type="main" xml:id="geer12030-abs-0001" <title type="main">Abstract</title> <p>Modernized Austrian capital theory implies: in capital market equilibrium without public debt the average period of production equals the average waiting period of households. In the twenty-first century and for the OECD plus China area,...</p>

Two theorems are presented that show the following: Assume that preferences are influenced by past consumption. If and only if preferences are adaptive, it is the case that all improvement sequences are acyclic and thus can be a basis for doing welfare economics. It is further argued that...