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Roundaboutness
Roundaboutness, or roundabout methods of production, is the process whereby capital goods are produced first and then, with the help of the capital goods, the desired consumer goods are produced. An argument against Böhm-Bawerk's theory of roundaboutness, in economies with compound interest, was presented by Paul Samuelson during the Cambridge capital controversy The Cambridge capital controversy, sometimes called "the capital controversy"Brems (1975) pp. 369-384 or "the two Cambridges debate", was a dispute between proponents of two differing theoretical and mathematical positions in economics that starte .... The concept, interpreted as rising technical composition of capital, is also used by some Marxian authors.For example John R. Bell: Capitalism and the Dialectic - The Uno-Sekine Approach to Marxian Political Economy. London, New York 2009, p.106. References {{Reflist Austrian School ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cambridge Capital Controversy
The Cambridge capital controversy, sometimes called "the capital controversy"Brems (1975) pp. 369-384 or "the two Cambridges debate", was a dispute between proponents of two differing theoretical and mathematical positions in economics that started in the 1950s and lasted well into the 1960s. The debate concerned the nature and role of capital goods and a critique of the neoclassical vision of aggregate production and distribution.Tcherneva (2011) The name arises from the location of the principals involved in the controversy: the debate was largely between economists such as Joan Robinson and Piero Sraffa at the University of Cambridge in England and economists such as Paul Samuelson and Robert Solow at the Massachusetts Institute of Technology, in Cambridge, Massachusetts, United States. The English side is most often labeled " post-Keynesian", while some call it " neo-Ricardian", and the Massachusetts side " neoclassical". Most of the debate is mathematical, while some ma ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Eugen Von Böhm-Bawerk
Eugen Ritter von Böhm-Bawerk (; born Eugen Böhm, 12 February 185127 August 1914) was an Austrian economist who made important contributions to the development of the Austrian School of Economics and neoclassical economics. He served intermittently as the Austrian Minister of Finance between 1895 and 1904. He also wrote extensive criticisms of Marxism. Biography While studying to be a lawyer at the University of Vienna, Böhm-Bawerk read Carl Menger's '' Principles of Economics'' and became an adherent of his theories, although he never studied under him. Joseph Schumpeter saw Böhm-Bawerk as "so completely the enthusiastic disciple of Menger that it is hardly necessary to look for other influences." During his time at the Vienna University, he became good friends with Friedrich von Wieser, who later became his brother-in-law. After Vienna, he studied political economy and social science at the universities of Heidelberg, Leipzig and Jena, under Karl Knies, Wilhelm Roscher and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Capital Goods
The economic concept of a capital good (also called complex product systems (CoPS),H. Rush, "Managing innovation in complex product systems (CoPS)," IEE Colloquium on EPSRC Technology Management Initiative (Engineering & Physical Sciences Research Council), London, UK, 1997, pp. 4/1-4/4, doi: 10.1049/ic:19971215. and means of production) is as a "...series of heterogeneous commodities, each having specific technical characteristics ..." in the form of a durable good that is used in the production of goods or services. Capital goods are a particular form of economic good and are tangible property. A society acquires capital goods by saving wealth that can be invested in the means of production. People use them to produce other goods or services within a certain period. Machinery, tools, buildings, computers, or other kinds of equipment that are involved in the production of other things for sale are capital goods. The owners of the capital good can be individuals, households, corp ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Paul Samuelson
Paul Anthony Samuelson (May 15, 1915 – December 13, 2009) was an American economist who was the first American to win the Nobel Memorial Prize in Economic Sciences. When awarding the prize in 1970, the Swedish Royal Academies stated that he "has done more than any other contemporary economist to raise the level of scientific analysis in economic theory". "In a career that spanned seven decades, he transformed his field, influenced millions of students and turned MIT into an economics powerhouse" Economic historian Randall E. Parker has called him the "Father of Modern Economics", and ''The New York Times'' considers him to be the "foremost academic economist of the 20th century". Samuelson was likely the most influential economist of the latter half of the 20th century."Paul ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Technical Composition Of Capital
The organic composition of capital (OCC) is a concept created by Karl Marx in his theory of capitalism, which was simultaneously his critique of the political economy of his time. It is derived from his more basic concepts of 'value composition of capital' and 'technical composition of capital'. Marx defines the organic composition of capital as "the value-composition of capital, in so far as it is determined by its technical composition and mirrors the changes of the latter". The 'technical composition of capital' measures the relation between the elements of constant capital (plant, equipment and materials) and variable capital (wage workers). It is 'technical' because no valuation is here involved. In contrast, the 'value composition of capital' is the ratio between the value of the elements of constant capital involved in production and the value of the labor. Marx found that the special concept of 'organic composition of capital' was sometimes useful in analysis, since it assu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Marxian Economics
Marxian economics, or the Marxian school of economics, is a Heterodox economics, heterodox school of political economic thought. Its foundations can be traced back to Karl Marx, Karl Marx's Critique of political economy#Marx's critique of political economy, critique of political economy. However, unlike Critique of political economy, critics of political economy, Marxian economists tend to accept the concept of economy, the economy prima facie. Marxian economics comprises several different theories and includes multiple schools of thought, which are sometimes opposed to each other; in many cases Marxian analysis is used to complement, or to supplement, other economic approaches. Because one does not necessarily have to be politically Marxism, Marxist to be economically Marxian, the two adjectives coexist in usage, rather than being synonymous: They share a semantic field, while also allowing both connotation, connotative and denotation, denotative differences. Marxian economics ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
