Real Capital: Complementarity and Structural Characteristics
Journal Title: Проблеми економіки - Year 2016, Vol 2016, Issue 2
Abstract
Two opposite approaches to the concept of real capital are considered. The presupposition for studying capital within the neoclassical school, which can be characterized as "empirical realism", is the homogeneity of capital. This allows to apply formal methods of studying and modeling industrial processes but excludes from consideration the properties and characteristics of capital as a real factor of production. The approach of the Austrian school corresponding to traditions of "critical realism" in the economy focuses on real properties of capital and its role in the process of public production. The aim of this study is to clarify the idea of real capital, its properties, structural characteristics and mechanisms of formation. According to this, the characteristic of two different approaches is given. It is shown that the heterogeneity of capital is the basis of complementarity of capital goods and their combinations in each particular case of their application. The same capital goods have different performance depending on the method of their combination as a result of the production plans of entrepreneurs. Emergent properties of capital are also the result of the combination. Differences in the use and combination of capital determine its overall structure, subsystems of which are natural objects at different levels included in the production, capital goods themselves and their various combinations, social capital. Each of these subsystems is relatively independent and forms a higher level subsystem.
Authors and Affiliations
Iurii Miriasov
Keywords
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