goods are, as a rule, worth more than future goods of like kind and number. This proposition is the kernel and center of the interest theory."
menu_book Capital and Interest
View Full Quote"The essential difference between rich societies and poor societies does not stem from any greater effort the former devote to work, nor even from any greater technological knowledge the former hold. Instead it arises mainly from the fact that rich nations possess a more extensive network of capital goods wisely invested from an entrepreneurial standpoint."
menu_book Money, Bank Credit, and Economic Cycles
View Full QuoteView Full Quote"Remove the family motive, the prospect of passing one's enterprise to one's heirs, and you undermine the economy. You do not destroy it entirely, but you handicap it."
auto_stories Books
Capital and Interest
Böhm-Bawerk's monumental three-volume work establishing the Austrian theory of capital and interest. He demolishes all prior theories of interest (...
Read MoreKarl Marx and the Close of His System
Böhm-Bawerk's definitive refutation of Marxian economics, exposing the fatal internal contradiction between Volume I and Volume III of Das Kapital....
Read MoreMoney, Bank Credit, and Economic Cycles
The most systematic modern statement of the Austrian theory of the business cycle, demonstrating through history, legal theory, and economics that ...
Read Moreperson Authors
psychology Concepts
Time Preference
The economic principle that individuals value goods and services more highly in the present than in the future, all else being equal. This preferen...
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