When Böhm-Bawerk died in 1914 Mises was thirty-three years old and well versed in his predecessor’s work. Böhm-Bawerk’s foundational work on Capital and Interest would continue to flourish in Mises’ masterful treatise Human Action, and in the writings of future Austrian thinkers.
We all know that long ago the Church condemned usury. As a result, a special monetary device was conceived that allowed religious institutions to borrow great sums of money from the public without committing this sin. That peculiar financial instrument was the annuity.