The Austrian Theory Of Value And Capital
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Author | : Klaus Hennings |
Publisher | : Edward Elgar Publishing |
Total Pages | : 318 |
Release | : 1997 |
Genre | : Biography & Autobiography |
ISBN | : |
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
Author | : John Hicks |
Publisher | : Oxford University Press |
Total Pages | : 232 |
Release | : 1973 |
Genre | : Business & Economics |
ISBN | : 9780198281795 |
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.
Author | : Peter Lewin |
Publisher | : Cambridge University Press |
Total Pages | : 102 |
Release | : 2019-01-10 |
Genre | : Business & Economics |
ISBN | : 110875273X |
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 | : Friedrich Wieser |
Publisher | : Library of Alexandria |
Total Pages | : 25 |
Release | : 2020-09-28 |
Genre | : Fiction |
ISBN | : 1465583319 |
Author | : Klaus Hennings |
Publisher | : |
Total Pages | : 786 |
Release | : 1972 |
Genre | : Austrian school of economics |
ISBN | : |
Author | : Eugen von Böhm-Bawerk |
Publisher | : Ludwig von Mises Institute |
Total Pages | : 468 |
Release | : 1959 |
Genre | : Capital |
ISBN | : 1610163648 |
Author | : Knut Wicksell |
Publisher | : Ludwig von Mises Institute |
Total Pages | : 186 |
Release | : 1954 |
Genre | : Capital |
ISBN | : 1610163117 |
Author | : J. R. Hicks |
Publisher | : Clarendon Press |
Total Pages | : 228 |
Release | : 1987-10-15 |
Genre | : Business & Economics |
ISBN | : 0191521256 |
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 | : Malte Faber |
Publisher | : Springer Science & Business Media |
Total Pages | : 321 |
Release | : 2013-03-14 |
Genre | : Business & Economics |
ISBN | : 3642517013 |
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 | : F. A. Hayek |
Publisher | : Routledge |
Total Pages | : 461 |
Release | : 2019-08-08 |
Genre | : Business & Economics |
ISBN | : 1136748865 |
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.