Böhm‐Bawerk’s Goods Characteristics Reactivated for Modern Austrians

Abstract

Austrians are essentialists, one of their questions being what makes a thing good? Menger and Böhm‐Bawerk gave different answers to this question. Böhm‐Bawerk directed attention explicitly to the condition of knowing how to utilise a thing. Both Menger and Böhm‐Bawerk played down their difference. The goods characteristic added by Böhm‐Bawerk to the four characteristics formulated earlier by Menger is stressed to be of value to a better understanding of modern Austrianism. A paradox that arises (the consumer is sovereign in theory but not in practice) is solved.

Citation

Leen, A.R. (1989), "Böhm‐Bawerk’s Goods Characteristics Reactivated for Modern Austrians", Journal of Economic Studies, Vol. 16 No. 2. https://doi.org/10.1108/01443588910000052