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Introduction to Modern Austrian Capital Theory

  • Malte Faber

Part of the Lecture Notes in Economics and Mathematical Systems book series (LNE, volume 167)

Table of contents

  1. Front Matter
    Pages I-X
  2. Austrian Capital Theory and the von Neumann-Model

    1. Front Matter
      Pages 1-1
    2. Malte Faber
      Pages 3-9
    3. Malte Faber
      Pages 10-37
  3. Modern Austrian Capital Theory

    1. Front Matter
      Pages 59-59
    2. Malte Faber
      Pages 90-110
    3. Malte Faber
      Pages 111-130
  4. Relationship to other Approaches to Capital Theory

    1. Front Matter
      Pages 143-143
    2. Malte Faber
      Pages 164-180
  5. Back Matter
    Pages 181-198

About this book

Introduction

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.

Keywords

Kapital Wachstum economics economy efficiency growth growth model growth theory planned economy production science and technology stress transformation value-at-risk

Authors and affiliations

  • Malte Faber
    • 1
  1. 1.Alfred-Weber-Institut, SeminargebäudeUniversität HeidelbergHeidelbergGermany

Bibliographic information

  • DOI https://doi.org/10.1007/978-3-642-48310-3
  • Copyright Information Springer-Verlag Berlin Heidelberg 1979
  • Publisher Name Springer, Berlin, Heidelberg
  • eBook Packages Springer Book Archive
  • Print ISBN 978-3-540-09121-9
  • Online ISBN 978-3-642-48310-3
  • Series Print ISSN 0075-8442
  • Buy this book on publisher's site