Introduction to Modern Austrian Capital Theory

Introduction to Modern Austrian Capital Theory

Author: Malte Faber

Publisher: Springer Science & Business Media

ISBN: 9783642483103

Category: Business & Economics

Page: 201

View: 209

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.

Introduction to Modern Austrian Capital Theory
Language: en
Pages: 201
Authors: Malte Faber
Categories: Business & Economics
Type: BOOK - Published: 2012-12-06 - Publisher: Springer Science & Business Media

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
Studies in Austrian Capital Theory, Investment, and Time
Language: en
Pages: 320
Authors: Malte Faber
Categories: Business & Economics
Type: BOOK - Published: 1986-10-01 - Publisher: Springer

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
Studies in Austrian Capital Theory, Investment, and Time
Language: en
Pages: 320
Authors: Malte Faber
Categories: Business & Economics
Type: BOOK - Published: 2014-03-12 - Publisher: Springer

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
Introduction into Capital Theory
Language: en
Pages: 293
Authors: Gunter Stephan
Categories: Business & Economics
Type: BOOK - Published: 1995-07-24 - Publisher: Springer Science & Business Media

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,
Introduction into Capital Theory
Language: en
Pages: 293
Authors: Gunter Stephan
Categories: Business & Economics
Type: BOOK - Published: 2013-03-14 - Publisher: Springer Science & Business Media

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,