Capital and Production

✍ Scribed by Richard von Strigl

• Publisher: Mises Institute
• Year: 2000
• Tongue: English
• Leaves: 202
• Category: Library

✦ Synopsis

Richard Ritter von Strigl (1891-1942) was one of the most brilliant Austrian economists of the interwar period. As professor at the University of Vienna he had a decisive influence on Hayek, Machlup, Haberler, Morgenstern, and other fourth-generation Austrian economists.

Very few classic works on capital and business cycles in the Austrian tradition have been translated from the original German. Now Strigl's important contribution to Austrian capital theory is brought to the English-speaking world for the first time. The book links Eugen von Böhm-Bawerk's production theory and Mises's business cycle theory, and gives a pathbreaking account of the role of consumers' goods within the structure of production.

Translated by Hans-Hermann Hoppe, with an extended introduction by Jörg Guido Hülsmann, Capital and Production is the essential foundation, both in theory and in the history of thought, to Austrian macroeconomics.

✦ Table of Contents

Title page......Page 1
Contents......Page 3
Introduction......Page 5
Foreword......Page 27
1.Factors of Production......Page 29
2.Roundabout Production......Page 30
3.The Length of Roundabout Production......Page 34
4. Relatively Durable Factors of Production......Page 42
5. Forms of Capital......Page 54
1. The Price System......Page 65
2.The Supply of Factors of Production......Page 67
3.The Supply and Demand of Entrepreneurs. The Law of Costs......Page 71
4.Complementary Factors of Production. The "Law of Diminishing Returns" and the Principle of Marginal Productivity......Page 74
5.Capital Interest and the Temporal Regulation of the Structure of Production......Page 80
6.The Supply of Capital......Page 89
7.The Prices of Original Factors of Production in Capitalist Production......Page 93
8.The Principle of Substitution and the Horizontal Connectivity of Prices......Page 104
9.Marginal Productivity and the Formation of Costs. The Static System......Page 107
1.Price System and Price Level......Page 119
2.Capital in the Form of Money Assets......Page 122
3.Credit and Money Interest......Page 137
4.Production Under the Impact of Credit Expansion......Page 148
1.Prenote......Page 163
2.The Two Turning Points of the Business Cycle......Page 165
3.In the Recurrence of Crises Necessary? The Problem of Trade Cycle Policy......Page 179
4.How to Explain the Business Cycle......Page 186
Appendix II: A Postscript on the Concept of Capital......Page 189
Literature......Page 193
Index......Page 197