'Macht oder ökonomisches Gesetz?' Summary

In this essay, Böhm-Bawerk examines the question of whether economic laws apply to the state. He argues that the state, despite its power and authority, is not exempt from the principles of economics. He critiques the idea that governments can manipulate economic outcomes through policies that disregard economic realities. Böhm-Bawerk emphasizes the importance of individual action and choice in driving economic progress. He contends that government interventions often have unintended consequences, leading to distortions in the market and undermining economic efficiency. Through his analysis, Böhm-Bawerk advocates for a more limited role of government in economic affairs, allowing individuals to operate freely within a framework of sound economic principles.