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Time, Capital And The Structure Of Production

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  • IFRIM MIHAELA

    (ALEXANDRU IOAN CUZA UNIVERSITY OF IASI, FACULTY OF ECONOMICS AND BUSINESS ADMINISTRATION)

Abstract

The doctrinal monopolizing of the modern economic theory by supporters of Monetarism and Keynesism deprived it by one of its essential components- the capital theory. Emphasising the role of monetary and fiscal policies has diverted the concerns for real economy and its productive structures. It was constantly overlooked that any fluctuation in the monetary economy is soon translated into fluctuations in the real economy, in its structure of production.This reality requires the inclusion, in any serious analysis of the cyclical fluctuations, of the capital theory and of the role of time in the processes of production. The paper aims to highlight how the structure of production responds to interest rate cuts by extending, simultaneous, investment and consumption. We obtain the picture of an economy that works beyond the limits imposed by its resources, which justifies the emergence of economic crises and depressions.

Suggested Citation

  • Ifrim Mihaela, 2014. "Time, Capital And The Structure Of Production," Annals - Economy Series, Constantin Brancusi University, Faculty of Economics, vol. 2, pages 206-210, April.
    • Handle: RePEc:cbu:jrnlec:y:2014:v:2:p:206-210
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    References listed on IDEAS

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    1. repec:ucp:bkecon:9780226320625 is not listed on IDEAS
    2. Solow, Robert M, 1997. "Is There a Core of Usable Macroeconomics We Should All Believe In?," American Economic Review, American Economic Association, vol. 87(2), pages 230-232, May.
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