Expert discussion with the creative academic staff of the department.

On April 18, 2016, the Department of Economics and Economy commemorated the message of an Austrian economist Eugen Böhm Ritter von Bawerk regarding his interpretation of capital and interest. Eugen Böhm Ritter von Bawerk was born on February 12, 1851, in Brno and died on August 27, 1914, in Vienna. Bawerk worked at the Austrian Ministry of Finance, and later became also a Minister of Finance, where he was known for his efforts to maintain a balanced state budget and for rejecting the excessive government spending. Bawerk also worked as a professor at several universities in Austria. His work focused mainly on subjective value theory, capital, interest, theory of marginalism as well as the critique of Marx's ideas. In his intellectual work he was greatly influenced by Carl Menger, the founder of the Austrian School of Economics. According to Bawerk, there are various reasons for the existence of interest. One of the reasons is that marginal utility of income will decrease over time because people (reasonably) expect their income to grow as the economy grows.