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Capital and the production process: a critical evaluation of the Böhm-Bawerk-Clark debate and its relation to current capital theory.
dc.contributor.advisor | Ekelund, Robert B. | |
dc.creator | Gay, David Edward Ryan | |
dc.date.accessioned | 2020-01-08T17:22:53Z | |
dc.date.available | 2020-01-08T17:22:53Z | |
dc.date.created | 1973 | |
dc.identifier.uri | https://hdl.handle.net/1969.1/DISSERTATIONS-153925 | |
dc.description.abstract | The Böhm-Bawerk- Clark debate is overlooked and misinterpreted in capital theory, despite its influence to the present. Current references to the debate are almost non-existent, or misleading, despite the length and volume of the debate (nearly twenty years, thirty articles, and at least four books). References in the debate are generally from the Quarterly Journal of Economies (1890-1910) with citations from the English Translations, by William Smart, of B öhm-Bawerk's Positive Theory of Capital. The capital theory models attributed to Böhm-Bawerk and Clark were developed from different premises. Böhm-Bawerk developed a period of production model, where time is the essential element in a discontinuous production process. In contrast, Clark developed a real capital model, where capital is interpreted as a permanent substance in a continuous production process (where time is not the essential element). They clashed, basically, on three issues: 1) the role of capital in production, 2) estimating the capital/labor ratio, and 3) the determination of interest rates. After the debate, Clark's interpretation generally dominated economic thought in the English-speaking world. Essentially this dissertation studies the capital theory model of each protagonist in order 1) to mathematically and graphically formalize each model and 2) to demonstrate how they reached the same conclusion, i.e., as the capital/labor ratio increased, output per worker increased, and the wage rate/rate of interest ratio increased. In other words, they "proved" the current neoclassical capital theory proposition, i.e., factor markets are related to output markets so that capital accumulation leads to greater output per capita. | en |
dc.format.extent | 223 leaves | en |
dc.format.medium | electronic | en |
dc.format.mimetype | application/pdf | |
dc.language.iso | eng | |
dc.rights | This thesis was part of a retrospective digitization project authorized by the Texas A&M University Libraries. Copyright remains vested with the author(s). It is the user's responsibility to secure permission from the copyright holder(s) for re-use of the work beyond the provision of Fair Use. | en |
dc.rights.uri | http://rightsstatements.org/vocab/InC/1.0/ | |
dc.subject.classification | 1973 Dissertation G285 | |
dc.title | Capital and the production process: a critical evaluation of the Böhm-Bawerk-Clark debate and its relation to current capital theory. | en |
dc.type | Thesis | en |
thesis.degree.discipline | Economics | en |
thesis.degree.grantor | Texas A&M University | en |
thesis.degree.name | Doctor of Philosophy | en |
thesis.degree.level | Doctoral | en |
thesis.degree.level | Doctorial | en |
dc.contributor.committeeMember | Allen, William R. | |
dc.contributor.committeeMember | Chalk, Alfred F. | |
dc.type.genre | dissertations | en |
dc.type.material | text | en |
dc.format.digitalOrigin | reformatted digital | en |
dc.publisher.digital | Texas A&M University. Libraries |
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