학술저널
Austrian Capital Theory and "Dynamic" Analysis of Schumpeter vs. Hayek
- 서울대학교 경제연구소
- Seoul Journal of Economics
- Seoul Journal of Economics Volume 5 No.2
-
1992.06167 - 192 (25 pages)
- 2
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Following the Austrian approach, both Schumpeter and Hayek view capital as advance. However, Schumpeter is more interested in the equilibrium breaking process due to technical innovation, whereas Hayek concerns about the equilibrating process toward stationary state. Schumpeter avoids applying the dynamic analysis in the usual sense to capitalist development, which is basically unstable. On the other hand, Hayek tries not only to analyze the adjustment process but also to refine the intertemporal equilibrium concept.
Abstract
Ⅰ. Introduction
Ⅱ. Schumpeter's Theory of Interest and Profit
Ⅲ. Hayek's Analysis of Equilibrium and Business Cycle
Ⅳ. Concluding Remarks
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