Carl Menger · 1901
Carl Menger’s review assesses the revised second edition of the historical and critical volume of Eugen von Böhm-Bawerk’s Capital und Capitalzins, published in 1900. Its central judgment combines admiration for the enlarged history of economic doctrine with caution about the theoretical controversy it serves: the new edition strengthens Böhm-Bawerk’s historical achievement, but a final assessment of his explanation of capital interest must await the revised second volume.
Menger first identifies corrections and additions to the historical account, particularly the substantial treatment of the elder John Rae, whose 1834 work he places in opposition to the free-trade school. He then turns to the appendix covering developments since the first edition of 1884:
Die neueste Entwicklung der Capitaljinstheorie, welche seit dem ersten Erscheinen des B.chen Werfes (1884), zum nicht geringen Teile im Anschluß an dieses oder im Gegenlage zu demselben, erfolgt ist, wird vom Verf. (S. 609—698) in einem besonderen Anhänge behandelt.
English translation: The most recent development of the theory of capital interest, which has taken place since the first appearance of B.'s work (1884), in no small part in connection with it or in opposition to it, is treated by the author (pp. 609-698) in a special appendix.
The addition matters because Böhm-Bawerk’s book has itself helped shape the debate now incorporated into its history. Menger praises the appendix’s clear organization and critical scrutiny, noting its attention to Marshall, Carver, Stolzmann, Wieser, and others. Updating the historical narrative thus also means confronting responses to Böhm-Bawerk’s own intervention.
Menger’s decisive distinction concerns the relationship between historical exposition and theoretical criticism:
Die kritischen Ausführungen, die B. an die Darstellung der dogmengeschichtlichen Entwicklung knüpft, der interessanteste Teil seines zu internationaler Bedeutung gelangten Werfes, verfolgen im wesentlichen den Zweck, die im zweiten Bande behandelte Capitaljinstheorie des Verf. so vorzubereiten und gegen die Einwendungen seiner wissenschaftlichen Gegner zu decken.
English translation: The critical discussions which B. attaches to the presentation of the development of doctrinal history, the most interesting part of his work, which has attained international significance, essentially pursue the purpose of thus preparing the author's own theory of capital interest treated in the second volume and of shielding it against the objections of his scientific opponents.
The critical history prepares and defends the positive theory developed elsewhere. Menger regards this criticism as the work’s most interesting component, while recognizing that both Böhm-Bawerk’s fundamental reformulation of interest theory and his incisive polemical manner have provoked opposition. He singles out Marshall and Walker and commends Böhm-Bawerk’s replies for their characteristic acuteness.
The review closes by suspending judgment on the controversy’s outcome. Böhm-Bawerk has placed a difficult problem on new foundations, but the revised historical volume alone cannot settle the dispute. Menger’s brief assessment is therefore significant for its separation of historical accomplishment from theoretical vindication: praise for the scope and force of the former does not substitute for examination of the forthcoming reconstruction of the latter.
This work was divided into 1 sections when it entered the library's research corpus—an apparatus for search and citation, not necessarily the author's own table of contents. Each title opens its summary.
Put a question to this work; the Librarian answers from its 1 sections and cites the passage.
Ask the Librarian