Time, Space and Capital

Business & Finance, Economics, Theory of Economics
Cover of the book Time, Space and Capital by Åke E. Andersson, David Emanuel Andersson, Edward Elgar Publishing
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Author: Åke E. Andersson, David Emanuel Andersson ISBN: 9781783470884
Publisher: Edward Elgar Publishing Publication: July 28, 2017
Imprint: Language: English
Author: Åke E. Andersson, David Emanuel Andersson
ISBN: 9781783470884
Publisher: Edward Elgar Publishing
Publication: July 28, 2017
Imprint:
Language: English
In this challenging book, the authors demonstrate that economists tend to misunderstand capital. Frank Knight was an exception, as he argued that because all resources are more or less durable and have uncertain future uses they can consequently be classed as capital. Thus, capital rather than labor is the real source of creativity, innovation, and accumulation. But capital is also a phenomenon in time and in space. Offering a new and path-breaking theory, they show how durable capital with large spatial domains — infrastructural capital such as institutions, public knowledge, and networks — can help explain the long-term development of cities and nations.
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In this challenging book, the authors demonstrate that economists tend to misunderstand capital. Frank Knight was an exception, as he argued that because all resources are more or less durable and have uncertain future uses they can consequently be classed as capital. Thus, capital rather than labor is the real source of creativity, innovation, and accumulation. But capital is also a phenomenon in time and in space. Offering a new and path-breaking theory, they show how durable capital with large spatial domains — infrastructural capital such as institutions, public knowledge, and networks — can help explain the long-term development of cities and nations.

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