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Time, Space and Capital

Åke E. Andersson, Emeritus Professor of Economics, Department of Economics, Finance and Statistics, Jönköping International Business School, Jönköping, Sweden and Emeritus Professor of Infrastructural Economics, Royal Institute of Technology, Stockholm, Sweden and David Emanuel Andersson, Senior Lecturer in Economics, Centre of Commerce and Management, RMIT University, Hanoi, Vietnam
In this challenging book, the authors demonstrate that economists tend to misunderstand capital. Frank Knight was an exception, as he argued that because all resources are more or less durable and have uncertain future uses they can consequently be classed as capital. Thus, capital rather than labor is the real source of creativity, innovation, and accumulation. But capital is also a phenomenon in time and in space. Offering a new and path-breaking theory, they show how durable capital with large spatial domains — infrastructural capital such as institutions, public knowledge, and networks — can help explain the long-term development of cities and nations.
Extent: c 320 pp
Hardback Price: $140.00 Web: $126.00
Publication Date: July 2017
ISBN: 978 1 78347 087 7
Availability: Not yet published (pre-order)
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  • eISBN: 978 1 78347 088 4

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  • Economics and Finance
  • Austrian Economics
  • History of Economic Thought
  • Institutional Economics
  • Regional Economics
  • Urban Economics
  • Urban and Regional Studies
  • Regional Economics
  • Urban Economics
In this challenging book, the authors demonstrate that economists tend to misunderstand capital. Frank Knight was an exception, as he argued that because all resources are more or less durable and have uncertain future uses they can consequently be classed as capital. Thus, capital rather than labor is the real source of creativity, innovation, and accumulation. But capital is also a phenomenon in time and in space. Offering a new and path-breaking theory, they show how durable capital with large spatial domains — infrastructural capital such as institutions, public knowledge, and networks — can help explain the long-term development of cities and nations.

This is a crucial book for spatial and institutional economists and anyone working outside the neoclassical mainstream. Academics and students of economic history, urban and regional planning, and economic sociology will also find it an illuminating and accessible exploration of time, space and capital
‘In this age of specialization, this book is breathtaking in its success in integrating knowledge from not only the social but also humanistic and natural sciences. The authors have devoted decades in creating an inspiring study which helps us to comprehend how societies have evolved over the last five centuries. It provides novel perspectives about space and time in advancing new perspectives on economic development, systems of law and science, transportation and communication, and creativity. This book should be read by every scholar – irrespective of area of study.’
– Rogers Hollingsworth, University of Wisconsin, US

‘Has humankind experienced material progress? To what extent does the economic theory we have help us explain it? These are among the Big Questions. The Anderssons address the essential questions with great flair. They know their history and they know their economic theory. They present complex material clearly and engagingly. All of this makes the book a joy to read. What a contribution!’
– Peter Gordon, University of Southern California, US
Contents: 1. Time and Space—An Introduction 2. Time and Capital in Economic Doctrines 3. Space in Economic Analysis—From Discrete to Two-dimensional Continuous Theory 4. Dynamic Theories and Models—Problems and Creative Potential 5. Time in the Microeconomics of Consumption 6. Durability, Duration of Production, Growth, and Location 7. Expectations, Capital, and Entrepreneurship 8. A General Theory of Infrastructure and Economic Development 9. The Role of the Transport Infrastructure in the First Logistical Revolution 10. Institutional Infrastructure and Economic Games 11. Real Estate Capital 12. Re-conceptualizing Social Capital 13. Creative Knowledge Capital 14. Looking Ahead Index