Eugen von Böhm-Bawerk

bawerk portrait

Alongside Carl Menger, Böhm-Bawerk certainly was the most influential figure in the emerging Austrian School. His works on capital and the theory of interest, which can largely be seen as a refutation of Karl Marx’s teachings, are especially groundbreaking.

It is also notable that Böhm-Bawerk, who held professorships at the Universities of Innsbruck and Vienna, not only made crucial contributions in the proverbial ivory tower, but he also tried to give practical meaning to the theories that he developed. He served three terms as a minister of finance for the Habsburg-Monarchy and was well known for scientifically informed decisions.

For this reason Böhm-Bawerk’s face could be found on the last version of the Austrian 100-Schilling banknote. He is – apart from Adam Smith – the only economist to ever have been printed on an official banknote.

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