Introduction to Modern Austrian Capital Theory

During the fifties and the sixties the neoclassical concept of the production function was criticized in numerous papers. In particular, the aggregation of different capital goods into a single number was reprehended. A second essential disadvantage, namely the neglect of the time structure of the production process, found, however, rela­ tively little attention. While up to the thirties the Austrian capital theory which stressed the time aspect of production was an important school, it fel...