The time is right for a reexamination of Austrian capital-theory. We attempt to capture the essence of Carl Menger … exchange and production and in providing the means to value them. We look at the capital-theory of Böhm-Bawerk and suggest that … theory …

some of the most essential elements of modern economic theory, the concepts of mutual determination and equilibrium … (developed by the use of the theory of simultaneous equations)." I propose a radically different assessment, arguing that post …-1870 debates over the extension of the subjective marginal utility theory of value to production and distribution, coupled …