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Die reine Theorie des Kapitals
1941
by
Hayek
Capital Theory
Austrian School
Capital Accumulation
Economic Goods
Interest Rates
Time Preference
Capital Structure
Equilibrium
Eugen von Bohm-Bawerk
Investment
John Maynard Keynes
Liquidity
Productivity
William Stanley Jevons
Business Cycle Theory
Knut Wicksell
Methodology
Monetary Theory
Interest Theory
Joseph Schumpeter
Frank Knight
Labor Theory of Value
Acceleration Principle
Capital Goods
Alfred Marshall
Stationary Economy
Expectations
Auguste Comte
John Stuart Mill
Gunnar Myrdal
Arthur Cecil Pigou
Complementary Goods
Friedrich von Wieser
Fritz Machlup
Leon Walras
Neutral Money
Price Theory
Production Costs
Say's Law
Money Market
Saving
Profit and Loss
Fixed Capital
Irving Fisher
Ludwig von Mises
Roundabout Production
Capital Consumption
David Ricardo
Carl Menger
Scarcity
Ragnar Frisch
Subsistence Fund
Gustav Cassel
John Bates Clark
Nicholas Kaldor
Karl Marx
Indifference Curves
Resource Allocation
Opportunity Cost
Diminishing Returns
Uncertainty
Francis Ysidro Edgeworth
Depreciation
Adam Smith
Classical Economics
Accounting
Hoarding
Competition
Discount Rate
Friedrich A. Hayek
Monetary Policy
Economic Calculation
Labor Market
Infrastructure
John Hicks
Lionel Robbins
Capital Movements
Raw Materials
Knowledge Economics
Innovation
Nassau Senior
Entrepreneurship
Income Distribution
Underconsumption
Interventionism
Monopoly
Credit Expansion
Trade Unions
Wages
Business Cycles
Money Supply
Velocity of Circulation
Capital Intensity
Gottfried Haberler
Fiduciary Media
Stock Exchange
Banking
Mercantilism
Price Mechanism
Marginal Utility
Forced Saving
Education
Human Capital
Mathematical Economics
Paul Samuelson
Monetary Equilibrium
Joan Robinson
John von Neumann
Liberalism
Table of Contents · 176 segments
1
Front Matter and Publication Metadata
essay
2
General Table of Contents
essay
3
Analytical Table of Contents
essay
4
Preface to the English Edition 1941
essay
5
Part I Introduction, Chapter 1: The Subject of the Investigation Opening
chapter
6
Homogeneous Real Capital and the Interest Rate Fallacy
theoretical
7
Derived Demand, the Acceleration Principle, and Net Investment
theoretical
8
Capital Problems Beyond Stationary Equilibrium
theoretical
9
Why Stationary Equilibrium Is Irrelevant to Capital Theory
theoretical
10
The Ambiguity of Dynamics in Economics
theoretical
11
Nonstationary and Intertemporal Equilibrium as a Fictional Tool
theoretical
12
Investment, Complementarity, and the Coordination of Production Plans
theoretical
13
Why Equilibrium Analysis Must Be in Real Terms
theoretical
14
The Scope and Limits of Analysis in Real Terms
theoretical
15
Real and Monetary Investment Effects and the Meaning of Interest
theoretical
16
Chapter 3 Continued: Interest as a Relative Price and the Limits of Real Analysis
chapter
17
Chapter 4: Relation to Existing Capital Theories
chapter
18
Chapter 5: The Nature of the Capital Problem—Permanent and Nonpermanent Means
chapter
19
Chapter 5 conclusion: latent means and investment
theoretical
20
Chapter 6: duration of production processes and durability of goods
chapter
21
Chapter 7 opening: subsistence fund, nonpermanent capital, and the two-sided capital problem
chapter
22
Reproducibility, near-future services, and critique of capital-fund theories
chapter
23
Output Function and Input Function
chapter
24
The Continuous Production Process
chapter
25
Durable Goods in the Investment Structure
chapter
26
Durable Goods: Constructed Input Curve and Discontinuous Replacement
theoretical
27
The Stock of Durable Goods and the Concept of Production Stages
theoretical
28
Expected Lifetimes of Durable Goods and Empirical Evidence
theoretical
29
Production Time, Jevons’ Investment Figure, and the Combined Durable-Goods Process
theoretical
30
Investment Productivity and the Critique of a Single Investment Period
theoretical
31
Capital Supply, Subsistence Funds, and the Technical Data of Choice
theoretical
32
Marginal Changes in Investment Periods and the Limits of Physical Attribution
theoretical
33
Planning a Constant Output Stream in a Simple Economy
theoretical
34
Two Opposing Transfers in Any Change of Means
theoretical
35
Lengthening the Investment Periods of Individual Input Units
theoretical
36
Compensating Shortening of Other Investment Periods
theoretical
37
Repeating Similar Adjustments Across Future Dates
theoretical
38
Net Effect of the Double Change
theoretical
39
Graphical Illustration of the Reallocation
theoretical
40
Conditions for a Net Gain from Reorganization
theoretical
41
Equal Growth Rates as a Condition for Maximizing the Income Stream
theoretical
42
Necessary Limitation of the Equal-Growth Condition
theoretical
43
Growth Rates When the Kind of Output Changes
theoretical
44
Why Relative Values Change During Adjustment
theoretical
45
Growth Rates When Individual Goods' Values Change
