In his Positive Theory of Capital (1889), Böhm-Bawerk elaborated a dynamic, time-conscious model of production and interest, later refined by his student Joseph Schumpeter and further developed by Friedrich Hayek and Ludwig Lachmann.
To Böhm-Bawerk, capital wasn’t just money or machines; it was . He introduced the concept of "roundaboutness" ( Produktionsumwege ). gia bawerk