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A comprehensive graphical exposition of the macroeconomic theory of Böhm-Bawerk

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  • Renaud Fillieule

Abstract

This paper offers a comprehensive graphical exposition of Böhm-Bawerk's formalised macroeconomic theory. This graphical model is used here for the first time to study the effects of the changes in the explanatory variables (quantity of capital, number of workers and level of technical knowledge) on the dependent variables (interest rate, wage and period of production). This systematic application of the model shows that some of the conclusions drawn by Böhm-Bawerk are incorrect and need to be amended. A comparison with Solow's model also shows that Böhm-Bawerk can legitimately be considered as one of the main originators of the standard contemporary approach in macroeconomics of equilibrium and growth.

Suggested Citation

  • Renaud Fillieule, 2015. "A comprehensive graphical exposition of the macroeconomic theory of Böhm-Bawerk," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 22(2), pages 300-321, April.
    • Handle: RePEc:taf:eujhet:v:22:y:2015:i:2:p:300-321
    DOI: 10.1080/09672567.2013.792372
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    References listed on IDEAS

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    1. Hayek, F. A. & Caldwell, Bruce, 2007. "The Pure Theory of Capital," University of Chicago Press Economics Books, University of Chicago Press, number 9780226320991 edited by White, Lawrence H., December.
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