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Austrian Capital Theory and “Dynamic” Analysis ofSchumpeter vs. Hayek

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Authors
Hong, Keehyun
Issue Date
1992
Publisher
Seoul Journal of Economics
Citation
Seoul Journal of Economics 5 (No. 2 1992): 167-192
Keywords
the theory of economic development; the circular flow; the pure theory of capital
Abstract
Following the Austrian approach, both Schumpeter and Hayek view capital as advance. However, Schumpeter is more interested in the equilibrium breaking process due to technical innovation, whereas Hayek concerns about the equilibrating process toward stationary state. Schumpeter avoids applying the dynamic analysis in the usual sense to capitalist development, which is basically unstable. On the other hand, Hayek tries not only to analyze the adjustment process but also to refine the intertemporal equilibrium concept.
ISSN
1225-0279
Language
English
URI
http://hdl.handle.net/10371/951
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College of Social Sciences (사회과학대학)Institute of Economics Research (경제연구소)Seoul Journal of EconomicsSeoul Journal of Economics vol.05(2) (Summer 1992)
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