Technological Progress and Heterogeneity of Capital in Austrian Economics

University:
Swansea University
Course:
FIN520 | Financial Ethics and Accountability
Academic year:

2024
Views:

158

Pages:

2
Author:

Caroline H.

TECHNOLOGICAL PROGRESS AND HETEROGENEITY OF CAPITAL IN AUSTRIAN ECONOMICS 1. Introduction  The Austrian School's perspective on the heterogeneity of capital  The contrast between Austrian and neoclassical views on capital 2. Heterogeneity of Capital  The Austrians' emphasis on the diverse and non-standardizable nature of capital  The significance of heterogeneity in understanding capital's role in the economy 3. Hayek's View on Capital  Hayek's assertion that the supply of capital cannot be treated as a single homogeneous quantity  The implications of heterogeneity for economic analysis 4. Lachman's Points on Capital  Lachman's insights into the heterogeneity of capital  Specificity, complementarity, and capital combinations in the Austrian view 5. Technological Progress in Austrian Economics  Differentiating invention from innovation in the Austrian perspective  The role of innovation in economic progress and growth 6. Böhm-Bawerk's Contribution to Technological Progress Theory  Böhm-Bawerk's link between roundabout production methods and technological advancement  The relationship between capital accumulation, time preference, and innovation 7. Time Preference and Technological Progress  How time preference impacts savings, investments, and technological development  The connection between lower time preference and more complex production processes 8. Risk and Technological Progress  The role of risk-taking in fostering technological progress  The relationship between time preference, risk, and the propensity to save 9. Technological Progress as an Endogenous Process  The efficiency of endogenous factors in driving technological advancement  The contrast between endogenous and exogenous (interventionist) factors in promoting progress 10. Conclusion  Recap of the Austrian perspective on capital's heterogeneity and its impact on technological progress  The central role of time preference, risk-taking, and savings in fostering innovation and economic growth