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It was achieved in spite of the fact that Böhm-Bawerk was not associated with any political party. In 1904 he resigned from his position in protest against army irregularities in budgetary estimates and thereafter devoted his life to writing and teaching economics at the University of Vienna. As an economist he won great fame by an unusual combination of qualitiesextraordinary learning, independence of thought and judgment, dialectical skill, power of penetrating criticism, and mastery of exposition and illustration.

The economic laws work silently and implacably even under communism. HANS F. SENNHOLZ GROVE CITY COLLEGE GROVE CITY, PA. JANUARY 1960 Page xix CONTENTS Publisher's Preface v Photograph of Eugen yon Böhm-Bawerk ix Biographical Sketch of Eugen yon Böhm-Bawerk by Hans F. Sennholz xi Preface to the First Edition by Hans F. Sennholz xiv Part A VALUE I The Two Concepts of Value 3 1. Economics Concerns Itself With Wirkungswert 3 2. Value in the Subjective Sense 4 3. Value in the Objective Sense 4 4. Difference Between Subjective Value and Objective Value 5 5.

Another Presumed Exception (Pertaining to Varieties of Onerousness Of Labor) Is Not Truly an Exception 72 3. The Advantage Inherent in the Use of a Possible Substitute; Utility Still Determines How Much Onerousness Will Be Assumed 72 IX Summary 74 1. The Sole and Unrivalled Primacy of Utility (in the Sense of Gain in Well-Being) 74 2. Itemized Cases of the Primacy of Utility 75 Page xxiii X Some Psychological Considerations Supplementing Our Theory of Value 78 A. Hedonism and the Theory of Value 78 1.

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