theoretical
46
No Single Rate Represents Investment Productivity
theoretical
47
Chapter 13 Opening: Compound Interest and Interest Intensity
theoretical
48
Growth Rates Over Different Investment Intervals
theoretical
49
Comparing Short and Long Time Spans
theoretical
50
Growth Rates Are Not Simply Proportional to Time
theoretical
51
The Long-Period Rate as the Product of Short-Period Rates
theoretical
52
Interest Intensity or the Instantaneous Rate
theoretical
53
Instantaneous Rate and Effective Interest Rate
theoretical
54
Ambiguity of Rate and Interest as a Proportional Growth Rate
theoretical
55
Chapter 14 Opening: Marginal Productivity of Investment and the Interest Rate
theoretical
56
Allocating Investments Across Periods of Different Length
theoretical
57
Cases Where the Physical Marginal Product Can Be Isolated
theoretical
58
When the Input Function Is Rigid or Only Value-Derivable
theoretical
59
The Point-Input to Point-Output Case
theoretical
60
Equalizing Marginal Productivities Across Investments
theoretical
61
Allocating Investments Among Point-Input Point-Output Processes
theoretical
62
Marginal Productivity of Investment and the Interest Rate
chapter
63
Input, Output, and Capital Stock in Value Terms
chapter
64
The Marginal Value Product of Investment: The Imputation Problem
chapter
65
Time Preference and Its Effects with Constant Investment Returns
chapter
66
Chapter 17 conclusion: productivity, time preference, and stationary equilibrium under constant returns
theoretical
67
Chapter 18 opening: diminishing returns, transformation curves, and the saving path
chapter
68
Time preference as an indirect determinant of interest and the saving-rate response
theoretical
69
Demand for future income and the ambiguous effect of interest on saving
theoretical
70
Finite planning horizons, uncertainty, and expected declines in future services
theoretical
71
Different time-preference rates for different goods and intertemporal value equilibrium
theoretical
72
Chapter 19 opening: competitive equilibrium, distributed means, and production-stage specificity
chapter
73
The circularity problem and the key role of command over consumer goods
theoretical
74
Successive shifts in consumer-goods command, falling returns, and capital-goods prices
theoretical
75
Use and replacement of existing nonpermanent means
theoretical
76
Opening of the section on existing equipment and reinvestment direction
theoretical
77
Effects of Existing Equipment on the Direction of Reinvestment
theoretical
78
Limits to the Profitability of Replacing Equipment with the Same Kind
theoretical
79
The Asymptotic Approach to Stationary Equilibrium
theoretical
80
Why Close Approximation to Stationary Equilibrium Is Unlikely
theoretical
81
Uniform Interest Rate Without Money Lending
theoretical
82
Capital Supply as Such Is Not an Equilibrium Datum
theoretical
83
Chapter 20 Opening: The Accumulation of Capital
chapter
84
Types of Changes to Be Discussed
theoretical
85
Assumption of No Unused Means
theoretical
86
Capital Intensification, Income-Stream Planning, and Net Effects
theoretical
87
Saving and Dissaving
theoretical
88
Foreseen and Unforeseen Saving and the Classical Advances Doctrine
theoretical
89
Savings, Increased Factor Payments, and a Single Unforeseen Act of Saving
theoretical
90
Use of Savings and Redirection of Investment
theoretical
91
What Is Saved Is Not Consumed in the Same Period
theoretical
92
Savings Are Needed Only After New Investment Begins
theoretical
93
Misleading Effects of a Single Uniform Production Period
theoretical
94
Defects of the Analysis Based on a Uniform Production Period
theoretical
95
Spread of Investment Effects Through the Output Stream
theoretical
96
Effects of Foreseen Savings on Entrepreneurs Plans
theoretical
97
Mechanism of Redirecting Investment
theoretical
98
Equalization of Investment Returns at a Lower Rate
theoretical
99
Effect of Investment on the Value of Specific Means
theoretical
100
Source of Higher Remuneration for Permanent Means
theoretical
101
Chapter 21: Capital Accumulation, Output Quantities, and Relative Prices
chapter
102
Deepening, Widening, and Sectoral Effects of Interest-Rate Changes
theoretical
103
Fixed Production Coefficients as a Special Case
theoretical
104
Complex Effects on Relative Values of Different Factors
theoretical
105
Value and Distribution of a Single Homogeneous Input
theoretical
106
Effects on the Relative Value of Different Input Types
theoretical
107
Complementarity Problems in Factor Analysis
theoretical
108
Effects on the Value of Different Capital Goods
theoretical
109
Chapter 22: Dangers of Treating Capital as a Quantitative Fund
chapter
110
Why Capital Quantity Cannot Be Treated as Given in Dynamic Analysis
theoretical
111
Capital Maintenance and the Problem of a Constant Capital Stock under Change
theoretical
112
