Steady State Capital Theory

1. Front Matter

   Pages i-iii

   PDF

2. Preface

   1. Preface

      • C. C. von Weizsäcker

      Pages 1-3

3. Capital Theory without Capital (Preliminaries to Capital Theory)

   1. The Static Input-Output Model without Substitution

      • C. C. von Weizsäcker

      Pages 4-8

   2. The Static Input-Output Model with Substitution

      • C. C. von Weizsäcker

      Pages 8-11

   3. The Static Input-Output Model with more than One Nonproducible Factor of Production

      • C. C. von Weizsäcker

      Pages 11-14

4. Circulating Capital

   1. A One Sector Model

      • C. C. von Weizsäcker

      Pages 15-18

   2. Many Goods, no Substitution

      • C. C. von Weizsäcker

      Pages 18-22

   3. Dated Labour Inputs and the Theory of Value and Exploitation

      • C. C. von Weizsäcker

      Pages 22-31

   4. Dated Labour Inputs and the Period of Production

      • C. C. von Weizsäcker

      Pages 32-36

   5. Böhm-Bawerks Law of Increased Productivity of Increased Round aboutness. The Point-Input - Point Output Model

      • C. C. von Weizsäcker

      Pages 36-39

   6. The Period of Production in More General Models

      • C. C. von Weizsäcker

      Pages 40-47

   7. Substitution. Switching of Techniques

      • C. C. von Weizsäcker

      Pages 47-52

   8. The Dynamic Nonsubstitution Theorem. Generalization of the Elasticity of Substitution.

      • C. C. von Weizsäcker

      Pages 53-60

   9. Wicksell Effect. Marginal Productivity of Capital

      • C. C. von Weizsäcker

      Pages 60-66

5. Fixed Capital

   1. Machines

      • C. C. von Weizsäcker

      Pages 67-72

   2. The General Case of Joint Production and a General Nonsubstitution Theorem

      • C. C. von Weizsäcker

      Pages 72-78

6. General Equilibrium of Steady States

   1. General Equilibrium of Steady States

      • C. C. von Weizsäcker

      Pages 79-96

7. Back Matter

   Pages 97-104

   PDF

The following lecture notes were written shortly after I gave a course on capital theory in the winter-semester 1970/71 at the Univer­ sity of Heidelberg. While the general line of the argument is similar to the one in the course, I have modified and added a large number' of specific points in the process of writing the English version. I should like to emphasize the narrow limitations of the material covered in these notes. I have completely concentrated on steady states of stationary and exponentially growing economies, even up to the point where there is the danger of misleading the reader1 I have done this for several reasons. Other activities have not left me with a sufficient amount of time to be able to find the unifying principle of analysis and mode of presentation for the dynamic aspects of capi­ tal theory which would have made it worthwhile to add a sizeable book to the large body of literature in this field. On the other hand over the last couple of years I have become increasingly aware that some of the results in steady state capital theory (which could be derived without too much mathematical effort) are of relevance in present day dis­ cussions about the political role of economic theory and the relative merits of orthodox and radical economics. Also these results seemed not to be known by' mO$ of the participants in these discussions.

• Capital
• Kapital
• economics
• equilibrium
• general equilibrium

• Albert Weber-Institut für Sozial- und Staatswissenschaften, Universität Heidelberg, Deutschland

  C. C. Weizsäcker

Policies and ethics