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- Title
ON CAPITAL, TIME AND THE NEOCLASSICAL PARABLES.
- Authors
Bigman, David
- Abstract
Many of the paradoxes in capital theory arise from seeking a purely 'physical' measure for the aggregate stock of capital. Several recent papers made it clear that heterogeneous capital outfits cannot be measured by a single aggregate index which is independent of the rate of interest. This paper defines and proves the general properties of an index of capital intensity -the degree of 'roundaboutness'--which admits both the physical and the time dimensions of capital. A modified form of the neoclassical parables is defined and proved to be universally valid despite reswitching.
- Subjects
CAPITAL; STOCKS (Finance); ECONOMICS
- Publication
Economic Inquiry, 1979, Vol 17, Issue 3, p359
- ISSN
0095-2583
- Publication type
Article
- DOI
10.1111/j.1465-7295.1979.tb00535.x