Foreseen Changes, Money Valuation, and the Rationale for Preserving Capital Value
theoretical
113
The Time Structure of the Income to Be Obtained
theoretical
114
Why Constant Capital Composition or Money Value Does Not Ensure Constant Real Income
theoretical
115
Measured Capital Magnitudes Drop Out of Complete Economic Calculation
theoretical
116
Obsolescence, Depreciation, and Replacement for Equal Future Income
theoretical
117
Capital Income, Total Income, and the Effects on Permanent Resources
theoretical
118
Chapter 23: Reactions to Unforeseen Changes
chapter
119
Relevant Factors in Unforeseen Changes
theoretical
120
Alternative Uses and the Non-Identity of Original Value
theoretical
121
Windfall Gains, Windfall Losses, and Time Preference
theoretical
122
Inventions as the Main Example of Unforeseen Change
theoretical
123
Capital Gains and Capital Losses from Inventions
theoretical
124
Effects of Inventions on Owners of Old Equipment
theoretical
125
Conditions for Profitable Adoption and Depreciation Policy
theoretical
126
Cost Proportions, Capital Release, and the First Two Cases
theoretical
127
Case Three: Lower Operating Costs and Greater Capital Scarcity
theoretical
128
Effects When Durable Means Are Not Completely Specific
theoretical
129
The Probability of Capital-Saving Effects of Inventions
theoretical
130
Inventions, Wages, and the Relative Shares of Labor and Capital
theoretical
131
Chapter 24: Capital Mobility and the Conditions of Capital Preservation
chapter
132
Fixed and Circulating Capital: Traditional Definitions and Mobility
theoretical
133
Circulating Capital and the Income Fund
theoretical
134
Distance from Consumption and the Beginning of Further Mobility Distinctions
theoretical
135
Capital Mobility Across Production Branches
theoretical
136
Accelerated Depreciation and Capital Withdrawal
theoretical
137
Loss, Liquidity, Complementarity, and the Limits of Capital Classification
theoretical
138
The Misleading Fixed-versus-Circulating Capital Distinction
theoretical
139
Entrepreneurial Foresight and Capital Preservation
theoretical
140
Capitalized Windfall Gains Are Not Saving
theoretical
141
Chapter 25: Data Changes and Spontaneous Changes in Capital Quantity
theoretical
142
Capital Value Changes, Saving, Investment, and Divergent Plans
theoretical
143
Comparing Produced and Demanded Income Streams
theoretical
144
Net Investment, Saving-Investment Equality, and Disturbing Factors
theoretical
145
Saving Below Expectations and Actual Capital Consumption
theoretical
146
The Effect of Forced Wage Increases
theoretical
147
Symptoms, Cumulative Capital Depletion, and Caution About Accumulation Concepts
theoretical
148
Part IV Opening and Chapter 26: Short-Run Factors Affecting the Money Interest Rate
chapter
149
Chapter 27: Long-Run Influences on the Interest Rate and the Role of Scarcity
chapter
150
Output-Price Increase, Price Spreads, and Discounted Marginal Products (continued)
theoretical
151
Shortening Production Methods to Adjust Marginal Productivities
theoretical
152
Relative Prices of Input Types under a Higher Profit Spread
theoretical
153
Reduced Investment Requirements and the Rotation of Investment Demand
theoretical
154
Investment per Unit of Output, Profit Spreads, and the Money Rate
theoretical
155
Monetary Investment Demand, Elastic Credit, and the Primacy of Real Scarcity
theoretical
156
Saving Rate, Capital Supply, and Profit/Interest Rates in Disequilibrium
theoretical
157
Interest-Rate Differences as a Monetary and Liquidity Problem
chapter
158
Liquidity Preference and Divergent Movements of Interest and Marginal Profit Rates
theoretical
159
Liquidity, Risk, and Effects of Changes in Relative Asset Liquidity
theoretical
160
Money, Velocity, Asset Liquidity, and Divergent Real Investment Signals
theoretical
161
Self-Reversing Monetary Influences and the Non-Neutrality of Money
theoretical
162
Limits of Monetary Policy and Critique of Short-Termism
theoretical
163
Conclusion of Part IV: The Interest Rate in a Monetary Economy
chapter
164
Appendix 1: Time Preference and Productivity
theoretical
165
Appendix 2: Conversion of Circulating Capital into Fixed Capital
theoretical
166
Appendix 3: Demand for Commodities Is Not Demand for Labor
theoretical
167
Bibliography
bibliography
168
Editor’s Afterword I: Publication Context and Hayek’s Three-Dimensional Capital Theory
essay
169
Editor’s Afterword II: Significance, Applications, and Human Capital
essay
170
Editor’s Afterword III–IV: Convergence, Mathematics, and Perfect Foresight
essay
171
Editor’s Afterword V–VII: Money, Keynes, Capacity Utilization, and Inventories
essay
172
Editor’s Afterword VIII–IX: Böhm-Bawerk, Schumpeter, and Later Capital Theory
essay
173
Literature Cited in the Editor’s Afterword
bibliography
174
Name Index
bibliography
175
Subject Index
bibliography
176
Collected German Writings of Friedrich A. von Hayek: Series Description
essay