<abstract xmlns="http://www.w3.org/1999/xhtml"><p>The article investigates the significance of time, the nature of capital, and the role of technological progress in economic processes. The presented analysis of the three economic categories makes use of the theoretical achievements of notable representatives of the Austrian School of Economics, for whom a creative entrepreneur was the main protagonist of the interactions taking place in the economy. The above-mentioned economic categories, taken together, are for him the foundation of human activity. The time factor is of great importance for man – individuals constantly analyse historical events so as to attain success in contemporary economic reality, and in the future. Capital is the basis for economic calculation, which underpins all entrepreneurial activity. Technological progress, which happens in time and requires considerable capital outlay, is the driving force of economic growth.</p></abstract>

The article investigates the significance of time, the nature of capital, and the role of technological progress in economic processes. The presented analysis of the three economic categories makes use of the theoretical achievements of notable representatives of the Austrian School of Economics, for whom a creative entrepreneur was the main protagonist of the interactions taking place in the economy. The above-mentioned economic categories, taken together, are for him the foundation of human activity. The time factor is of great importance for man – individuals constantly analyse historical events so as to attain success in contemporary economic reality, and in the future. Capital is the basis for economic calculation, which underpins all entrepreneurial activity. Technological progress, which happens in time and requires considerable capital outlay, is the driving force of economic growth.

Time, Capital, and Technological Progress in the Austrian School of Economics

https://orcid.org/0000–0002–5562–342X

https://orcid.org/0000–0003–1915–2840

https://orcid.org/0000–0002–1488–173X

Studies in Logic, Grammar and Rhetoric

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 License.

{"article-title":"Time, Capital, and Technological Progress in the Austrian School of Economics"}

The article investigates the significance of time, the nature of capital, and the role of technological progress in economic processes. The presented analysis...

Time, Capital, and Technological Progress in the Austrian School of Economics

Published Online: Jul 20, 2019

Page range: 123 - 144

DOI: https://doi.org/10.2478/slgr-2019-0008

Keywords
Austrian School of Economics, time, capital, technological progress

© 2019 Robert W. Ciborowski et al., published by Sciendo

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 License.

Time, Capital, and Technological Progress in the Austrian School of Economics

Published Online: Jul 20, 2019

Page range: 123 - 144

DOI: https://doi.org/10.2478/slgr-2019-0008

KeywordsAustrian School of Economics, time, capital, technological progress

© 2019 Robert W. Ciborowski et al., published by Sciendo

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 License.

Keywords
Austrian School of Economics, time, capital, technological progress