The Technological Superiority of Present Goods

Robert E. Kuenne
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Robert E. Kuenne: Princeton University

Chapter 16 in General Equilibrium Economics, 1992, pp 394-402 from Palgrave Macmillan

Abstract: Abstract It is a notable feature of the interest theories of Böhm-Bawerk’s successors that they did not adopt an integral tenet of his beliefs: the technical superiority of present goods. Workers such as Wicksell, Schumpeter and Hayek chose instead to ground the technological basis for the existence of interest in the greater ‘productivity’ of roundabout processes or in innovation. There exists a temptation, however, to believe either (1) that the greater productivity of round-about processes is identical with the proposition that present goods are superior technically to future goods, or (2) that while these two are not identical propositions the technical superiority of present goods may be shown to follow in simple fashion from the roundaboutness postulate conjoined with certain assumptions which are independent of time preference.

Date: 1992
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DOI: 10.1007/978-1-349-12752-8_17

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