Austria Banknotes 100 Schilling banknote 1984 Eugen Böhm von Bawerk
National Bank of Austria - Österreichische Nationalbank
Obverse: Austrian economist Eugen Böhm von Bawerk (1851-1914). He was president of the academy of sciences from 1911. Stylized Rod of Asclepius (Aesculapius) with two winged serpents, also known as Mercury's wand of commerce. Coat of arms of Austria at upper left.
Reverse: Austrian Academy of Sciences building in Vienna, built from 1735 to 1755 by Jean Nicolas Jadot de Ville-Issey as the assembly hall of the old university; has housed the Austrian Academy of Sciences since 1857.
Watermark: Stylised eagle from Austrian coat of arms and parallel vertical lines. Designer: Robert Kalina.
Date of Issue: 14 October 1985.
Dimensions: 136 x 68 mm.
Austria banknotes - Austria paper money
1982-1988 Issue
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Eugen Böhm von Bawerk
Eugen von Böhm-Bawerk, in full Eugen, Knight (Ritter) von Böhm von Bawerk (born February 12, 1851, Brünn, Moravia, Austrian Empire [now Brno, Czech Republic] — died August 27, 1914, Kramsach, Tirol, Austria-Hungary [now in Austria]), Austrian economist and statesman and a leading theorist of the Austrian school of economics.
After graduating from the University of Vienna, Böhm-Bawerk worked in the Austrian Ministry of Finance (1872–75) and was allowed by the ministry to study at several German universities. In 1880 he moved to Innsbruck, and he became a full professor at the university there in 1884. In 1890 he returned to the Ministry of Finance and took part in the currency reform of 1892 and the adoption of the gold standard. He held several cabinet offices in succeeding years before resigning in 1904 to become a professor of economics at the University of Vienna.
Böhm-Bawerk was, with Carl Menger and Friedrich von Wieser, one of the three pillars of the Austrian school of economics. Starting from Menger’s work, Böhm-Bawerk developed a theory of the origin and determination of the rate of interest and the period of turnover of capital occurring with the attainment of the market clearing wage. This became the basis of the Austrian school’s theory of capital. Through its influence on later writers such as Knut Wicksell and Irving Fisher, this theory provided the basis for the modern treatment of interest, which is now seen as stemming from the interaction of (a) the preference for present goods (which inhibits savings and investment) and (b) the productivity of longer periods of turnover of capital (which causes investment funds to be demanded).
Böhm-Bawerk was the first economist to refute Karl Marx’s view that workers are systematically exploited. While Marx attributed productivity to labour, Böhm-Bawerk attributed productivity to an indirect, or “roundabout,” process based on an investment in land and labour. Many economists still accept this argument.
Austrian Academy of Sciences
The Austrian Academy of Sciences (in German Österreichische Akademie der Wissenschaften) is a legal entity under the special protection of the Republic of Austria. According to the statutes of the Academy its mission is to promote the sciences and humanities in every respect and in every field, particularly in fundamental research. In 2009, the Austrian Academy of Sciences was ranked 82nd among the 300 topmost research institutions in the world, based on its internet presence, by Webometrics Ranking of World Research Centers.
In 1713, Gottfried Wilhelm Leibniz suggested to establish such an Academy, inspired by the Royal Society and the Académie des Sciences. The "Kaiserliche Akademie der Wissenschaften in Wien" was finally established by Imperial Patent on May 14, 1847.
The Academy soon began extensive research. In the humanities the Academy started with researching and publishing important historical sources of Austria. Research in natural sciences also covered a wide variety of topics.
The 1921 federal law guaranteed the legal basis of the Academy in the newly founded First Republic of Austria. And from the mid-1960s onwards it became the country's leading institution in the field of non-university basic research.
The Academy is also a learned society, and its past members have included Christian Doppler, Theodor Billroth, Anton Eiselsberg, Eduard Suess, Ludwig Boltzmann, Paul Kretschmer, Hans Horst Meyer, Roland Scholl, Julius von Schlosser and the Nobel Prize winners Julius Wagner-Jauregg, Victor Hess, Erwin Schrödinger and Konrad Lorenz.
Among the Academy's numerous publications are the Corpus Scriptorum Ecclesiasticorum Latinorum and eco.mont – Journal on Protected Mountain Areas Research and Management.