In this challenging book, the authors demonstrate that economists tend to misunderstand capital. Frank Knight was an exception, as he argued that because all resources are more or less durable and have uncertain future uses they can consequently be classed as capital. Thus, capital rather than...

Contents: 1. Time and space ;an introduction -- 2. Time and capital in economic doctrines -- 3. Space in economic analysis ; from discrete to two-dimensional -- Continuous theory -- 4. Dynamic theories and models ; problems and creative potential -- 5. Time in the microeconomics of consumption...

The first Austrian school was preoccupied with the nature of capital, its time dimension, and the necessity of interest. The second school also focused on economic dynamics, but with an orientation toward issues related to entrepreneurial activity as well as the use of information and knowledge...