Goods and Processes
Goods and Processes
This chapter discusses the theoretical rationale behind the book and presents an overview of its three parts. Part I introduces a method called ‘neo-Austrian’, based on the ‘Austrian theory of capital’ — the theory of B öhm-Bawerk that was subsequently elaborated by Wicksell and Hayek. The neo-Austrian theory differs from the old Austrian theory in one essential respect. Like Böhm-Bawerk (or Hayek), the general productive process is composed of a number of separable elementary processes. The separability is essential, and it is of course not wholly realistic. It is a leaving-out of one kind of complication, in the hope that by doing so we shall be able to see the rest of the problem more clearly. Part II, by contrast, launches out from the Steady State, and examines the paths along which the model can adjust itself to new conditions. Part III discusses some controversial issues on which the book may be found to throw some light.
Keywords: neo-Austrian, Austrian theory, separable elementary processes, Böhm-Bawerk, Hayek
Oxford Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.
Please, subscribe or login to access full text content.
If you think you should have access to this title, please contact your librarian.
To troubleshoot, please check our FAQs , and if you can't find the answer there, please contact us .
