Austrian and American Capital Theories: A Contrast of Cultures

Robert Dorfman

Journal of the History of Economic Thought, 1995, vol. 17, issue 1, 21-34

Abstract: 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?

Date: 1995
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