Basic Principles of Economic Value

by Eugen von Böhm-Bawerk

It's a thrilling event when a lost work by a genius comes into print for the first time. Here Eugen von Boehm-Bawerk —Mises's teacher and a huge figure in the history of thought — explains and argues for the subjective theory of value, the theory of marginal utility, and their relationship to price. His legendary patience and attention to detail is on full display.

This book was originally published in German in 1886 as an elaboration on Menger — driving home points concerning value as against every non-Austrian point of view.

He completely demolishes not only the labor theory of value but also the value theory that rests on claims of aggregate economic value or social worth.

In so doing, he clarifies points that Menger himself hadn't entirely spelled out.

The English translation by Hans Sennholz has circulated among a handful of writers since 1973 but it was never available publicly nor published.

Until now.

Genres: Economics, Philosophy

173 pages, Paperback

First published January 1, 1886

About the author

Austrian economist who made important contributions to the development of the Austrian School of Economics. He served intermittently as the Austrian Minister of Finance between 1895 and 1904. He also wrote a series of extensive critiques of Marxism.