IDEAS home Printed from
   My bibliography  Save this article

Heterogeneity and Time


  • Malte Faber
  • Ralph Winkler


Although heterogeneity and time are central aspects of economic activity, it was predominantly the Austrian School of economics that emphasized these two aspects. In this paper we argue that the explicit consideration of heterogeneity and time is of increasing importance due to the increasing environmental and resource problems faced by humankind today. It is shown that neo-Austrian capital theory, which revived Austrian ideas employing a formal approach in the 1970s, is not only well suited to address issues of structural change and of accompanying unemployment induced by technical progress but also can be employed for an encompassing ecological-economic analysis demanded by ecological economics. However, complexity, uncertainty, and real ignorance limit the applicability of formal economic analysis. Therefore, we conclude that economic analysis has to be supplemented by considerations of political philosophy. Copyright 2006 American Journal of Economics and Sociology, Inc..

Suggested Citation

  • Malte Faber & Ralph Winkler, 2006. "Heterogeneity and Time," American Journal of Economics and Sociology, Wiley Blackwell, vol. 65(3), pages 803-825, July.
  • Handle: RePEc:bla:ajecsc:v:65:y:2006:i:3:p:803-825

    Download full text from publisher

    File URL:
    File Function: link to full text
    Download Restriction: Access to full text is restricted to subscribers.

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    1. Laidler,David, 1999. "Fabricating the Keynesian Revolution," Cambridge Books, Cambridge University Press, number 9780521641739, March.
    2. Marina Colonna & Harald Hagemann, 1995. "The Economics of F.A. Hayek," Books, Edward Elgar Publishing, volume 0, number 101.
    3. Hans-Michael Trautwein, 1996. "Money, Equilibrium, and the Business Cycle: Hayek's Wicksellian Dichotomy," History of Political Economy, Duke University Press, vol. 28(1), pages 27-55, Spring.
    4. White, Lawrence H, 1999. "Hayek's Monetary Theory and Policy: A Critical Reconstruction," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 31(1), pages 109-120, February.
    5. Hicks, J. R., 1979. "Critical Essays in Monetary Theory," OUP Catalogue, Oxford University Press, number 9780198284239, June.
    6. Laidler, D., 1992. "Hayek on Neutral Money and the Cycle," UWO Department of Economics Working Papers 9206, University of Western Ontario, Department of Economics.
    Full references (including those not matched with items on IDEAS)


    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.

    Cited by:

    1. Alessandro Attanasio & Maurizio Maravalle & Giulia Fioravanti, 2012. "Examining Granger causality between atmospheric parameters and radon," Natural Hazards: Journal of the International Society for the Prevention and Mitigation of Natural Hazards, Springer;International Society for the Prevention and Mitigation of Natural Hazards, vol. 62(2), pages 723-731, June.
    2. Wei Zhang & Dong-Sheng Zhang & Li-Xin Wu & Hong-Zhi Wang, 2014. "On-Site Radon Detection of Mining-induced Fractures from Overlying Strata to the Surface: A Case Study of the Baoshan Coal Mine in China," Energies, MDPI, Open Access Journal, vol. 7(12), pages 1-25, December.
    3. Alessandro Attanasio & Maurizio Maravalle, 2016. "Some considerations between radon and earthquakes in the crater of L’Aquila," Natural Hazards: Journal of the International Society for the Prevention and Mitigation of Natural Hazards, Springer;International Society for the Prevention and Mitigation of Natural Hazards, vol. 81(3), pages 1971-1979, April.

    More about this item


    Access and download statistics


    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bla:ajecsc:v:65:y:2006:i:3:p:803-825. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Wiley-Blackwell Digital Licensing) or (Christopher F. Baum). General contact details of provider: .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.