Wednesday, November 7, 2018

Anne Robert Jacques Turgot Worked Out Most of the Austrian Theory of Capital and Interest A Century Before Eugen von Böhm-Bawerk Did

In the roster of A.R.J. Turgot's outstanding contributions to economic theory,
the most remarkable was his theory of capital and interest which, in contrast
with such fields as utility, sprang up virtually full-blown without reference to
preceding contributions. Not only that: Turgot worked out almost completely
the Austrian theory of capital and interest a century before it was set forth in
definitive form by Eugen von Böhm-Bawerk.

--Murray N. Rothbard, Economic Thought Before Adam Smith, vol. 1 of An Austrian Perspective on the History of Economic Thought (Auburn, AL: Ludwig von Mises Institute, 2006), 395.

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