Capital Theory and the Process of Inter-Temporal Coordination: The Austrian Contribution to the Theory of Economic Growth

G. P. Manish, Benjamin Powell

Research output: Contribution to journalArticle

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Abstract

Appreciation of the necessity of the inter-temporal coordination of heterogeneous capital goods is the chief contribution of Austrian economics to the theory of economic growth. Austrian theory illustrates why an institutional environment of freely formed prices predicated on private property is essential for economic growth. This leads Austrians to have a unique take on Solow growth theory, the financing gap model, national economic planning, and aggregative development measures.

Original languageEnglish
Pages (from-to)133-142
Number of pages10
JournalAtlantic Economic Journal
Volume42
Issue number2
DOIs
StatePublished - Jun 2014

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Keywords

  • Austrian economics
  • Economic development
  • Economic growth

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