ON CAPITAL, TIME AND THE NEOCLASSICAL PARABLES

DAVID BIGMAN

Research output: Contribution to journalArticlepeer-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 languageEnglish
Pages (from-to)359-370
Number of pages12
JournalEconomic Inquiry
Volume17
Issue number3
DOIs
StatePublished - 1 Jan 1979

ASJC Scopus subject areas

  • Business, Management and Accounting (all)
  • Economics and Econometrics

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