Economists are rediscovering capital theory in the wake of the failure of traditional macroeconomic approaches to adequately explain unemployment, economic development and productivity. Drawing on the work of the Austrian School and its heirs, this text develops a modern, systematic version of capital theory in order to suggest a new approach to the subject of economics. Peter Lewin argues that approaches based on equilibrium constructs ignore the crucial role of technological innovation in markets and proposes that economic theory proceeds from the assumption of disequilibrium. It is only in...
Economists are rediscovering capital theory in the wake of the failure of traditional macroeconomic approaches to adequately explain unemployment, eco...
The top left hand side of the keyboard reads "Q-W-E-R-T-Y." Is this inefficient layout an inefficient early development to which we are now forever committed? The "economics of QWERTY" describes cases in which it has been claimed that technologies which have become accepted are not as good as rival technologies. Perhaps they have been "locked in" at an early stage, preventing newer, better possibilities from taking hold.
Distinguished economists Stan Liebowitz and Steven Margolis have critically examined the various aspects of the economics of QWERTY and its implications, calling...
The top left hand side of the keyboard reads "Q-W-E-R-T-Y." Is this inefficient layout an inefficient early development to which we are now forever...
LARGE PRINT EDITION More at LargePrintLiberty.com Taking capital seriously is a distinguishing mark of the Austrian School. The Austrians see capital as decisive in the wealth-formation process, not just a big homogenous blob but an enormously complex structure that is heterogeneous in ways that really matter. This is how it must be in a world of relentless change where every economic decision is a speculation about an unknown future. Professor Lewin provides an excellent summary of the contributions of Bohm-Bawerk, Mises, Hayek, Rothbard, and Lachmann, and goes on to apply their theory...
LARGE PRINT EDITION More at LargePrintLiberty.com Taking capital seriously is a distinguishing mark of the Austrian School. The Austrians see ca...
Drawing on the work of the Austrian School and its heirs, Capital in Disequilibrium develops a modern, systematic version of capital theory in order to suggest a new approach to the subject of economics. Original and provocative in his reflection, Lewin offers both a new approach and an accessible discussion of one of the most important, but also one of the most difficult, areas in economics.
Drawing on the work of the Austrian School and its heirs, Capital in Disequilibrium develops a modern, systematic version of capital theory i...
