Abstract
As mentioned at the end of the last chapter, neo-Austrian capital theory provides a framework that is quite different from the neo-classical one. The distinguishing characteristic of the Austrian approach is that it explicitly incorporates the role of time into economic analysis and brings out the significance of the temporal structure of production and consumption (see AHMAD 1991).
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References
The material presented in this chapter is mostly based on the original work of BERNHOLZ (1971), FABER (1979), JAKSCH (1975) and STEPHAN (1980).
A detailed and extensive discussion of this economy can be found in FABER (1979), REISS (1981) and FABER and PROOPS (1990), respectively.
The literature on non-substitution theorems is extensive. The basic theorem was derived by GEORGESCU-ROEGEN (1951). More recent contributions are made for example by MANNING (1981).
Recall that in our simple framework there is only one consumption good per period. For a generalization see Chapter 4.
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© 1995 Springer-Verlag Berlin Heidelberg
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Stephan, G. (1995). A Neo-Austrian Approach: Basic Concepts. In: Introduction into Capital Theory. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-662-03081-3_3
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DOI: https://doi.org/10.1007/978-3-662-03081-3_3
Publisher Name: Springer, Berlin, Heidelberg
Print ISBN: 978-3-642-08216-0
Online ISBN: 978-3-662-03081-3
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