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Book

Capital and Finance

Book

Capital and Finance

DOI link for Capital and Finance

Capital and Finance book

Theory and History

Capital and Finance

DOI link for Capital and Finance

Capital and Finance book

Theory and History
ByPeter Lewin, Nicolás Cachanosky
Edition 1st Edition
First Published 2020
eBook Published 3 July 2020
Pub. Location London
Imprint Routledge
DOI https://doi.org/10.4324/9780429031687
Pages 162
eBook ISBN 9780429031687
Subjects Economics, Finance, Business & Industry
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Lewin, P., & Cachanosky, N. (2020). Capital and Finance: Theory and History (1st ed.). Routledge. https://doi.org/10.4324/9780429031687

ABSTRACT

This book applies finance to the field of capital theory. While financial economics is a well-established field of study, the specific application of finance to capital theory remains unexplored. It is the first book to comprehensively study this financial application, which also includes modern financial tools such as Economic Value Added (EVA®).

A financial application to the problem of the average period of production includes two discussions that unfold naturally from this application. The first one relates to the dual meaning of capital, one as a monetary fund and the other one as physical (capital) goods. The second concerns its implications for business-cycle theories. This second topic (1) provides a solid financial microeconomic foundation for business cycles and, also (2) makes it easy to compare different business-cycle theories across the average period of production dimension. By clarifying the obscure concept of average period of production, the authors make it easier to analyze the similarities with and differences from other business-cycle theories.

By connecting finance with capital theory, they provide a new point of view and analysis of the long-standing problems in capital theory as well as other related topics such as the use of neoclassical production functions and theorizing about business cycles. Finally, they emphasize that the relevance of their application rests on both its policy implications and its contributions to contemporary economic theory.

TABLE OF CONTENTS

chapter |4 pages

Introduction

part Part I|26 pages

Capital, production, and time

chapter Chapter 1|12 pages

Capital, income, and the time-value of money

chapter Chapter 2|12 pages

Discount rates and time

part Part II|60 pages

History of capital theory

chapter Chapter 3|14 pages

Menger and Böhm-Bawerk

Foundations of Austrian capital theory

chapter Chapter 4|18 pages

Hayek’s capital theory and Austrian business-cycle theory

chapter Chapter 5|11 pages

Ludwig Lachmann and the capital structure

chapter Chapter 6|7 pages

Ludwig von Mises and capital from a financial perspective

chapter Chapter 7|8 pages

John Hicks and capital in the aggregate production function

part Part III|48 pages

Financial applications

chapter Chapter 8|14 pages

The EVA® framework

chapter Chapter 9|8 pages

EVA and microeconomics

chapter Chapter 10|13 pages

EVA and macroeconomics

chapter Chapter 11|9 pages

EVA and institutions

chapter Chapter 12|2 pages

Concluding remarks

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