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Why the structure of capital and the useful lives of its components matter: A test based on a model of Austrian descent

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  • George Bitros

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  • George Bitros, 2008. "Why the structure of capital and the useful lives of its components matter: A test based on a model of Austrian descent," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 21(4), pages 301-328, December.
    • Handle: RePEc:kap:revaec:v:21:y:2008:i:4:p:301-328
    DOI: 10.1007/s11138-008-0049-1
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    1. Plosser, Charles I, 1989. "Understanding Real Business Cycles," Journal of Economic Perspectives, American Economic Association, vol. 3(3), pages 51-77, Summer.
    2. Stefan W. Schmitz, 2004. "Uncertainty in the Austrian Theory of Capital," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 17(1), pages 67-85, March.
    3. D. W. Jorgenson & Z. Griliches, 1967. "The Explanation of Productivity Change," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 34(3), pages 249-283.
    4. George C. Bitros, 2008. "The Optimal Lifetime Of Assets Under Uncertainty In The Rate Of Embodied Technical Change," Metroeconomica, Wiley Blackwell, vol. 59(2), pages 173-188, May.
    5. Feldstein, Martin S & Foot, David K, 1971. "The Other Half of Gross Investment: Replacement and Modernization Expenditures," The Review of Economics and Statistics, MIT Press, vol. 53(1), pages 49-58, February.
    6. Marcelo L. Veracierto, 2002. "Plant-Level Irreversible Investment and Equilibrium Business Cycles," American Economic Review, American Economic Association, vol. 92(1), pages 181-197, March.
    7. Hicks, J. R., 1979. "Critical Essays in Monetary Theory," OUP Catalogue, Oxford University Press, number 9780198284239, Decembrie.
    8. Kydland, Finn E & Prescott, Edward C, 1982. "Time to Build and Aggregate Fluctuations," Econometrica, Econometric Society, vol. 50(6), pages 1345-1370, November.
    9. Gordon, Stephen, 1992. "Costs of Adjustment, the Aggregation Problem and Investment," The Review of Economics and Statistics, MIT Press, vol. 74(3), pages 422-429, August.
    10. Daron Acemoglu & Veronica Guerrieri, 2008. "Capital Deepening and Nonbalanced Economic Growth," Journal of Political Economy, University of Chicago Press, vol. 116(3), pages 467-498, June.
    11. Augier, Jose & Augier, Laurent, 2003. "Production Period and Cycles: Several Interpretations in a Neo-Austrian Economic Perspective," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 16(2-3), pages 205-229, September.
    12. Long, John B, Jr & Plosser, Charles I, 1983. "Real Business Cycles," Journal of Political Economy, University of Chicago Press, vol. 91(1), pages 39-69, February.
    13. Eisner, Robert, 1972. "Components of Capital Expenditures: Replacement and Modernization Versus Expansion," The Review of Economics and Statistics, MIT Press, vol. 54(3), pages 297-305, August.
    14. Boddy, Raford & Gort, Michael, 1971. "The Substitution of Capital for Capital," The Review of Economics and Statistics, MIT Press, vol. 53(2), pages 179-188, May.
    15. Peter A. Diamond, 1965. "Technical Change and the Measurement of Capital and Output," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 32(4), pages 289-298.
    16. F. M. Fisher, 1968. "Embodied Technology and the Aggregation of Fixed and Movable Capital Goods," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 35(4), pages 417-428.
    17. R. E. Hall, 1968. "Technical Change and Capital from the Point of View of the Dual," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 35(1), pages 35-46.
    18. Hicks, J R, 1970. "A Neo-Austrian Growth Theory," Economic Journal, Royal Economic Society, vol. 80(318), pages 257-281, June.
    19. Baetjer, Howard, Jr, 2000. "Capital as Embodied Knowledge: Some Implications for the Theory of Economic Growth," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 13(2), pages 147-174, September.
    20. Robert F. Mulligan, 2005. "The Austrian Business Cycle: a Vector Error-correction Model with Commercial and Industrial Loans," Journal of Private Enterprise, The Association of Private Enterprise Education, vol. 21(Fall 2005), pages 59-91.
    21. Franklin M. Fisher, 1965. "Embodied Technical Change and the Existence of an Aggregate Capital Stock," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 32(4), pages 263-288.
    22. Keeler, James P, 2001. "Empirical Evidence on the Austrian Business Cycle Theory," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 14(4), pages 331-351, December.
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    Cited by:

    1. Bitros, George C., 2010. "The Puzzle of the Replacement Ratio in the Context of Renewal Theory," MPRA Paper 19871, University Library of Munich, Germany.
    2. repec:aeb:wpaper:201603:i:3:y:2016 is not listed on IDEAS
    3. Bitros, George C., 2016. "A theory of maintenance expenditures tested on automobile data from Greece," MPRA Paper 70820, University Library of Munich, Germany.
    4. George Bitros, 2010. "The theorem of proportionality in contemporary capital theory: An assessment of its conceptual foundations," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 23(4), pages 367-401, December.
    5. George C. Bitros, 2018. "Monetary Policy, Market Structure and the Income Shares in the U.S," Open Economies Review, Springer, vol. 29(2), pages 383-413, April.
    6. Bitros, George C. & Flytzanis, Elias, 2016. "On the Optimal Lifetime of Real Assets," MPRA Paper 70818, University Library of Munich, Germany.

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    More about this item

    Keywords

    Capital; Investment; Service life; Replacement; Scrapping; Aggregation; E22;
    All these keywords.

    JEL classification:

    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity

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