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Author: Peter Lewin
Publisher: Cambridge University Press
ISBN: 110875273X
Category : Business & Economics
Languages : en
Pages : 102
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Book Description
This Element presents a new framework for Austrian capital theory, starting from the notion that capital is value. Capital is the value attributed by the valuer at any moment in time to the combination of production-goods and labor available for production. Capital is the result obtained by calculating the current value of a business-unit or business-project that employs resources over time. It is the result of a (subjective) entrepreneurial calculation process that relates the flow of consumptions goods to the value of the productive resources that will produce those consumptions goods. The entrepreneur is a ubiquitous calculating presence. In a review of the development of Austrian capital theory, by Carl Menger, Eugen von Böhm-Bawerk, Ludwig von Mises, Friedrich Hayek, Ludwig Lachmann as well as recent contributions, the Element incorporates the seminal contributions into the new framework in order to provide a more accessible perspective on Austrian capital theory.
Author: Peter Lewin
Publisher: Cambridge University Press
ISBN: 110875273X
Category : Business & Economics
Languages : en
Pages : 102
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Book Description
This Element presents a new framework for Austrian capital theory, starting from the notion that capital is value. Capital is the value attributed by the valuer at any moment in time to the combination of production-goods and labor available for production. Capital is the result obtained by calculating the current value of a business-unit or business-project that employs resources over time. It is the result of a (subjective) entrepreneurial calculation process that relates the flow of consumptions goods to the value of the productive resources that will produce those consumptions goods. The entrepreneur is a ubiquitous calculating presence. In a review of the development of Austrian capital theory, by Carl Menger, Eugen von Böhm-Bawerk, Ludwig von Mises, Friedrich Hayek, Ludwig Lachmann as well as recent contributions, the Element incorporates the seminal contributions into the new framework in order to provide a more accessible perspective on Austrian capital theory.
Author: Malte Faber
Publisher: Springer Science & Business Media
ISBN: 3642517013
Category : Business & Economics
Languages : en
Pages : 321
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Book Description
The neglect of time in general and of the time structure of production in particular in mainstream economics led to the rebirth of the Austrian tradition in the seventies. The names of BERNHCLZ, HICKS, KIRZNER and VON WEIZSACKER are representative of different approaches. In 1979 my "Introduction to Modern Austrian Capital Theory" appeared, in which I unified various papers BERNHOLZ and I had written. I also linked our approach to those of VON NEUMANN, of HICKS and of neoclassical capital theory. These "Studies" supplement and continue my "Introduction" in various ways. With all the authors of the present volume I have cooperated for several years. This volume is subdivided into five parts. The first one, Historical Perspectives, gives first an outline on the development of Austrian capital theory from its origins to the present. Next it relates Modern Austrian Capital Theory to SRAFFA's theory and to the Austrian subjectivists' pure time preference theory of interest. The latter theory is represented in its opposition to the traditional productivity-cum-time preference explanation of interest, which is. common t9 neoclassical and BOHM-BAWERKian capital theory alike. The Austrian subjectivist pure time preference theory has been misinterpreted in its recent presentation, which has led to misunderstandings. It is shown that there is no real contradiction between the two appoaches.
Author: Malte Faber
Publisher: Springer Science & Business Media
ISBN: 3642483100
Category : Business & Economics
Languages : en
Pages : 205
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Book Description
During the fifties and the sixties the neoclassical concept of the production function was criticized in numerous papers. In particular, the aggregation of different capital goods into a single number was reprehended. A second essential disadvantage, namely the neglect of the time structure of the production process, found, however, rela tively little attention. While up to the thirties the Austrian capital theory which stressed the time aspect of production was an important school, it fell into oblivion after the great capital controversies of the thirties. It took over thirty years, i. e. till the beginning of the seventies be fore it came to a renaissance of the Austrian capital theory by var ious writers. We may roughly classify the different attempts of Hits rebirth in modern economics" into three groups: 1. The approach of ~ [1970, 1973, 1973a] has received most of the attention in the literature (Burmeister [1974], Faber [1975], Fehl [1975], ~[1975], Hagemann and ~ [1976]). It will be shown in Chapter 9 that ~ is only in so far a Neo-Austrian as he does explicitly take into consideration the vertical time structure of the production process. But he does not use the Austrian concepts of superiority of roundabout methods, of time preference and of the period of production. 2. The latter concept has been revived by the second group, to which Tintner [1970], von Weizs~cker [1971a, 1971b, 1974], ~ [1971, 1976 and ~ [1973, 1975, 1976] belong.
