Capital in Disequilibrium: The Role of Capital in a Changing World (Routledge Foundations of the Market Economy)

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. Book Cover......Page 1 Title......Page 4 Contents......Page 5 Acknowledgments......Page 8 Introduction and outline......Page 12 Background: equilibrium and change......Page 24 What does equilibrium mean? A discussion in the context of modern Austrian ideas......Page 26 Equilibrium and expectations re-examined: a different perspective......Page 40 Capital, interest, and profits......Page 56 Capital in historical perspective......Page 58 Modern capital theory......Page 83 The Hicksian marriage of capital and time......Page 96 The nature of interest and profits......Page 111 Capital in a dynamic world......Page 122 Modern Mengerian capital theory......Page 126 Capital and business organizations......Page 145 Organizations, money, and calculation......Page 171 Human capital......Page 186 Human capital, the nature of knowledge, and the value of knowledge......Page 213 Conclusion......Page 224 Notes......Page 229 Bibliography......Page 249 Index......Page 261 1. Introduction And Outline -- Pt. I. Background: Equilibrium And Change. 2. What Does Equilibrium Mean? A Discussion In The Context Of Modern Austrian Ideas. 3. Equilibrium And Expectations Re-examined: A Different Perspective -- Pt. Ii. Capital, Interest, And Profits. 4. Capital In Historical Perspective. 5. Modern Capital Theory. 6. The Hicksian Marriage Of Capital And Time. 7. The Nature Of Interest And Profits -- Pt. Iii. Capital In A Dynamic World. 8. Modern Mengerian Capital Theory. 9. Capital And Business Organizations. 10. Organizations, Money, And Calculation. 11. Human Capital. 12. Human Capital, The Nature Of Knowledge, And The Value Of Knowledge. 13. Conclusion. Peter Lewin. Includes Bibliographical References (pages 238-249) And Index. Book Cover 1 Title 4 Contents 5 Acknowledgments 8 Introduction and outline 12 Background: equilibrium and change 24 What does equilibrium mean? A discussion in the context of modern Austrian ideas 26 Equilibrium and expectations re-examined: a different perspective 40 Capital, interest, and profits 56 Capital in historical perspective 58 Modern capital theory 83 The Hicksian marriage of capital and time 96 The nature of interest and profits 111 Capital in a dynamic world 122 Modern Mengerian capital theory 126 Capital and business organizations 145 Organizations, money, and calculation 171 Human capital 186 Human capital, the nature of knowledge, and the value of knowledge 213 Conclusion 224 Notes 229 Bibliography 249 Index 261 Economics Annotation Drawing on the work of the Austrian School and its heirs, Capital in Disequilibriumdevelops 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 This first part of this work consists of two chapters (2 and 3).