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Peter Lewin
University of Texas at Dallas
85Publications
15H-index
652Citations
Publications 86
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Last.Christopher TorrH-Index: 2
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The Symposium on “The Legacy of Ludwig Lachmann: Interdisciplinary Perspectives on Institutions, Agency and Uncertainty” stood out also because of a plenary session organized as a roundtable discussion on “Reminiscences of Lachmann” with the participation of Martin Fransman, Peter Lewin, Jochen Runde and Christopher Torr, and Giampaolo Garzarelli as moderator. The text that follows reports the interesting views about Lachmann’s public as well as private persona that emerged from the roundtable.
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#1Peter Lewin (UTD: University of Texas at Dallas)H-Index: 15
#2Nicolas Cachanosky (Metropolitan State University of Denver)H-Index: 9
In a recent contribution to this journal Saverio Fratini (Review of Austrian Economics, 2019) offers a critique of our work on Austrian Capital Theory on the grounds that our conception of capital and “roundaboutness” does not appear to provide adequate support for the Austrian business-cycle theory. In this comment we explain why we think this criticism is wrong.
1 CitationsSource
#1Giampaolo Garzarelli (University of the Witwatersrand)H-Index: 8
#2Peter Lewin (UTD: University of Texas at Dallas)H-Index: 15
Last.Bill TullohH-Index: 1
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1 CitationsSource
#1Peter Lewin (UTD: University of Texas at Dallas)H-Index: 15
#2Nicolas Cachanosky (Metropolitan State University of Denver)H-Index: 9
2 Citations
#1Peter LewinH-Index: 15
#2Nicolas CachanoskyH-Index: 9
This Element presents a new framework for Austrian capital theory, starting from the notion that capital is value. Capital is the value attributed by the valuer at any moment in time to the combination of production-goods and labor available for production. Capital is the result obtained by calculating the current value of a business-unit or business-project that employs resources over time. It is the result of a (subjective) entrepreneurial calculation process that relates the flow of consumpti...
1 Citations
#1Peter Lewin (UTD: University of Texas at Dallas)H-Index: 15
The Austrian School interpretation of the Keynes-Hayek debate runs counter to the conventional wisdom that Hayek “lost” the debate. Austrians maintain that they have the substantive theoretical high ground and the Keynesian perspective to this day fails to comprehend it. But in all of the many variations and repetitions of the ABCT, though of episodic interest with every crisis, the ABCT has failed to decisively persuade the majority, including even those critical of the Keynesian position. This...
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2 Citations
Austrian capital theory tried to capture the intuitive and basically undeniable importance that time plays in economic life, but arguably was diverted down a blind alley with Eugen von Bohm-Bawerk’s average period of production, a purely physical measure of ‘roundaboutness’—the length of the production process. For the general case, such a measure is a chimera. But the intuition is strong, and the idea survived and reappeared at various points in the history of capital theory. Almost unknown to ...
6 CitationsSource
#1Peter Lewin (UTD: University of Texas at Dallas)H-Index: 15
#2Nicolas Cachanosky (Metropolitan State University of Denver)H-Index: 9
The time is right for a reexamination of Austrian capital-theory. We attempt to capture the essence of Carl Menger’s approach to capital, highlighting the important distinction between goods and the valuable services they yield (implying that goods are valuable only because they yield valuable services) and highlighting also the importance of money in facilitating exchange and production and in providing the means to value them. We look at the capital-theory of Bohm-Bawerk and suggest that, in m...
7 CitationsSource
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