These studies of the cost of capital will inspire and guide policy-makers who share the goal of making the allocation of capital in a market economy more efficient.
Volume 1 presents pioneering studies of the cost of capital as a determinant of investment expenditures. The cost of capital summarizes the future consequences of investment essential for current decisions. This concept has become an indispensible tool for studying the dynamics of investment behavior. Both macroeconome tric models and intertemporal general equilibrium models have employed the cost of capital as a determinant of short- and long-term investment expenditures.
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About the Author
Dale W. Jorgenson is Samuel W. Morris University Professor of Economics at Harvard University.
What People are Saying About This
Dale Jorgenson has contributed more than anyone else to our modern understanding of investment spending and its dependence on taxes and other policy instruments. Among other things, he developed the concept of the user cost of capital, and elucidated its fundamental role as a determinant of investment behavior. This important volume brings together many of Jorgenson's most influential papers, describing the theory and measurement of the cost of capital, the dynamics of capital accumulation, and the econometric modeling of investment behavior.
For more than three decades, Dale Jorgenson's theoretical and empirical work on investment has defined the standard of excellence that all others in the area strive to match. This collection of his papers will serve to instruct and inspire researchers and students in the future.
Dale Jorgenson was a pioneer in modern economic dynamics. This book contains his classical original papers on investment, followed by a marvelous collection of subsequent work. For anyone interested in investment behavior, this is the place to start.
Dale Jorgenson is a pioneer and leading figure in the study of investments decisions. This book, which collects many of his classic papers on investment, reminds us of just how central his contributions to the subject have been.
The papers collected in Jorgenson's first investment volume transformed the profession's thinking about investment. Investment theory today always takes the Jorgenson model as the starting point. The work sets an example of tight integration of theory and empirics imitated but rarely matched in other areas of applied economics.
"Dale Jorgenson... is preeminently the master of the territorybetween economics and statistics, where both have to be applied to thestudy of concrete probl ems. His prolonged exploration of thedeterminants of investment spending,whatever its ultimate lessons,will certainly long stand as one of the finest example s in themarriage of theory and practice in economics." John Bates Clark Medal citation by the American Economic Association
The birth and subsequent development of the modern theory of investment is recorded in this book. Jorgenson's work represents a marriage of theory, measurement, and econometrics.
Dale Jorgenson's Cost of Capital launched a revolution in macroeconomics theory by applying microeconomics reasoning about firms and individuals to macroeconomics issues. Capital Theory and Investment Behavior collects all of Jorgenson's seminal works in one volume. It is a book that serious students of both micro and macroeconomics should want to own.