Download or read book Austrian Capital Theory written by Peter Lewin and published by Cambridge University Press. This book was released on 2019-01-10 with total page 102 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Studies in Austrian Capital Theory Investment and Time written by Malte Faber and published by Springer Science & Business Media. This book was released on 2013-03-14 with total page 321 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Introduction to Modern Austrian Capital Theory written by Malte Faber and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 205 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Capital and Time written by J. R. Hicks and published by Clarendon Press. This book was released on 1987-10-15 with total page 228 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Capital and Production written by Richard von Strigl and published by Ludwig von Mises Institute. This book was released on 1995 with total page 204 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Introduction to Modern Austrian Capital Theory written by Malte Michael Faber and published by Springer. This book was released on 1979 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Austrian Theory of Capital and Business Cycle written by Pavel Potuzak and published by Springer Nature. This book was released on 2022-12-12 with total page 155 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Capital and Its Structure written by Ludwig M. Lachmann and published by Ludwig von Mises Institute. This book was released on 1956 with total page 148 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Capital and Finance written by Peter Lewin and published by Routledge. This book was released on 2020-07-02 with total page 178 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book The Positive Theory of Capital written by Eugen von Böhm-Bawerk and published by Jazzybee Verlag. This book was released on 1891 with total page 476 pages. Available in PDF, EPUB and Kindle. Book excerpt: Von Boehm-Bawerk is one of the leading economists of the so-called Austrian school. With Karl Menger and others, he has contributed to the development of a theory of value which has received wide acceptance, and has been the cause of still wider discussion, in the economic world. This theory, as elaborated by Boehm von Bawerk, is based largely upon psychological principles. Its chief feature consists in a searching analysis of ‘subjective value.’ In his “Capital and Interest”, the author makes a brilliant and original study of these two subjects. “The Positive Theory of Capital” is the successor to the work mentioned above.
Download or read book Capital in Disequilibrium written by Peter Lewin and published by Ludwig von Mises Institute. This book was released on with total page 279 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Introduction into Capital Theory written by Gunter Stephan and published by Springer Science & Business Media. This book was released on 2013-03-14 with total page 290 pages. Available in PDF, EPUB and Kindle. Book excerpt: Capital theory is a cornerstone of modern economics. Its ideas are fundamental for dynamic equilibrium theory and its concepts are applied in many branches of economics like game theory, resource and environmental economics, although this may not be recognized on a first glance. In this monograph, an approach is presented, which allows to derive important results of capital theory in a coherent and readily accessible framework. A special emphasis is given on infinite horizon and overlapping generations economics. Irreversibility of time, or the failure of the market system appear in a different light if an infinite horizon framework is applied. To bridge the gap between pure and applied economic theory, the structure of our theoretical approach is integrated in a computable general equilibrium model.
Download or read book Capital and Time written by John Hicks and published by Oxford University Press. This book was released on 1973 with total page 232 pages. Available in PDF, EPUB and Kindle. Book excerpt: Monograph presenting a modernization of the economic theory of the Austrian school which identified production as a process in time (time factor) and capital as a 'report' on the present state of that process - considers a model which defines functions of technology, full employment, etc., and examines the traverse from one steady state equilibrium to another during economic growth. Diagrams and references.
Download or read book Capital Interest and Rent written by Frank A. Fetter and published by Ludwig von Mises Institute. This book was released on 1977 with total page 412 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Austrian Theory of the Trade Cycle and Other Essays written by Ludwig Von Mises and published by Ludwig von Mises Institute. This book was released on 1978 with total page 130 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Austrian Theory of Value and Capital written by Klaus Hennings and published by Edward Elgar Publishing. This book was released on 1997 with total page 318 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economist Hennings had not completed the revision for publication of his 1972-73 doctoral dissertation for Oxford University when he died suddenly in 1986, so the original work, nearly unchanged, is presented here. After reviewing the Austrian economist Bohm-Bawerk's (1851-1914) life, Hennings details his theory of value, capital, and interest within the context of 19th-century German economic thought and the development of neo-classical economic theory. The first English translation of his letters to Knut Wicksell are also included. Annotation copyrighted by Book News, Inc., Portland, OR
Download or read book Capital in Disequilibrium written by Peter Lewin and published by Routledge. This book was released on 1998-12-17 with total page 266 pages. Available in PDF, EPUB and Kindle. Book excerpt: Drawing on the work of the Austrian School and its heirs, Capital in Disequilibrium develops a modern, systematic version of capital theory in order to suggest a new approach to the subject of economics. Original and provocative in his reflection, Lewin offers both a new approach and an accessible discussion of one of the most important, but also one of the most difficult, areas in economics.
