A Study On Eugen Von B?hm-Bawerk’s Capital Theory And Interest Theory

In 2008,when the subprime mortgage crisis in the United States developed into a global economic crisis,the western mainstream economics not only gave the early warning of economic crisis,but also did not form a unified opinion for later actions.The Austria school which is non-mainstream attracted more attention.In this context,it is of practical significance to study the economic thoughts of the Austria school.Due to the long time ideological bondage,most studies on economic thoughts of the Austria School in China is under the "tainted glasses".The studies are often from a critical perspective and confined to one aspect.As we all known that Eugen von B?hm-Bawerk is one of the originators of the Austria school.But compared with the foreign economic scholars constantly digging for the thoughts treasure of B?hm-Bawerk’s economic thoughts,it is difficult to in-depth understand the economic thoughts of the Austria school integrally and further,especially for B?hm-Bawerk.Also the economic thoughts of B?hm-Bawerk has not attracted enough attention of the domestic academia.Therefore,it is necessary for us to understand the economic thoughts of B?hm-Bawerk integrally and further,trying to get rid of the long-term ideological bondage and attract more domestic numerous economic scholars,which is conducive to the perfection of socialist market economy in our country,and to develop a China characteristic theory of market economy,in order to achieve the great rejuvenation of the Chinese nation.This paper starts from the criticism of the former interest theory by B?hm Bawerk and tries to probe into the origin of his economic thoughts.Then,there are details of reinterpretation of the "roundabout production" and "interest theory".Finally,this paper will introduce the debates between B?hm-Bawerk and John Bates Clark as well as Francis Amasa Walker,Horace White and Silas Marcus MacVane,in order to provide proper supplement for B?hm-Bawerk’s economic thoughts.And the aim of this paper is trying to get rid of the shackles of ideology and treat the economic thoughts of B?hm-Bawerk from an objective impartial perspective.There are two possible innovations in this article.Firstly,this paper is a powerful supplement to the domestic gap in the study of B?hm-Bawerk’s economic thoughts.Secondly,it tries to excavate the theoretical heritage which has practical significance for the development of market economy theory with Chinese characteristics,and has certain enlightenment function on how to develop the market economy theory with Chinese characteristics.This paper sums up the three enlightenments of the economic thoughts of B?hm-Bawerk to the development of socialist market economy and market economy theory with Chinese characteristics.The first one is that we should focus on the importance of subjectivism individual economic behavior analysis method and their influence on economic operation.Then,we should pay attention to the relationship between technology and economy as well as the laws to promote the sustained and stable economic development.Last but not least,we should avoid excessive roundabout production,in order to achieve the rational allocation of resources and maintain structural balance.