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Introduction into Capital Theory

A Neo-Austrian Perspective

  • Book
  • © 1995

Overview

Authors:
  1. Gunter Stephan

    1. Volkswirtschaftliches Institut, Abt. Angewandte Mirkoökonomie, Universität Bern, Bern, Switzerland

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Table of contents (11 chapters)

  1. Front Matter

    Pages I-X
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  2. Introduction and Motivation

    1. Introduction and Motivation

      • Gunter Stephan
      Pages 1-15

  3. FINITE HORIZON ECONOMIES: The Pure Role of Time

    1. Front Matter

      Pages 17-17
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    2. Basic Concepts

      • Gunter Stephan
      Pages 19-47

    3. A Neo-Austrian Approach: Basic Concepts

      • Gunter Stephan
      Pages 49-77

    4. Neo-Austrian Concepts in a Multisector-Multiperiod Framework

      • Gunter Stephan
      Pages 79-102

  4. FINITE HORIZON ECONOMIES: Efficient Allocations and Prices

    1. Front Matter

      Pages 103-103
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    2. The Open-Endedness of the Future: Motivation, Arguments, Framework

      • Gunter Stephan
      Pages 105-117

    3. Steady State Economies

      • Gunter Stephan
      Pages 119-143

    4. Prices in an Open-Ended World

      • Gunter Stephan
      Pages 145-173

    5. The Open-Endedness of Time and Efficiency Prices: Sufficient and Necessary Conditions

      • Gunter Stephan
      Pages 175-197

  5. INCOMPLETE MARKETS: Overlapping Generations and Computable General Equilibria

    1. Front Matter

      Pages 199-199
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    2. Overlapping Generations, Superiority of Roundaboutness and Pareto-Efficiency

      • Gunter Stephan
      Pages 201-227

    3. Incomplete Markets: a Neo-Austrian Theory of Computable General Equilibrium Models

      • Gunter Stephan
      Pages 229-252

    4. Incomplete Markets and Computable Equilibria: a Numerical Illustration

      • Gunter Stephan
      Pages 253-271

  6. Back Matter

    Pages 273-293
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Keywords

About this book

Capital theory is a cornerstone of modern economics. Its ideas are fundamental for dynamic equilibrium theory and its concepts are applied in many branches of economics like game theory, resource and environmental economics, although this may not be recognized on a first glance. In this monograph, an approach is presented, which allows to derive important results of capital theory in a coherent and readily accessible framework. A special emphasis is given on infinite horizon and overlapping generations economics. Irreversibility of time, or the failure of the market system appear in a different light if an infinite horizon framework is applied. To bridge the gap between pure and applied economic theory, the structure of our theoretical approach is integrated in a computable general equilibrium model.

Authors and Affiliations

  • Volkswirtschaftliches Institut, Abt. Angewandte Mirkoökonomie, Universität Bern, Bern, Switzerland

    Gunter Stephan

Bibliographic Information

  • Book Title: Introduction into Capital Theory

  • Book Subtitle: A Neo-Austrian Perspective

  • Authors: Gunter Stephan

  • DOI: https://doi.org/10.1007/978-3-662-03081-3

  • Publisher: Springer Berlin, Heidelberg

  • eBook Packages: Springer Book Archive

  • Copyright Information: Springer-Verlag Berlin Heidelberg 1995

  • Hardcover ISBN: 978-3-540-59350-8Published: 24 July 1995

  • Softcover ISBN: 978-3-642-08216-0Published: 04 December 2010

  • eBook ISBN: 978-3-662-03081-3Published: 14 March 2013

  • Edition Number: 1

  • Number of Pages: X, 293

  • Topics: Economic Theory/Quantitative Economics/Mathematical Methods

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