ON CAPITAL, TIME AND THE NEOCLASSICAL PARABLES

DAVID BIGMAN

doi:10.1111/j.1465-7295.1979.tb00535.x

ON CAPITAL, TIME AND THE NEOCLASSICAL PARABLES

DAVID BIGMAN

Department of Economics

Research output: Contribution to journal › Article › peer-review

1 Scopus citations

Abstract

Many of the paradoxes in capital theory arise from seeking a purely ‘physical’ measure for the aggregate stock of capital. Several recent papers made it clear that heterogeneous capital outfits cannot be measured by a single aggregate index which is independent of the rate of interest. This paper defines and proves the general properties of an index of capital intensity — the degree of ‘roundaboutnes’— which admits both the physical and the time dimensions of capital. A modified form of the neoclassical parables is defined and proved to be universally valid despite reswitching.

Original language	English
Pages (from-to)	359-370
Number of pages	12
Journal	Economic Inquiry
Volume	17
Issue number	3
DOIs	https://doi.org/10.1111/j.1465-7295.1979.tb00535.x
State	Published - 1 Jan 1979

ASJC Scopus subject areas

General Business, Management and Accounting
Economics and Econometrics

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ON CAPITAL, TIME AND THE NEOCLASSICAL PARABLES

Abstract

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