roundaboutness


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roundaboutness

(ˈraʊndəbaʊtnəs)
n
the characteristic of being roundabout
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Although extended production time or additional "stages" of production make convenient placeholders for increased roundaboutness, they fail to grasp the core concept as it pertains to capital theory: what is it about production processes that makes more or better consumer goods?
These attempts include average period of production (Hayek 1941; Machlup 1935), roundaboutness of production, capital intensity of production (Kaldor 1939), average specificity of capital, and arguments about the lengthening and shortening of the time structure of capital (Garrison 2002).
I divide the sector-level output of eight Latin American countries into three groups: high roundaboutness (HR), medium roundaboutness (MR) and low roundaboutness (LR).
For this reason, Austrians commonly refer to production as a roundabout process, where the degree of roundaboutness denotes the length of time it takes to transform raw inputs into final goods and services.
And, when you talk of roundaboutness, I suppose you're saying that the circle, or rather spiral stair, is just as important as the center, the moving just as nice (at times anyway) not to say as necessary, as standing still.
Bohm-Bawerkian roundaboutness (Bohm-Bawerk [1921] 1959)
The Austrian analytics seemed to revolve around the intertemporal structure of production as depicted by the Hayekian triangle, whose changing shape reflects marginal adjustments in the roundaboutness of the economy's production activities.
And for all its roundaboutness it is grounded in our understanding of how things are.
The result has been more complexity, roundaboutness and flexibility in what we do.
110-13) horizontal distortions, where the malinvestment occurs by investing too much at the same level of roundaboutness instead of a vertical distortion where investment increases the level of roundaboutness.
Building on Menger's (2007 [1871]) insights regarding the categorization of goods as "higher order" or "lower order," Bohm-Bawerk (1930 [1889]) presented a structure of production theory based upon the roundaboutness of production processes and recognized time preference as a factor in determining the interest rate and economic growth.
By highlighting the role of subjective time preferences for a large numbers of agents, capital-based macroeconomics emphasizes the inherent roundaboutness of production processes.