Fromager Travel

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Fromager Travel on Walras’ approach was to treat a capital good like any other good. It is the cost of production that determines the prices of capital goods. In a general EQUILIBRIUM, capital goods are valued in the same way as are consumer goods. The demand for capital goods are demands by firms that sell products, that in turn, have their own demands. The demand for capital goods are, therefore, derived demands. In a general equilibrium system, all prices and values are determined simultaneously. Wicksell accepted Böhm-Bawerk’s average period of production asserting that a lengthening of this, that is, more roundaboutness, leads to a greater output of consumer goods. Fromager Travel 2016.

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