Capital, preferência temporal e a ação empresarial

Capital, Time Preference, and Entrepreneurial Action
Paper prepared for
IV Congreso Internacional - La Escuela Austríaca en el Siglo XXI
Campus Rosario - Universidad Católica Argentina
6, 7 e 8 de Agosto de 2012
Antony P. Mueller
Universidade Federal de Sergipe (UFS)
antonymueller@gmail.com
Abstract
The paper serves as a complement to modern versions of capital-based macroeconomics by developing an approach that links features of standard macroeconomics with the Austrian theory of the business cycle by modeling roundaboutness. This model puts entrepreneurial action at the center of the analysis. We elaborate the subjectivist nature of capital and the role of the entrepreneur as the creator of the capital structure based on expectations ex ante and on imagination and draw conclusions for the conduct of economic policy.
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