Karl Marx and the Close of His System

Summary

"Karl Marx and the Close of His System" by Eugen von Böhm-Bawerk is a critical examination of Marxian economics and the theory of surplus value. Originally published in 1896, this work challenges Marx's labor theory of value and provides a detailed analysis of the flaws and inconsistencies within Marx's economic framework. Böhm-Bawerk argues that Marx's predictions of capitalist collapse and the inevitability of socialism are based on faulty economic reasoning and fails to account for fundamental principles of economics such as time preference, capital accumulation, and the role of entrepreneurship. Through rigorous analysis and logical argumentation, Böhm-Bawerk dismantles key aspects of Marx's theories and offers alternative interpretations of economic phenomena.