Tuesday, April 11, 2017

David F. Ruccio — “Money makes time”

Mainstream economists argue that time makes money. According to the Austrians, production takes time, because of “roundabout” methods, which creates the additional value that flows to capital. Neoclassical economists have a different theory: the return to capital is the reward for savings created by time-deferred consumption. However, in both cases, time is the basis of the value that is captured as profits.*….
Occasional Links & Commentary
“Money makes time”
David F. Ruccio | Professor of Economics, University of Notre Dame

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