Capital and finance : theory and history /: theory and history. (2020)

• Record Type: Book
• Further Information: Note: Peter Lewin, Nicolás Cachanosky.
• Authors: Lewin, Peter, 1948-; Cachanosky, Nicolás, 1981-
• Contents: List of Figures List of Tables Preface Introduction PART I CAPITAL, PRODUCTION, AND TIME 1. Capital, Income, and the Time-Value of Money 1.1 Capital and Income 1.1.1 Ideas matter 1.1.2 Assets and liabilities, income and expenditure 1.2 The Time-Value of Money and the Money-Value of Time 1.2.1 The Time-Value of Money: Investment decisions 1.3 Investment decisions and the money-value of time – the important concept of duration 2. Discount rates and time 2.1 Duration 2.2 The uses and limitations of D 2.2.1 Modified duration and immunization 2.2.2 Convexity 2.2.3 Too many unknowns? 2.3 Using polynomial roots 2.4 Summary Conclusion PART II HISTORY OF CAPITAL THEORY 3. Menger and Böhm-Bawerk: Foundations of Austrian Capital Theory 3.1 Menger’s theory of capital 3.1.1 Value is subjective, all the way down 3.1.2 Production takes time 3.2 Böhm-Bawerk’s capital theory 3.2.1 Productivity, average period of production, and roundaboutness 3.2.2 Further issues: Is Böhm-Bawerk’s APP value free? 3.2.3 Further issues: A Böhm-Bawerkian production function? 3.3 Appendix 3.3.1 Böhm-Bawerk’s APP with simple and compounding interest 4. Hayek’s Capital Theory and Austrian Business Cycle Theory 4.1 Hayek’s Austrian Business Cycle Theory 4.1.1 Hayek’s triangle – a special case of Böhm-Bawerk’s special case 4.1.2 Introducing stages of production 4.1.3 The Legacy of Hayek’s Triangle 4.4 Hayek’s Capital theory 4.4.1 Hayek and the Average Period of Production 4.4.2 Beyond the APP, to what? 4.4.3 Capital Consumption and Maintenance when Capital Goods are Heterogeneous and the Future is Uncertain 4.4.4 Permanent Income, it depends on what is Foreseen and What is not Foreseen 5. Ludwig Lachmann and the Capital Structure 5.1 The Heterogeneity of Production Goods and the Austrian school 5.2 The macroeconomic implications of heterogeneity, investment and technological change 57 5.3 Lachmann’s contributions to Austrian Capital Theory in Relation to "Capital as Finance" 5.4 Problems with the Aggregate Production Function 6. Ludwig von Mises and Capital from a Financial Perspective 6.1 Mises’s Financial View of Capital 6.2 Capital as an Historically Specific Concept 6.3 Capital and Production 6.4 Conclusion 7. John Hicks and Capital in the Aggregate Production Function 7.1 John Hick’s Neo-Austrian Capital Framework: Time is Irreversible 7.2 Subjectivising Hicks’s Simple Conceptual Framework 7.3 A Simple Financial Formalization 7.4 Looking forward and looking backward PART III FINANCIAL APPLICATIONS 8. The EVA® Framework 8.1 From Free-Cash-Flow (FCF) to Economic Value Added (EVA®) – separating profit and loss results from investment decisions. 8.2 A Deeper Look: Value Drivers 8.3 What is Capital Intensity? 8.4 Duration, time, capital, and W 8.5 Appendix: The EVA® derivation 9. EVA and Microeconomics 9.1 Relative prices and economic profit in the EVA framework 9.2 International trade 9.3 Cantillon effects 9.4 EVA and the problem of economic calculation under socialism 10. EVA and Macroeconomics 10.1 The Austrian Business Cycle Theory (ABCT): A Credit Induced Business Cycle 10.2 Financial Foundations of ABCT 10.3 Rational Expectations and ABCT 10.4 Extensions of the ABCT 10.4.1 Exchange rates 10.4.2 Risk 10.5 Appendix 11. EVA and Institutions 11.1 Why are Institutions Important? 11.2 EVA and Macroeconomic Performance 11.3 Mapping economic freedom into an EVA analysis 11.3.1 EFW Area 1: Size of Government 11.3.2 EFW Area 2: Legal System and Property Rights 11.3.3 EFW Area 3: Sound Money 11.3.4 EFW Area 4: Freedom to Trade Internationally 11.3.5 EFW Area 5: Regulation 11.4 Conclusions and Summary 12. Concluding Remarks 13. References Index
• Edition: 1st
• Publisher Details: London : Routledge
• Publication Date: 2020
• Extent: 1 online resource, illustrations (black and white)
• Subjects: 332.041; Capital; Finance; Economic value added; Business cycles
• Languages: English
• ISBNs: 9780429631696; 9780429633188; 9780429630200; 9780429031687
• Related ISBNs: 9780367143725
• Notes: Note: Includes bibliographical references and index.; Note: Description based on CIP data; resource not viewed.
• Access Rights: Legal Deposit; Only available on premises controlled by the deposit library and to one user at any one time; The Legal Deposit Libraries (Non-Print Works) Regulations (UK).
• Access Usage: Restricted: Printing from this resource is governed by The Legal Deposit Libraries (Non-Print Works) Regulations (UK) and UK copyright law currently in force.