Lecture notes, cheat sheets
История экономических учений. Экономические воззрения Э. Бем-Баверка (самое важное) Directory / Lecture notes, cheat sheets Table of contents (expand) 47. ECONOMIC VIEWS OF E. BEM-BAWERK Eigen von Böhm-Bawerk (1851-1914) - Professor at the University of Vienna, one of the founders of the Austrian School of Economics. Among his writings - "Fundamentals of the theory of the value of economic goods" (1886); "Capital and interest" (1884-1889); "The theory of Karl Marx and its criticism" (1896), in which he developed the concept of "marginal utility", studied periods of circulation of capital, interest. В "Fundamentals of the theory of the value of economic goods" they were given the main task - substantiate "the law of magnitude of the value of a thing", for the solution of which the “simplest formula” is indicated in the following interpretation: value of a thing measured by the marginal utility of that thing. In accordance with this formula, in his opinion, it can be assumed that the magnitude of the value of a material good is determined by the importance of a specific (or partial) need, which occupies the last place in the series of needs satisfied by the available stock of material goods of this kind. That's why basis of value serves the least benefit that allows, under specific economic conditions, to use this thing in a rational way. The first part of the work Böhm-Bawerka "Capital and interest" contained a detailed historical review and critique of previous theories of capital and interest. He clearly imagined the place that capital and interest occupy among social problems. Capital Böhm-Bawerk considered only material goods and did not include rights and intangible values in this concept. He tried to distinguish between capital as means of production and capital as pure income. In theory Böhm-Bawerk percentage played a more important role than capital. He developed a formal model that assumed that the means of production were always fully utilized, always reproduced, and continuously accumulated. Percent setting Böhm-Bawerk viewed as a matter of imputation of value in the process of pricing. He subdivided various theories of interest into several categories: "productivity", "use", "abstinence", "labor" and "exploitation". Capital can be productive, however what it creates is not a percentage. What really creates capital is the certain forms and shapes of materials. Percentbeing cost category, can only arise during the circulation process. In the theory of interest Böhm-Bawerka there are references to what he called the exchange, or agio. His theory was mainly based on the assertion that current goods are valued somewhat higher than future goods, and therefore the rejection of current goods requires a certain reward. Myself percentage simply serves as a measure of the difference between the present and the future. Böhm-Bawerk counted the percentage too much in the sense that the cost of production exceeds the cost of its production. The central idea of E. Böhm-Bawerk - "expectancy theory" - the emergence of profit (interest) on capital. His main contribution to world science is the idea that the ever-existing difference between the value of a product and the total production costs (ie, profit) determined by its value depends on the length of the production period. Author: Tatarnikov E.A. << Back: Teachings of K. Menger >> Forward: Economic views of F. Vizer We recommend interesting articles Section Lecture notes, cheat sheets: ▪ General and clinical immunology. Crib See other articles Section Lecture notes, cheat sheets. Read and write useful comments on this article. Latest news of science and technology, new electronics: The existence of an entropy rule for quantum entanglement has been proven
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