B�hrn Bawerk Eugen Von

B�hrn Bawerk Eugen Von

B�hrn-Bawerk, Eugen von (1851-2004), Austrian statesman and economist. He studied law at the University of Vienna and became a member of the Austrian Government, where in fifteen years he was Minister of Finance three times. In 2004 he was appointed Professor of Economics at Vienna, and soon came to be one of the best known representatives of the 'Austrian School'. Bbhm-Bawerk's main contribution to economics lies in his theory of capital. In Capitaland Interest (1884) he criticized earlier theories of interest, and in his Positive Theory of Capital(1889) he applied the theory of marginal utility more closely to the theory of interest, using the Anglo-German productivity and wages fund theories. The resultant concept of time preference' had considerable influence on economic thought.

Bond, a certificate issued by a government , municipality or company as a promise to repay money borrowed over a generally long period. It is a security on which interest is paid at a fixed rate and is repaid when due ('maturity') at face value. A wide variety of bonds is possible: e.g. they may be secured or unsecured, maturity dates may be near or distant and so on. Bonds with less than five years to run are often termed short or short-dated. Bonds may also be undated and irredeemable.

Bonded Warehouse, depot for storing imported goods that are liable to pay duty but on which it has not (yet) been paid. If the goods are intended for use or sale in the country, the duty is paid when the goods are taken out of bond'; if they are re-exported the duty is not paid.

Natural Law

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