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Introduction to Modern Austrian Capital Theory

  • Textbook
  • © 1979

Overview

Authors:
  1. Malte Faber

    1. Alfred-Weber-Institut, Seminargebäude, Universität Heidelberg, Heidelberg, Germany

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

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Table of contents (9 chapters)

  1. Front Matter

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

    1. Front Matter

      Pages 1-1
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    2. Introduction

      • Malte Faber
      Pages 3-9

    3. The Austrian Theory of Interest

      • Malte Faber
      Pages 10-37

    4. The von Neumann-Model and its Relations to Austrian Capital and Interest Theory

      • Malte Faber
      Pages 38-58

  3. Modern Austrian Capital Theory

    1. Front Matter

      Pages 59-59
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    2. A Two-Period Two-Sector Neo Austrian Model

      • Malte Faber
      Pages 61-89

    3. A Multiperiod Two-Sector Model

      • Malte Faber
      Pages 90-110

    4. A Multisector Model

      • Malte Faber
      Pages 111-130

    5. The Schumpeter-von Böhm-Bawerk Controversy on the Rate of Interest in the Stationary State

      • Malte Faber
      Pages 131-142

  4. Relationship to other Approaches to Capital Theory

    1. Front Matter

      Pages 143-143
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    2. A Comparison with Results of Neoclassical Capital and Growth Theory

      • Malte Faber
      Pages 145-163

    3. Hicks’ Neo-Austrian Theory of Capital

      • Malte Faber
      Pages 164-180

  5. Back Matter

    Pages 181-198
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Keywords

About this book

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.

Authors and Affiliations

  • Alfred-Weber-Institut, Seminargebäude, Universität Heidelberg, Heidelberg, Germany

    Malte Faber

Bibliographic Information

  • Book Title: Introduction to Modern Austrian Capital Theory

  • Authors: Malte Faber

  • Series Title: Lecture Notes in Economics and Mathematical Systems

  • DOI: https://doi.org/10.1007/978-3-642-48310-3

  • Publisher: Springer Berlin, Heidelberg

  • eBook Packages: Springer Book Archive

  • Copyright Information: Springer-Verlag Berlin Heidelberg 1979

  • Softcover ISBN: 978-3-540-09121-9Published: 05 March 1979

  • eBook ISBN: 978-3-642-48310-3Published: 06 December 2012

  • Series ISSN: 0075-8442

  • Series E-ISSN: 2196-9957

  • Edition Number: 1

  • Number of Pages: X, 201

  • Topics: Economics, general

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