Control or Economic Law

Eugen von Böhm-Bawerk was the student of Carl Menger and the teacher of Ludwig von Mises. Like Menger, he rejected the contention of the Historical School that there were no universally valid laws of economics. In this incisive essay, first published a few months after his passing, in December 1914, he criticizes the claim that the state has the ability to secure a prosperous economy in sovereign disregard of economic laws.