Born on February 12, 1851, in Brno, Moravia (now part of the Czech Republic), Eugen von Böhm-Bawerk was the son of a wealthy family. He studied law and economics at the University of Vienna, where he was heavily influenced by the works of Carl Menger, a prominent Austrian economist. After completing his studies, Böhm-Bawerk worked as a civil servant in the Austro-Hungarian government, eventually becoming a professor of economics at the University of Vienna.
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By showing that interest and profit are just rewards for time and risk, Böhm-Bawerk mathematically and logically vindicated the free-market system against the foundational claims of communism. 5. What "Free" Truly Means in Austrian Economics
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