Capital Theory and the Process of Inter Temporal Coordination: The Austrian Contribution to the Theory of Economic Growth
Atlantic Economic Journal, Forthcoming
20 Pages Posted: 22 Aug 2016
Date Written: June 2014
Abstract
An appreciation of the necessity of the inter-temporal coordination of heterogeneous capital goods is the chief contribution of Austrian economics to the theory of economic growth. Austrian theory illustrates why an institutional environment of freely formed prices predicated on private property is essential for economic growth. This leads Austrians to have a unique take on Solow growth theory, the financing gap model, national economic planning, and aggregative development measures.
Keywords: Economic Growth, Economic Development, Austrian Economics
JEL Classification: O1, O2, B53
Suggested Citation: Suggested Citation