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History of Economic Analysis part 103

History of Economic Analysis part 103. At the time of his death in 1950, Joseph Schumpeter-one of the major figures in economics during the first half of the 20th century-was working on his monumental History of Economic Analysis. A complete history of humankind's theoretical efforts to understand economic phenomena from ancient Greece to the present, this book is an important contribution to the history of ideas as well as to economics. | History of economic analysis 982 e The Introduction of Capital Formation and of Money. The rest of this section may be cast into the form of an answer to the question how the fundamental schema of consumers and producers behavior is affected or possibly upset by the introduction of capital formation and of money. Though both subjects have been touched upon in the preceding chapter and will again have to be treated in the next they must also receive attention here to enable the reader to appreciate Walras structure as a whole and to realize the extent to which he anticipated modern work in these fields in some respects and prepared the ground for it in others. In the Walrasian system the theory of capital formation is on the one hand the foundation of the theory of interest and on the other hand itself rests on the theory of capital-goods prices. At first we consider only the prices of produced capital goods. So far we have a theory for the prices of their services only and even this was arrived at by means of an assumption which we must now drop namely that the quantities of produced capital goods are given once and for all and they never wear out or perish by accident. Accordingly we now deduct an allowance for depreciation and also an insurance premium.44 What remains is the net revenue yielded by the capital goods. We have noticed before that Walras took the existence of such a surplus over depreciation and insurance as an undeniable fact which he made no effort to establish.45 However if we accept this for the sake of argument then we can proceed at once to construct the theoretical market for capital goods which according to Walras laudable practice we need in order to determine their prices.46 In this market capitalists and not as entrepreneurs firms demand new capital goods which the firms that produce them offer in response to that demand. The new capital goods that are being demanded and produced may not suffice just suffice or more than suffice to make up