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The Hayek Triangle

In: Austrian Theory of Capital and Business Cycle

Author

Listed:
  • Pavel Potuzak

    (Prague University of Economics and Business)

Abstract

This chapter introduces a modelling tool developed by Friedrich August von Hayek, the Hayek triangle, which is used to describe capital structure. At its heart is a discussion with Frank Knight and his idea that capital represents a homogenous mass that is automatically maintained. The model shows that capital has its own structure that cannot be ignored, and that the maintenance of capital is not automatic. This chapter also introduces the natural rate of interest and its relation to the slope of the Hayek triangle.

Suggested Citation

  • Pavel Potuzak, 2022. "The Hayek Triangle," Springer Books, in: Austrian Theory of Capital and Business Cycle, chapter 0, pages 21-38, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-18728-5_3
    DOI: 10.1007/978-3-031-18728-5_3
    as

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