BÖHM-BAWERK, Eugen von.

Kapital und Kapitalzins. Erste Abteilung. Geschichte und Kritik der Kapitalzins-Theorien. [– Zweite Abteilung. Positive Theorie des Kapitales.]

Innsbruck, Wagner, 1884–9. Two vols, 8vo, pp. [vi], xii, [2], 498 + errata leaf; [iv], xx, 470 + final advertisement leaf; marginal browning in vol. I, edges somewhat brittle, but still in very good condition; vol. I uncut and unopened, rebound in dark brown calf-backed marbled boards, with the original printed wrappers bound in (a little chipped, fore-edge of front wrapper reinforced), and c. 5mm. taller than vol. II; vol. II bound in contemporary tan quarter calf, spine ruled gilt, morocco label, joints cracking but firm. Scarce first edition of the chief work of Böhm-Bawerk’s life.‘A monument of creative analysis and a mile-stone on the road of our science, this work presents a series of critiques of theories of interest, each a piece of theoretical cabinet work, each a work of art unequalled in its perfection. The book does not give descriptions of the social and historical milieu in which each theory originated. Nor are there any philosophical embroideries or synthetic substitutes for explanation. Even the history of thought in the field of its central topic takes second place. The author limits himself to one of many possible tasks: he concentrates on one theory of interest after another, considering in each case only its substantive content. This content he reformulates with masterful perception, appraises its essentials with an unflinching eye, using only a few simple but decisive arguments. With a minimum of effort, following the straightest possible line, and with the most graceful elegance, he dispatches one theory after another; and – after having carefully exposed the cause of the disaster – he continues on his way without losing another word, or indeed without saying one word too many. There is no book from which one could learn better how to seize firmly on the essentials and how to ignore the irrelevant.‘And then, everything having been so methodically and conscientiously prepared, there appeared, as the second volume of Kapital und Kapitalzins, Die positive Theorie des Kapitals … This was, despite the suggestion of a narrower content in the title, a comprehensive analysis of the economic process, the work of his life, the most personal product of his efforts. Whatever views future generations may hold of the separate links in the chain of his thought, they can never fail to admire the magnificent design, the grandiose élan of the whole work. It is in any case quite certain that this was an effort to scale the greatest heights that economics permits, and that the achievement actually reached a level where only a few lofty peaks are to be found’ (Schumpeter, Ten Great Economists, pp. 152–3).Menger, col. 128; not in Einaudi.

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