… capital, rather than the other way around. This powerful and counterintuitive insight is usually credited to Boehm Bawerk in 1889, who showed that it is true for man-made things as well as land. The utility or usus fructus being a given, w...
Boehm Bawerk
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…ng the universe of consumer goods. But he pointed to wine and timber as examples to help pin down the period. Boehm Bawerk picked nine years for no reason I can see. All went wrong by considering physical capital only. The factors blend int...
…its warm endorsement by Mill in his own magnus opus of 1848. Jevons adopted the idea from Senior in 1871, and Boehm Bawerk from Senior and Jevons in his book of 1889. Boehm Bawerk soon learned of Rae’s work, and dedicated later editions to...
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