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Roundaboutness

Roundaboutness

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Please note that the content of this book primarily consists of articles available from Wikipedia or other free sources online. Roundaboutness, or roundabout methods of production, is the process whereby capital goods are produced first and then, with the help of the capital goods, the desired consumer goods are produced. The term was devised by the Austrian School economist Eugen von Bohm-Bawerk, who maintained that it was consumer demand, and not necessarily the supply of savings, that would determine the capital investment in any industry. The Austrian economist Eugen von Bohm-Bawerk argued against both the Ricardian labor theory of price and Marx's theory of exploitation. On the former, he contended that return on capital arises from the roundabout nature of production.