Author: Richard von Strigl
Publisher: Ludwig von Mises Institute
ISBN: 1610164822
Category : Capital
Languages : en
Pages : 204
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Book Description
Author: Malte Michael Faber
Publisher: Springer
ISBN: 9780387091211
Category : Austrian school of economics
Languages : en
Pages : 0
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Book Description
Author: Pavel Potuzak
Publisher: Springer Nature
ISBN: 3031187288
Category : Business & Economics
Languages : en
Pages : 155
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Book Description
This book explores Austrian capital theory and Austrian business theory from the perspective of modern economics. Sustainable change within the production structure is examined in relation to time preference, the Böhm-Bawerkian theory of capital and interest, and the Hayek Triangle. In turn, the impact of monetary shocks and boom-bust cycles is detailed, with a particular focus on the Ricardo Effect, dynamics of money supply, and the natural rate of interest. This book aims to present a new framework for Austrian economics that will make these ideas applicable to both mainstream economic models and modern economists. It will be relevant to students and researchers interested in the history of economic thought and the political economy.
Author: J. R. Hicks
Publisher: Clarendon Press
ISBN: 0191521256
Category : Business & Economics
Languages : en
Pages : 228
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Book Description
This book, first published in 1973, takes up an important approach to capital which had gone out of fashion. It is being reissued in paperback in recognition of the recent renewed interest in this approach. The 'Austrian' theory of capital concentrates on the inputs and outputs in the productive process, and has an advantage over more modern theories of economic dynamics in that it is more naturally expressible in economic terms: the production process over time is taken as a whole, rather than disintegrated. However, this approach had been largely abandoned because it seemed to be unable to deal with fixed capital. Sir John overcomes this problem here by allowing for a sequence of outputs, and the consequences for dynamic economics are profound and novel.
Author: Peter Lewin
Publisher: Routledge
ISBN: 0429631693
Category : Business & Economics
Languages : en
Pages : 178
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Book Description
This book applies finance to the field of capital theory. While financial economics is a well-established field of study, the specific application of finance to capital theory remains unexplored. It is the first book to comprehensively study this financial application, which also includes modern financial tools such as Economic Value Added (EVA®). A financial application to the problem of the average period of production includes two discussions that unfold naturally from this application. The first one relates to the dual meaning of capital, one as a monetary fund and the other one as physical (capital) goods. The second concerns its implications for business-cycle theories. This second topic (1) provides a solid financial microeconomic foundation for business cycles and, also (2) makes it easy to compare different business-cycle theories across the average period of production dimension. By clarifying the obscure concept of average period of production, the authors make it easier to analyze the similarities with and differences from other business-cycle theories. By connecting finance with capital theory, they provide a new point of view and analysis of the long-standing problems in capital theory as well as other related topics such as the use of neoclassical production functions and theorizing about business cycles. Finally, they emphasize that the relevance of their application rests on both its policy implications and its contributions to contemporary economic theory.
Author: Ludwig M. Lachmann
Publisher: Ludwig von Mises Institute
ISBN: 1610165276
Category : Capital
Languages : en
Pages : 148
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Book Description
Author: F. A. Hayek
Publisher: Routledge
ISBN: 1136748865
Category : Business & Economics
Languages : en
Pages : 461
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Book Description
F. A. Hayek’s long-overlooked volume, was his most detailed work in economic theory. Originally published in 1941 when fashionable economic thought had shifted to John Maynard Keynes, Hayek’s manifesto of capital theory is now available again for today’s students and economists to discover. With a new introduction by Hayek expert Lawrence H. White, who firmly situates the book not only in historical and theoretical context but within Hayek’s own life and his struggle to complete the manuscript, this edition commemorates the celebrated scholar’s last major work in economics. Offering a detailed account of the equilibrium relationships between inputs and outputs in an economy, Hayek’s stated objective was to make capital theory "useful for the analysis of the monetary phenomena of the real world.” His ambitious goal was nothing less than to develop a capital theory that could be fully integrated into the business cycle theory.