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The Capital Idea and the Scope of Economics

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  • Peter Lewin

Abstract

This paper traces the idea of Capital from Adam Smith to modern times and shows how different conceptions of Capital give rise to different approaches to economics and the range of problems that can be investigated. A structural, as opposed to a stock, approach to Capital is shown to be more conducive to a studies of business institutions and practices, and to rules, institutions and standards in a changing world. Copyright Springer Science + Business Media, Inc. 2005

Suggested Citation

  • Peter Lewin, 2005. "The Capital Idea and the Scope of Economics," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 18(2), pages 145-167, June.
    • Handle: RePEc:kap:revaec:v:18:y:2005:i:2:p:145-167
    DOI: 10.1007/s11138-005-6824-3
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    References listed on IDEAS

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    1. Robert J. Barro, 1998. "Determinants of Economic Growth: A Cross-Country Empirical Study," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262522543, April.
    2. Romer, Paul M, 1990. "Are Nonconvexities Important for Understanding Growth?," American Economic Review, American Economic Association, vol. 80(2), pages 97-103, May.
    3. Klaus H. Hennings & Heinz D. Kurz, 1997. "The Austrian Theory of Value and Capital," Books, Edward Elgar Publishing, number 839.
    4. Peter Lewin & Steven E. Phelan, 2002. "Rents and Resources: A Market Process Perspective," Chapters, in: Nicolai J. Foss & Peter G. Klein (ed.), Entrepreneurship and the Firm, chapter 11, Edward Elgar Publishing.
    5. Nicolai J. Foss & Peter G. Klein (ed.), 2002. "Entrepreneurship and the Firm," Books, Edward Elgar Publishing, number 2377.
    6. Peter Lewin, 1997. "Capital in Disequilibrium: A Reexamination of the Capital Theory of Ludwig M. Lachmann," History of Political Economy, Duke University Press, vol. 29(3), pages 523-548, Fall.
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    Cited by:

    1. Ferlito, Carmelo, 2014. "Ludwig M. Lachmann Against the Cambridge School. Macroeconomics, Microfoundations, Expectations, Rate of Profit, Equilibrium and Innovations," MPRA Paper 67709, University Library of Munich, Germany, revised 22 Jan 2015.
    2. Ferlito, Carmelo, 2014. "Il Ciclo Naturale. Perche' le fluttuazioni economiche sono inevitabili. Un'estensione schumpeteriana della teoria austriaca del ciclo economico [The Natural Cycle: Why Economic Fluctuations are Ine," MPRA Paper 67712, University Library of Munich, Germany.
    3. Eduard Braun, 2020. "Capital as in capitalism, or capital as in capital goods, or both?," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 33(3), pages 383-395, September.
    4. Anthony M. Endres & David A. Harper, 2012. "The kinetics of capital formation and economic organisation," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 36(4), pages 963-980.
    5. Ferlito, Carmelo, 2015. "At the Root of Economic Fluctuations: Expectations, Preferences and Innovation. Theoretical Framework and Empirical Evidences," MPRA Paper 67708, University Library of Munich, Germany.
    6. Ferlito, Carmelo, 2018. "The Malaysian Property Boom and Bust Cycle: History Repeating?," EconStor Conference Papers 190772, ZBW - Leibniz Information Centre for Economics.
    7. Peter Lewin & Howard Baetjer, 2011. "The capital-based view of the firm," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 24(4), pages 335-354, December.
    8. Miroslav Kollár, 2007. "Struktura výroby, vnitroodvětvový obchod a jejich relevance pro teorii optimálních měnových oblastí [Structure of production, intraindustry trade and their relevance for the optimum currency areas ," Politická ekonomie, Prague University of Economics and Business, vol. 2007(5), pages 603-624.

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