The Austrian Theory of Value and Capital


Book Description

Economist Hennings had not completed the revision for publication of his 1972-73 doctoral dissertation for Oxford University when he died suddenly in 1986, so the original work, nearly unchanged, is presented here. After reviewing the Austrian economist Bohm-Bawerk's (1851-1914) life, Hennings details his theory of value, capital, and interest within the context of 19th-century German economic thought and the development of neo-classical economic theory. The first English translation of his letters to Knut Wicksell are also included. Annotation copyrighted by Book News, Inc., Portland, OR




Austrian Capital Theory


Book 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.




Capital and Time


Book Description

This book, first published in 1973, takes up an important approach to capital which had gone out of fashion. It is being reissued in paperback in recognition of the recent renewed interest in this approach. The 'Austrian' theory of capital concentrates on the inputs and outputs in the productive process, and has an advantage over more modern theories of economic dynamics in that it is more naturally expressible in economic terms: the production process over time is taken as a whole, rather than disintegrated. However, this approach had been largely abandoned because it seemed to be unable to deal with fixed capital. Sir John overcomes this problem here by allowing for a sequence of outputs, and the consequences for dynamic economics are profound and novel.







The Positive Theory of Capital


Book Description

Von Boehm-Bawerk is one of the leading economists of the so-called Austrian school. With Karl Menger and others, he has contributed to the development of a theory of value which has received wide acceptance, and has been the cause of still wider discussion, in the economic world. This theory, as elaborated by Boehm von Bawerk, is based largely upon psychological principles. Its chief feature consists in a searching analysis of ‘subjective value.’ In his “Capital and Interest”, the author makes a brilliant and original study of these two subjects. “The Positive Theory of Capital” is the successor to the work mentioned above.




Value, Capital, and Rent


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Capital and Its Structure


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Capital and Production


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Capital, Interest, and Rent


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The Foundations of Modern Austrian Economics


Book Description

Proceedings of a conference sponsored by the Institute for Humane Studies and held at Royalton College, South Royalton, Vt., in June 1974. Includes index. Bibliography: p. 224-227.




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