Open AccessModel obiegu okrężnego z punktu widzenia teorii kapitału szkoły austriackiej
Author(s) -
Dawid Bródka,
Andrzej Jędruchniewicz
Publication year - 2019
Publication title -
zeszyty naukowe szkoły głównej gospodarstwa wiejskiego w warszawie. ekonomika i organizacja gospodarki żywnościowej
Language(s) - English
Resource type - Journals
eISSN - 2543-9863
pISSN - 2081-6979
DOI - 10.22630/eiogz.2019.126.7
Subject(s) - action (physics) , economics , production (economics) , austrian school , mainstream , entrepreneurship , imperfect , point (geometry) , capital (architecture) , neoclassical economics , microeconomics , political science , physics , philosophy , finance , law , mathematics , geography , linguistics , geometry , archaeology , quantum mechanics
The aim of the article was to assess the circular flow model from the point of view of the theory of the Austrian School. The article discusses the theory of capital and the production structure model of this school. The issues discussed were related to the circular flow model that dominates the mainstream of economics. This model is criticized by the Austrian School because of too much simplification. The main allegations relate to the omission of: the creative nature of human action, the problems of imperfect knowledge and entrepreneurship that is associated with risk, the role of time in action and the production process, the vertical nature of production in the economy, linking savings and investments. The Austrian School also points to the aggregation of economic categories going too far in the circular flow model.