Work detail

The Theory of Capital in Past Economic Thought

Author: Bc. Natálie Tejkalová
Year: 2011 - summer
Leaders: Jan Průša M.Phil. (Cantab), Ph.D.
Work type: Bachelors
Language: English
Pages: 118
Awards and prizes: B.A. with distinction from the Dean of the Faculty of Social Sciences for an extraordinarily good bachelors diploma thesis.
Abstract: The objective of this thesis is to provide an overview of the development of the theory of
capital until 1950´s. We identify the main questions that are to be answered in the theory of
capital and then recall the respective opinions of several well-known economists, including
Adam Smith, Eugene von Böhm-Bawerk, Fridrich A. von Hayek and Joan Robinson. Main
focus of our thesis is on the role of capital in production. We discuss the importance of
time factor in capital theories. To illustrate the possible employment of time in the theory
of production, we present the concepts of roundaboutness and production period, which are
typical for the Austrian economic school. Three capital controversies are described to show
the contrast between various theories of capital and to suggest the implications of their
disaccord for the whole economic theory.
Downloadable: Bachelor Thesis of Tejkalová


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