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The Quarterly Journal of Austrian Economics,
Vol. 211, N. 21, Summer 2018, pgs., 95 - 109
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Reviewer Comment: This is a response to
Mateusz Machaj's comments that he published in his book - Money, Interest
and the Structure of Production in 2017. In that book Machaj critized von
Mises's theory of time preference. He claimed that time preference exists only
in certain conditions. He also critized von Mises for failing to write a
coherent explaination for the spread beween the prices of inputs and output in
the production process. Manish sets out to argue that von Mises's theory is
valid and his explaination is also valid.
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I. Introduction
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II. Mises and the Pure Time Preference Theory
of Interest: The two Important Criticisms of Machaj
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III. Human Action, Value Judgments and Value
Imputation
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IV. Change, Uncertainty and Time Preference
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V. Time Preference and Monetasry Surplus
Within the Production Structure
1. Time Preference and the Value Spread Between Input and Output: The Case of a
Crusoe Economy
2. Time Preference and the Price Spread between Input and Output: The Case of a
Monetary Economy
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VI. Conclusion
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