Criticism Of The Synchronization View

If the above outline of the Clark-Knight denial of significance to 'waiting' in the theory of capitalistic production be accepted as a fair one, then it appears clearly vulnerable to serious objections from the point of view adopted in this essay. The cardinal objection must be that the 'waiting', the time-lag, that is denied significance by Professor Knight and his followers, is not at all the waiting that is of importance for a theory of capital. Even the acceptance of the relevance of a...

Discussion Of The Problem Of Capital Measurement

What Should a Measure of Capital Measure We consider a market economy at a given date. Each of the individual members of the economy owns some stock of capital goods. Each of these capital goods was produced during some past period of time with some definite process of production, its production having been undertaken in anticipation of and for the sake of its ability to advance subsequent stages of production. Each of these capital goods is now capable of making various contributions to...

The Mengerian Legacy

For the Austrian tradition subjectivism was, of course, the key, revolutionary, insight The classical economists had attributed die regularities governing economic phenomena to the objective physical and biological conditions under which societies exist. The Austrian , on die other hand, found these regularities to have their roots in the valuations and the decisions of acting human beings. For other marginalist schools of economic thought in the post-1870 era, economic regularities reflected...