In Essays on Capital and Interest, Israel Kirzner offers a
consistently 'Austrian'perspective on the problems of capital and
interest theory. In the three classic essays featured in this book,
Professor Kirzner argues that an Austrian approach based on the
pure time preference theory offers an attractive alternative to
both the orthodox neoclassical and the heterodox Sraffian
approaches to economics. The author takes a subjectivist point of
view with all capital and interest phenomena traced to individual
multi-period plans. Capital is seen, in this perspective, not as an
objective mass of tools and equipment, but as the interim state in
which inter-locking multi-period plans have manifested themselves
at a particular point. This consistent subjectivism makes it
possible to present the pure time (Fetter-Mises) preference theory
of interest in understandable terms. Essays on Capital and Interest
begins with an introduction by the author placing his life's work
in the context of twentieth century economics and the decline and
revival of the Austrian school. This volume makes Professor
Kirzner's seminal work available to a wider audience in a major new
edition. It will be welcomed by Austrian economists and all those
concerned with capital and interest theory.
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