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crusonia

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Journal Article
History of Political Economy (1989) 21 (1): 15–26.
Published: 01 March 1989
... . London. (2d Swedish ed. 1911,3d 1928.) History of Political Economy 21:l 0 1989 by Duke University Press CCC 00 18-2702/89/$1.50 Knight’s Crusonia plant-a short cut...
Journal Article
History of Political Economy (1975) 7 (1): 123–131.
Published: 01 March 1975
... this, and therefore they have made a mis- take about how the marginal and average productivities of Knight’s Crusonia plant correspond to the wine problem. The basis of the criticism Assume, like Dewey, that capital consists of a species of vegetation with eternal life (Knight’s Crusonia plant...
Journal Article
History of Political Economy (2003) 35 (3): 469–490.
Published: 01 September 2003
... Crusonia plant model), the imprecision and weaknesses in Hayek’scapital theory still remain. Hayek providesa powerful and in- tuitive vision of capital and the structure of production that emphasizes specific, heterogeneous capital goods, and he recognizes the complica- tionsand problemsthiscausesfor...
Journal Article
History of Political Economy (2002) 34 (1): 155–176.
Published: 01 March 2002
...) his most mature statement of his theory of capital and interest, his Cru- sonia plant. The Crusonia plant, a metaphor for a country’s capital stock, “grows indefinitely at a constant (geometric) rate, except as new tissue is cut away for consumption” (Knight 1944, 30). The only decisions the people...
Journal Article
History of Political Economy (1980) 12 (1): 41–64.
Published: 01 March 1980
.... But the perishability of physical and human elements is its ultimate long-run technical If the human and nonhuman agents are assumed to be phys- ically ‘imperishable’ (as Knight assumes unawares in his one-com- modity Crusonia growth model), a stationary-state economy requires no maintenance...
Journal Article
History of Political Economy (1988) 20 (2): 207–234.
Published: 01 June 1988
... constructions is adopted: (1) Real capital is taken to be completely homogeneous, or-to use the fiction invented by Frank Knight-it is treated as a “Crusonia plant”; (2) the structure of real capital, which admittedly consists of heterogeneous ele- ments, is fixed; it cannot or, for some reason...