By Friedrich A von Hayek
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Example text
Now, if we want to predict at all, it must be on the basis of the plans which entrepreneurs are likely to make in the light of their present knowledge, and of an_ analysis of the factors which in the course of time will determine whether they will be abl~ to carry out these plans or whether they will have to alter them. It seems natural to begin by constructing, as an intellectual tool, a fictitious state under which these plans are in complete correspondence without, however, asking whether this eH.
Ssociated with a "consumption of capital" independent of absolute changes of quantity of capital. But an absolute reduction of capital has a tendency to become cumulative. Although useful in certain contexts, the concepts of accwnulation and decumulation of capital have to be used with caution. PART IV THE RATE OF INTEREST IN A MONEY ECONOMY CHAPTER XXVI FACTORS AFFECTING THE RATE OF INTEREST IN THE SHORT RUN • The "rate of interest" of equilibrium analysis and the money rate of interest. Limited scope of present discU88ion of money rate of interest.
And these problems will of course be non-existent if we assume from the beginning that the same stock of instruments will be constantly reproduced. The impossibility of treating the problems of capital adequately within the framework of a stationary equilibrium becomes, of course, even more obvious as soon as we include, as we must, the problems relating to wha,t are usually described as "saving" and (new) " investment", since these are activities which imply by stationary state of industry in which the requirements of a future age can be anticipated an indefinite time beforehand.