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The Austrian Theory of Capital in Relation to Partial Equilibrium Theory

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  • A. Smithies

Abstract

Consideration of durable instruments does not impair the formal validity of the Austrian analysis, 118.—Capital from the point of view of the individual entrepreneur, 122. — Continuity of the production function, 123.— Derivation of time factors from the production function, 124. — Speed of turnover, 125.— Working capital, 129.— Discounted marginal productivity, 132. — Fixed capital, 134. — Cost of services of durable instruments, 135.— Effect of small changes in the rate of interest on the relative employments of rival and complementary factors, 138. — Effect on speed of turnover of capital behavior of relative prices, 149.

Suggested Citation

  • A. Smithies, 1935. "The Austrian Theory of Capital in Relation to Partial Equilibrium Theory," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 50(1), pages 117-150.
    • Handle: RePEc:oup:qjecon:v:50:y:1935:i:1:p:117-150.
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