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Huanuco Travel on Böhm-Bawerk recognized the heterogeneous nature of capital and allowed for this in his model. The heterogeneity of capital goods meant that the stock of capital cannot be aggregated. Hence, capital goods are simply valued by a theory of imputation that considers the present value of the capital goods in the production process. Capital and the period of production are measured in MONEY terms (although one may assume that money is neutral in this process). The calculation of the average period of production proved to be too difficult and confusing for Böhm-Bawerk and his theory suffered accordingly. Böhm-Bawerk’s theory is, at heart, an extension of the classical theory because it relies on advances as the basis of capital. The writer Knut Wicksell, who would broaden and give greater substance to the Austrian theory of capital, tried to meld Böhm-Bawerk’s theory with that of Leon WALRAS. Huanuco Travel 2016.

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