Economic Theory

Read e-book online Capital in Disequilibrium: The Role of Capital in a Changing PDF

By Peter Lewin

ISBN-10: 0415147069

ISBN-13: 9780415147064

Drawing at the paintings of the Austrian university and its heirs, Capital in Disequilibrium develops a contemporary, systematic model of capital idea with a view to recommend a brand new method of the topic of economics. unique and provocative in his mirrored image, Lewin deals either a brand new technique and an obtainable dialogue of 1 of crucial, but additionally probably the most tough, components in economics.

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Extra resources for Capital in Disequilibrium: The Role of Capital in a Changing World

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In our interactions we all mark time in the same way and with reference to the same clock so that we are able to synchronize (consciously and subconsciously, overtly and tacitly) most of our actions or, more accurately, our activities (referring to action types or repeated actions). The knowledge of the main kinds of sociocultural rhythms— no matter whether periodical or not—is by itself very important knowledge…. Stripped of their specific qualities, all rhythms and punctuations would disappear, and the whole sociocultural life would turn into a kind of gray flowing fog in which nothing would appear distinct.

14 The analogy with organized sports has been suggested by a number of theorists (for example Hayek 1973:115; Loasby 1994:32). The game is played according to certain fixed rules (although from time to time the rules “evolve” to reflect new realities). The rules (both written and unwritten) are highly predictable. Given a hypothetical contingency, we can predict its resolution. The actual outcomes are uncertain and infinitely variable. That is the point of playing the game. By “outcome” we mean not only the score, but also the pattern of the game in its infinite detail, which is part of the attraction.

If we cared only about the score it would be a simple betting game; we are also interested in seeing how it is played and what unexpected variations are around the corner to delight, intrigue, shock, or disgust us. The game of life, and the game of economic life in particular, is like this in many respects. Most notably it depends on written and unwritten rules and on the resources (the abilities, the equipment, and the experience) of the players. We hope that our team will win, but we usually do not go to war if they do not.

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Capital in Disequilibrium: The Role of Capital in a Changing World by Peter Lewin

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