Heterogeneity and time

Faber, Malte; Winkler, Ralph (2006). Heterogeneity and time. American Journal of Economics and Sociology, 65(3), pp. 803-825. Wiley 10.1111/j.1536-7150.2006.00475.x

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Although heterogeneity and time are central aspects of economic activity, it was predominantly the Austrian School of economics that emphasized these two aspects. In this paper we argue that the explicit consideration of heterogeneity and time is of increasing importance due to the increasing environmental and resource problems faced by humankind today. It is shown that neo-Austrian capital theory, which revived Austrian ideas employing a formal approach in the 1970s, is not only well suited to address issues of structural change and of accompanying unemployment induced by technical progress but also can be employed for an encompassing ecological-economic analysis demanded by ecological economics. However, complexity, uncertainty, and real ignorance limit the applicability of formal economic analysis. Therefore, we conclude that economic analysis has to be supplemented by considerations of political philosophy. Copyright 2006 American Journal of Economics and Sociology, Inc..

Item Type:

Journal Article (Original Article)

Division/Institute:

03 Faculty of Business, Economics and Social Sciences > Department of Economics
10 Strategic Research Centers > Oeschger Centre for Climate Change Research (OCCR)

UniBE Contributor:

Winkler, Ralph

Subjects:

300 Social sciences, sociology & anthropology > 330 Economics

ISSN:

0002-9246

Publisher:

Wiley

Language:

English

Submitter:

Ralph Winkler

Date Deposited:

11 Sep 2014 15:51

Last Modified:

16 Dec 2014 00:26

Publisher DOI:

10.1111/j.1536-7150.2006.00475.x

BORIS DOI:

10.7892/boris.49828

URI:

https://boris.unibe.ch/id/eprint/49828

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