Eugen von Böhm-Bawerk

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While studying to be a lawyer at the University of Vienna, he read Carl Menger's Principles of Economics. Though he never studied under Menger, he quickly became an adherent of his theories. Joseph Schumpeter said that Böhm-Bawerk "was so completely the enthusiastic disciple of Menger that it is hardly necessary to look for other influences." During his time at the Vienna university, he became good friends with Friedrich von Wieser, who later became Boehm-Bawerk's brother-in-law.

After completing his studies in 1872, he entered the Austrian ministry of finance. He held various posts until 1880, when he became qualified as a teacher of political economy at Vienna. The following year, however, he transferred his services to the University of Innsbruck, where he remained until 1889, becoming professor in 1884.[1] During this time, he published the first two (out of three) volumes of his magnum opus, Capital and Interest.

In 1889 he became councillor in the ministry of finance in Vienna, and represented the government in the lower house on all questions of taxation.[1] He drafted a proposal for direct-tax reform. The Austrian system at the time taxed production heavily, especially during wartime, providing massive disincentives to investment. Böhm-Bawerk's proposal called for a modern income tax, which was soon approved and met with a great deal of success in the next few years.