SHERP

A Brief Introduction to Neo-Austrian Capital Theory

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Authors
Faber, M.; Schmutzler, A.
Issue Date
1990
Publisher
Seoul Journal of Economics
Citation
Seoul Journal of Economics 3 (No. 1 1990): 13-32
Keywords
T-period model; superiority and rounfaboutness; impatience
Abstract
A concise introduction to Neo-Austrian approach to capital theory with particular emphasis on the accessibility of the representation is provided. A basic T-period model for a centrally planned economy is introduced. Then we show how certain conditions on technology (superiority, roundaboutness) and preferences (impatience) serve to guarantee a positive rate of interest. Finally, it is briefly indicated how the model has been reformulated for market economies and how it has been generalized in order to address questions of structural change, particularly those related to environmental pollution and the depletion of natural resources.
ISSN
1225-0279
Language
English
URI
http://hdl.handle.net/10371/887
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College of Social Sciences (사회과학대학)Institute of Economics Research (경제연구소)Seoul Journal of EconomicsSeoul Journal of Economics vol.03(1) (Spring 1990)
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