Capital and Interest in the Austrian Tradition, Part 1 of 3

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Bob begins his three-part series devoted to Capital and Interest Theory in the tradition of the Austrian School. This is his area of expertise, and the focus of his doctoral dissertation. In this episode, Part 1, Bob explains Böhm-Bawerk’s critique of the “naive productivity theory” of interest, and also reconciles it with the standard approach in modern economics models of equating the real rate of interest to the “marginal product of capital.”

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