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Books > Business & Economics > Economics > Economic theory & philosophy
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Capital and Finance - Theory and History (Paperback)
Loot Price: R1,492
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Capital and Finance - Theory and History (Paperback)
Series: Routledge International Studies in Money and Banking
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This book applies finance to the field of capital theory. While
financial economics is a well-established field of study, the
specific application of finance to capital theory remains
unexplored. It is the first book to comprehensively study this
financial application, which also includes modern financial tools
such as Economic Value Added (EVA (R)). A financial application to
the problem of the average period of production includes two
discussions that unfold naturally from this application. The first
one relates to the dual meaning of capital, one as a monetary fund
and the other one as physical (capital) goods. The second concerns
its implications for business-cycle theories. This second topic (1)
provides a solid financial microeconomic foundation for business
cycles and, also (2) makes it easy to compare different
business-cycle theories across the average period of production
dimension. By clarifying the obscure concept of average period of
production, the authors make it easier to analyze the similarities
with and differences from other business-cycle theories. By
connecting finance with capital theory, they provide a new point of
view and analysis of the long-standing problems in capital theory
as well as other related topics such as the use of neoclassical
production functions and theorizing about business cycles. Finally,
they emphasize that the relevance of their application rests on
both its policy implications and its contributions to contemporary
economic theory.
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