The Review of Austrian Economics, 17:1, 135–137, 2004. c 2004 Kluwer Academic Publishers. Manufactured in The Netherlands. Review Peter Lewin (1999) Capital in Disequilibrium: The Role of Capital in a Changing World, Routledge, 255 + ix pp., $100.00. Since the path breaking work of Mises and Hayek on capital theory in the 1930s and 1940s, Austrian economists have produced three major works in the ﬁeld: Ludwig Lachmann’s Capital and Its Structure, Israel Kirzner’s An Essay on Capital, and the book under review here. Each of the three has its own virtues. Lachmann highlighted the subjective nature of capital, the role of capital gains and losses in transforming the production structure, and he brilliantly connected the activities of the ﬁnancial markets to capital theory. Kirzner, mean- while, clariﬁed (as always) the views of his mentor, Mises, and illuminated the relationship of those ideas to the broad sweep of capital theory. Lewin’s book both incorporates and extends the insights of Lachmann and Kirzner. Much like Kirzner, he is able to relate Austrian capital theory to ideas from both the main- stream and other heterodox schools. And, like Kirzner, he deftly avoids the two traps facing Austrian theorists in discussing neoclassical ideas:
The Review of Austrian Economics – Springer Journals
Published: Oct 18, 2004
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