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Capital in the new economy: A Schumpeterian perspective

In: Entrepreneurships, the New Economy and Public Policy

Author

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  • Jim Stewart

    (Trinity College)

Abstract

The “dotcom boom” and subsequent collapse raises issues as to the nature of capital and the relationship between capital and investment. Capital in conventional finance, based on the Fisher-Hirshleifer analysis, is defined as postponed consumption and investment is defined as a trade-off between consumption now and in the future. This paper argues that a more satisfactory explanation of the relationship between investment and capital was developed by the Austrian economist Böhm-Bawerk, who identified capital goods as separate from consumption goods, and where the passage of time is fundamental to the accumulation of capital. Such a process assumes risk rather than uncertainty, and does not capture the essence of Schumpeterian investment.

Suggested Citation

  • Jim Stewart, 2005. "Capital in the new economy: A Schumpeterian perspective," Springer Books, in: Uwe Cantner & Elias Dinopoulos & Robert F. Lanzillotti (ed.), Entrepreneurships, the New Economy and Public Policy, pages 163-179, Springer.
  • Handle: RePEc:spr:sprchp:978-3-540-26994-6_10
    DOI: 10.1007/3-540-26994-0_10
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    Cited by:

    1. Różański Jerzy & Kopczyński Paweł, 2017. "The influence of the recent financial crisis on the financial situation of Polish listed companies," Financial Internet Quarterly (formerly e-Finanse), Sciendo, vol. 13(4), pages 110-126, December.

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