This Element presents a new framework for Austrian capital theory,
starting from the notion that capital is value. Capital is the
value attributed by the valuer at any moment in time to the
combination of production-goods and labor available for production.
Capital is the result obtained by calculating the current value of
a business-unit or business-project that employs resources over
time. It is the result of a (subjective) entrepreneurial
calculation process that relates the flow of consumptions goods to
the value of the productive resources that will produce those
consumptions goods. The entrepreneur is a ubiquitous calculating
presence. In a review of the development of Austrian capital
theory, by Carl Menger, Eugen von Boehm-Bawerk, Ludwig von Mises,
Friedrich Hayek, Ludwig Lachmann as well as recent contributions,
the Element incorporates the seminal contributions into the new
framework in order to provide a more accessible perspective on
Austrian capital theory.
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