Capital and Time: A Neo-Austrian Theory

Přední strana obálky
Clarendon Press, 1973 - Počet stran: 213
This book, first published in 1973, takes up an important approach to capital which had gone out of fashion. There has been some 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. The book overcomes this problem here by allowing for a sequence of outputs, and the consequences for dynamic economics are profound and novel. -- Provided by publisher.
 

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Obsah

GOODS AND PROCESSES
3
NOTE TO CHAPTER I The History of Austrian theory
12
NOTE TO CHAPTER II The Fundamental Theorem in continuous time
24
TECHNIQUE AND TECHNOLOGY
37
FULL PERFORMANCE AND FULL EMPLOYMENT
47
STEADY STATES
63
FILE
81
THE FIXWAGE PATH
89
SHORTENING AND LENGTHENING
125
WAYS AHEAD
135
THE MEASUREMENT OF CAPITALVALUE
151
NOTE TO CHAPTER XIII Expost income
164
THE ACCUMULATION OF CAPITAL
167
THE PRODUCTION FUNCTION
177
APPENDIX THE MATHEMATICS OF TRAVERSE
185
INDEX
211

THE FULL EMPLOYMENT PATH
100
SUBSTITUTION
110

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