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Menger and Böhm-Bawerk
Murray N. Rothbard
The fourth in a series of six lectures on The History of Economic Thought.
Transcribed and Donated – Thomas Topp
2
Rothbard: —got the Austrian family tree up there. The founder of Austrian
economics is Karl Menger, 1840– 1921. The generally accepted position
on the Austrian school was that, of course, Menger was the founder.
Eugen von Böhm-Bawerk was the most important student. Friedrich von
Wieser— Im putting him to the side, was the brother-in-law of von Böhm-
Bawerk—contributed a little bit, but not a great deal. Then, Mises, of
course, was the great successor to Böhm-Bawerk.
The story has been sort of changed and revised in recent years.
Revisionism can either be good or bad; it’s never indifferent. You’re
either correcting the historical errors of the past, or else you’re adding
errors to the previously accepted truth.
What’s been happening recently— I’ll get back to this in a minute. What’s
been happening in the last ten years or so is an explosion of the Menger
study—which is good, it’s great stuff. One thing Menger didn’t like very
much—he wrote his great Principles of Economics in 1871. It was
supposed to be volume one of a mighty [unintelligible], the rest of which
never got published.
By the way, just as an aside, scholars don’t write books
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