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Full Description
Capital theory is a cornerstone of modern economics. Its ideas are fundamental for dynamic equilibrium theory and its concepts are applied in many branches of economics like game theory, resource and environmental economics, although this may not be recognized on a first glance. In this monograph, an approach is presented, which allows to derive important results of capital theory in a coherent and readily accessible framework. A special emphasis is given on infinite horizon and overlapping generations economics. Irreversibility of time, or the failure of the market system appear in a different light if an infinite horizon framework is applied. To bridge the gap between pure and applied economic theory, the structure of our theoretical approach is integrated in a computable general equilibrium model.
Contents
1 Introduction and Motivation.- 2 Basic Concepts.- 3 A Neo-Austrian Approach: Basic Concepts.- 4 Neo-Austrian Concepts in a Multisector-Multiperiod Framework.- 5 The Open-Endedness of the Future: Motivation, Arguments, Framework.- 6 Steady State Economies.- 7 Prices in an Open-ended World.- 8 The Open-Endedness of Time and Efficiency Prices: Sufficient and Necessary Conditions.- 9 Overlapping Generations, Superiority of Roundaboutness and Pareto-Efficiency.- 10 Incomplete Markets: A Neo-Austrian Theory of Computable General Equilibrium Models.- 11 Incomplete Markets and Computable Equilibria: A Numerical Illustration.- References.- Author Index.
