Sheldon Richman on Marxism, Austrian Economics, and Exploitation


Eugen von Böhm-Bawerk (1851-1914), the second-generation giant of Austrian economics, famously refuted the theory, most commonly associated with Karl Marx, that the employer-employee relationship is intrinsically exploitative. Less well known, writes Sheldon Richman, is that Böhm-Bawerk had an exploitation theory of his own, which he expressed in his 1889 masterpiece, Positive Theory of Interest.