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
No comments:
Post a Comment