SUMMARY RECORD OF THE DEBATE

Abstract

Professor Lindahl introduced the paper by saying that it aimed to re-incorporate into modern, model-building capital theory some elements from the older classical theory. Professor Lutz had said in his paper, ‘What we require are growth models based on something like the old production function which took care of these flexibilities. It is a sign that this feeling is shared by others that some recent model-builders seem to be moving back in this direction.’ ¹ Professor Lindahl sympathized with this approach. He thought it was very useful to study some parts of capital theory in a more simplified manner — as the classical economists had done — for that would clear up some of the controversy in modern discussions.