The way we look at production is the watershed between equilibrium theory and out‐of‐equilibrium theory. Standard production theory is consistent with an equilibrium analytical context, where the attention is drawn on the functioning of a given productive capacity while abstracting from the process through which it comes about. Structural change implies in the first place a distortion of the productive capacity underlying a given functioning of the economy, and its rebuilding in a different shape. This is what a Neo‐Austrian representation of the production process essentially allows to consider: it brings back into analysis the phase of the construction of productive capacity.
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