The Production of Commodities and the Structure of Production

Robert Vienneau

MPRA Paper from University Library of Munich, Germany

Abstract: Consider a model of the production of commodities by means of commodities. This article illustrates how to construct a Hayekian triangle with such a model, in the case with circulating capital. Capital-theory paradoxes, specifically the reswitching of techniques, have implications for such triangles. The use of such triangles to tell the stories that Austrian economists want to tell cannot be sustained. The switch point that is normal in a reswitching example, from a mainstream neoclassical perspective, has perverse Hayekian triangles. The switch point that is perverse from a mainstream perspective has Hayekian triangles consistent with the Austrian story about how a decreased time preference rotates the triangle to lengthen the structure of production.

Keywords: Cambridge Capital Controversy; Hayekian Triangles; Reswitching of techniques (search for similar items in EconPapers)
JEL-codes: B51 B53 C67 D24 E43 (search for similar items in EconPapers)
Date: 2026-04-17
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