Before Böhm-Bawerk, economists struggled to explain interest without falling into moralizing (usury) or murky labor-value theories. Böhm-Bawerk argued that interest is not an exploitation of labor, but a natural phenomenon arising from time preference .
To Böhm-Bawerk, capital wasn’t just money or machines; it was . He introduced the concept of "roundaboutness" ( Produktionsumwege ). gia bawerk
Why write a deep piece about Böhm-Bawerk in the 21st century? Because we have forgotten how to wait. capital wasn’t just money or machines