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Capital Theory and the Process of Inter-Temporal Coordination: The Austrian Contribution to the Theory of Economic Growth

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  • G. Manish
  • Benjamin Powell

Abstract

Appreciation of the necessity of the inter-temporal coordination of heterogeneous capital goods is the chief contribution of Austrian economics to the theory of economic growth. Austrian theory illustrates why an institutional environment of freely formed prices predicated on private property is essential for economic growth. This leads Austrians to have a unique take on Solow growth theory, the financing gap model, national economic planning, and aggregative development measures. Copyright International Atlantic Economic Society 2014

Suggested Citation

  • G. Manish & Benjamin Powell, 2014. "Capital Theory and the Process of Inter-Temporal Coordination: The Austrian Contribution to the Theory of Economic Growth," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 42(2), pages 133-142, June.
    • Handle: RePEc:kap:atlecj:v:42:y:2014:i:2:p:133-142
    DOI: 10.1007/s11293-014-9404-8
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    References listed on IDEAS

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    8. G. Manish, 2014. "Qualitative aspects of the Indian growth spurt of the 1980s," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 27(3), pages 325-340, September.
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    Cited by:

    1. Elert, Niklas & Henrekson, Magnus, 2021. "Innovative Entrepreneurship as a Collaborative Effort: An Institutional Framework," Foundations and Trends(R) in Entrepreneurship, now publishers, vol. 17(4), pages 330-435, June.
    2. Giandomenica Becchio, 2018. "Austrian economics and development: The case of Sudha Shenoy’s analysis," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 31(4), pages 439-455, December.
    3. Scott Burns, 2018. "Human Capital and Its Structure," Journal of Private Enterprise, The Association of Private Enterprise Education, vol. 33(Summer 20), pages 33-51.
    4. Niklas Elert & Magnus Henrekson, 2019. "The collaborative innovation bloc: A new mission for Austrian economics," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 32(4), pages 295-320, December.

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    More about this item

    Keywords

    Economic growth; Economic development; Austrian economics; O1; O2; B53;
    All these keywords.

    JEL classification:

    • O1 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development
    • O2 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy
    • B53 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Austrian

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