HIGHLIGHTS
SUMMARY
In equilibrium, the marginal productivity of waiting (i.e. the marginal productivity of the average period of production) will be equal to the interest rate. In this essay, the authors reconstruct the similar and intertwined paths of Kaldor and Hayek to disequilibrium economics through the theoretical deficiencies exposed by the Austrian theory of capital and its consequences on equilibrium analysis. The critical reaction to the Austrian business cycle theory presented by Hayek in the 1930s revealed the limitations of its theory of capital. More importantly, however, the Austrian integration of capital theory into a . . .
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