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Technischer Fortschritt und Beschäftigung in kapitaltheoretischer Sicht
Journal of Contextual Economics – Schmollers Jahrbuch, Vol. 95 (1975), Iss. 2 : pp. 135–170
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Fehl, Ulrich
Cited By
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Studies in Austrian Capital Theory, Investment and Time
A Neo-Austrian Two-Period Multisector Model of Capital
Bernholz, Peter
Faber, Malte
Reiss, Winfried
1986
https://doi.org/10.1007/978-3-642-51701-3_6 [Citations: 0]
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Abstract
Technical progress can be classified according to its effect on the average period of production. This classification intending a rehabilitation of this fundamental conception of Austrian capital theory seems to be more suggestive than the corresponding nomenclature of Hicks’ “Capital and Time’, to which it is confronted. Lengthening or shortening of the period of production implies different volumes of net saving required for the maintenance of full employment. Consequently the problem has to be viewed under short and long run aspects: Whereas the real wage rate can and - for the sake of full employment - possibly must increase in the long run it may - asa special form of saving - be bound to decrease at the beginning of the process by which the economy adapts itself to the new technique. Presumably this constellation prevails at the beginning of industrialisation processes