The interrelationship between capitalization and profitability in banking sector of BRICS countries is studied with reference to existing five capital theories with the help of the ARDL and VECM/VAR models. These models are applied in the panel and individual settings on BRICS banking sector...

In 2022, Cambridge University Press is publishing a 50th anniversary edition of Geoff Harcourt’s Some Cambridge Controversies in the Theory of Capital. There will be two afterwords, preceded with this introduction: You have before you CUP’s 50th anniversary edition of Geoff Harcourt’s Some...

Introductory lectures on capital theory often begin by analyzing the following problem: I have a tree which will be worth X(t) if cut down at time t. If the discount rate is r, when should the tree be cut down? What is the present value of such a tree? The answers to these questions are...

This paper uses Austrian capital theory to illustrate why empirical work can be elusive in typical Austrian themes. It explores the nature of the problem and different alternative solutions to empirical challenges. The paper also discusses the Austrian literature's epistemological approach to...

The paper deals with the continuities and discontinuities between some classical, Austrian and neo-Austrian authors with regard first to the theory of capital and then to the theory of entrepreneurship. Part I focuses on the elements of continuity between the classical and the Austrian theory of...

In order to identify and evaluate an entrepreneurial opportunity calculation is required. The entrepreneur must do more than simply perceive an opportunity to do something new to create value in the marketplace. Insofar as alternative possible actions exist, the entrepreneur must choose between...

1. Introduction -- 2. The Austrian Theory of Capital -- 3. The Böhm-Bawerkian Theory of Capital and Interest -- 4. The Hayek Triangle -- 5. Impact of the Decrease in Time Preference on the Structure of Production -- 6. Possibility of Eternal Growth and Comparison with the Neoclassical Growth...

The Cambridge Capital Controversy was one of the most significant debates in Twentieth Century economics. First published in 1972, this book provides an accessible reconstruction of the controversy with detailed discussion of the major points raised by its primary protagonists: Piero Sraffa and...

"What is money? What is capital? The Spectre of Capital tackles such fundamental questions at a deep philosophical level. It argues that the modern world is ruled by a 'spectre', the spectre of capital. This insight is rooted in an original combination of the ideas of Marx and Hegel. It presents...

The possibility of the reswitching of techniques in Piero Sraffa's intersectoral model, namely the recurring capital-intensive techniques with monotonic changes in the interest rate, is traditionally considered as a paradoxical violation of the assumed convexity of technology putting at stake...

Paul A. Samuelson's (1966) capitulation during the so-called Cambridge controversy on the phenomenon of re-switching of techniques in capital theory had implications not only in pointing at a supposed internal contradiction of the marginal theory of production and distribution, but also in...

Under very general conditions, we construct a micro-macro model for closed economy with a large number of heterogeneous agents. By introducing both financial capital (i.e. valued capital—equities of firms) and physical capital (i.e. capital goods), our framework gives a logically consistent,...

This paper analyzes the similarities and differences of the recent evidence of inequality from Piketty's Capital in the Twenty-First Century and the older Marxist debate on the falling rate of profit in comparison to the development of the modern growth and distribution literature in the...

In a recent contribution to this journal Severino Fratini (2019) offers a critique of our work on Austrian Capital Theory on the grounds that our conception of capital and “roundaboutness”. In this comment we explain why we think this criticism is wrong

Before economists and sociologists came up with their own definitions of the term "capital", it was commonly understood as money invested in businesses by their owners or shareholders, and it continues to be understood this way in everyday business practice. In a recent article, Geoffrey Hodgson...