Böhm-Bawerk (1890:6) defined capital as “a complex of produced means of acquisition“
Hayek (1941:9) capital is represented by non-permanent resources either produced by man or simply given by nature.
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THE AUSTRIAN MODEL
Rothbard (2004:497) only non-permanent produced means of production
Lachmann (1956:11) capital represented by the stock of all material resources, including land.
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Capital
Capital goods are just intermediary products on the (time-consuming) way to the final consumption goods
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Neutopit se v detailu
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Capital
Capital goods are productive since they have the power to create consumption goods.
Although the formation of capital goods precedes in time the creation of consumption goods, the value of the former is derived from the value of the latter.
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Agio (Interest)
A difference between the value of factors of production (or capital goods) and the final value of consumption goods they eventually produce.
Never eliminated by the competition of entrepreneurs.
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Agio - reason
Roundabout process proceeds in time. present capital goods will mature into consumption goods in the future;
in essence, they are future consumption goods.
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Agio
PRESENT goods are, as a rule, worth more than future goods of like kind and number. This proposition is the kernel and centre of the interest theory which I have to present. (Böhm-Bawerk 1891:248)
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Interest – Ground 1
people are better provided for in the future than in the present (growing Y*)
MU(PG) > MU(FG), since Q_PG < Q_FG
much less tenable in a stationary economy.
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Interest – Ground 2
the inner inclination of man to systematically underestimate his future wants
Mises: Satisfaction today preferred to satisfaction tomorrow
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Interest – Ground 2
The second ground should hold also in the stationary economy.
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Ground 1 + 2
Saving on the Loanable funds market
Time preference !!!
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1. a 2. důvod
Když se člověk má vzdát současných statků, požaduje vyšší úrok (úrokovou míru r)
... Protože mu roste MU z PG (dnes chudne) a klesá MU z FG (v budoucnu bohatne)
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Ground 3 – Roundabout methods
present goods are technically superior to future goods
factors of production in time-consuming roundabout methods are more productive
Having present goods, factors of production from processes that provide consumption goods directly can be released to longer methods
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3. důvod
Prodloužení času výroby zvýší budoucí výstup, avšak přírůstky jsou stále menší.
Díky této klesající mezní produktivitě kapitálu jsou ochotny firmy investovat více pouze tehdy, pokud se úroková míra sníží.
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Při rnat lidé spoří přesně tolik, kolik chtějí firmy investovat
Poptávka po PG = nabídce PG
Poptávka po FG = nabídce FG
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Udržitelný hospodářský růst
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DECREASE IN TIME PREFERENCE
People start to save more.
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…the Hayek triangle becomes flatter and the roundaboutness of production increases.
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Salerno (2001) : only a permanently decreasing time
preference could lead to a permanently increasing output.