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Eugen Ritter von Böhm-Bawerk (1851 – 1914) was an Austrian economist who made important contributions to the development of Austrian economics. Trained in the University of Vienna as a lawyer where he read Carl Menger‘s Principles of Economics and quickly became an adherent of his theories. Joseph Schumpeter said that Böhm-Bawerk “was so completely the enthusiastic disciple of Menger that it is hardly necessary to look for other influences.” During his time at the Vienna university he became good friends with Friedrich von Wieser.

After completing his studies he entered the Austrian ministry of finance, spent the 1880s at the University of Innsbruck (1881-1889), time during he published the first two (out of three) volumes of his magnum opus, Capital and Interest.

In 1889 he was called to Vienna by the finance ministry to draft a proposal for direct-tax reform. Böhm-Bawerk’s proposal called for a modern income tax, which was soon approved and met with a great deal of success in the next few years.

He then became Austrian Minister of Finance in 1895. He was to serve briefly and again on another occasion, although a third time he remained in the post from 1900-1904. As Finance Minister he fought continuously for strict maintenance of the legally fixed gold standard and a balanced budget. In 1902 he eliminated the sugar subsidy, which had been a feature of the Austrian economy for nearly two centuries. He finally resigned in 1904, when the increased fiscal demands of the army threatened to unbalance the budget. Joseph Schumpeter praised Böhm-Bawerk’s efforts toward “the financial stability of the country.” His image was on the one-hundred schilling banknote between 1984 and 2002, when the euro was introduced.

He wrote extensive critiques of Karl Marx’s economics in the 1880s and 1890s, and several prominent Marxists attended his seminar in 1905-06. He returned to teaching in 1904, with a chair at the University of Vienna. He taught many students including Joseph Schumpeter, Ludwig von Mises and Henryk Grossman. (CC Wikipedia)

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