Capital theory is a cornerstone of modern economics. Its ideas are
fundamental for dynamic equilibrium theory and its concepts are
applied in many branches of economics like game theory, resource
and environmental economics, although this may not be recognized on
a first glance. In this monograph, an approach is presented, which
allows to derive important results of capital theory in a coherent
and readily accessible framework. A special emphasis is given on
infinite horizon and overlapping generations economics.
Irreversibility of time, or the failure of the market system appear
in a different light if an infinite horizon framework is applied.
To bridge the gap between pure and applied economic theory, the
structure of our theoretical approach is integrated in a computable
general equilibrium model.
General
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