Description: This Element presents a new framework for Austrian capital theory, starting from the notion that capital is value. Capital is the value attributed by the valuer at any moment in time to the combination of production-goods and labor available for production. Capital is the result obtained by calculating the current value of a business-unit or business-project that employs resources over time. It is the result of a (subjective) entrepreneurial calculation process that relates the flow of consumptions goods to the value of the productive resources that will produce those consumptions goods. The entrepreneur is a ubiquitous calculating presence. In a review of the development of Austrian capital theory, by Carl Menger, Eugen von Böhm-Bawerk, Ludwig von Mises, Friedrich Hayek, Ludwig Lachmann as well as recent contributions, the Element incorporates the seminal contributions into the new framework in order to provide a more accessible perspective on Austrian capital theory.
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EAN: 9781108735889
UPC: 9781108735889
ISBN: 9781108735889
MPN: N/A
Book Title: Austrian Capital Theory: A Modern Survey of the Es
Number of Pages: 88 Pages
Publication Name: Austrian Capital Theory : a Modern Survey of the Essentials
Language: English
Publisher: Cambridge University Press
Item Height: 0.2 in
Subject: Economics / General
Publication Year: 2019
Item Weight: 5.6 Oz
Type: Textbook
Author: Peter Lewin, Nicolas Cachanosky
Subject Area: Business & Economics
Item Length: 9.1 in
Item Width: 5.9 in
Series: Elements in Austrian Economics Ser.
Format: Trade Paperback
