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The neglect of time in general and of the time structure of
production in particular in mainstream economics led to the rebirth
of the Austrian tradition in the seventies. The names of BERNHCLZ,
HICKS, KIRZNER and VON WEIZSACKER are representative of different
approaches. In 1979 my "Introduction to Modern Austrian Capital
Theory" appeared, in which I unified various papers BERNHOLZ and I
had written. I also linked our approach to those of VON NEUMANN, of
HICKS and of neoclassical capital theory. These "Studies"
supplement and continue my "Introduction" in various ways. With all
the authors of the present volume I have cooperated for several
years. This volume is subdivided into five parts. The first one,
Historical Perspectives, gives first an outline on the development
of Austrian capital theory from its origins to the present. Next it
relates Modern Austrian Capital Theory to SRAFFA's theory and to
the Austrian subjectivists' pure time preference theory of
interest. The latter theory is represented in its opposition to the
traditional productivity-cum-time preference explanation of
interest, which is. common t9 neoclassical and BOHM-BAWERKian
capital theory alike. The Austrian subjectivist pure time
preference theory has been misinterpreted in its recent
presentation, which has led to misunderstandings. It is shown that
there is no real contradiction between the two appoaches.
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