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1、CAPITALANDITSSTRUCTURECAPITALANDITSSTRUCTUREBYLUDWIGM.LACHMANNSHEEDANDREWSANDMcMEEL,INC.SUBSIDIARYOFUNIVERSALPRESSSYNDICATEKANSASCITYToM.L.ThiseditionispublishedincooperationwiththeprogramsoftheInstituteforHumaneStudies,Inc.,MenloPark,California;andCatoInstitute,SanFrancisco,California.CapitalandI
2、tsStructureCopyright®1978bytheInstituteforHumaneStudies.Jacketandcoverdesigncopyright©197ftbyCatoInstitute,SanFrancisco.TheoriginaleditionofCapitalandItsStructurewaspublishedbyBell&Sons,Ltd.,onbehalfoftheLondonSchoolofEconomicsandPoliticalSciencein1956.Allrightsreserved.PrintedintheUnitedStatesofA
3、merica.Nopartofthisbookmaybeusedorreproducedinanymannerwhatsoeverwithoutwrittenpermissionexceptinthecaseofreprintsinthecontextofreviews.ForinformationwriteSheedAndrewsandMcMeel,Inc.,6700SquibbRoad,Mission,Kansas66202.LibraryofCongressCataloginginPublicationDataLachmann,LudwigM.Capitalanditsstructu
4、re.(Studiesineconomictheory)Includesbibliographicalreferencesandindex.1.Capital.I.Title.II.Series.HB501.L2231978332'.O4l77-82807ISBN0-8362-0740-8ISBN0-8362-0741-6pbk.Lachmann,LudwigMCONTENTSCHAP.pagePREFACETOTHESECONDEDITIONviiPREFACExiiiITHEORDEROFCAPITAL1IIONEXPECTATIONS20IIIPROCESSANALYSISANDCA
5、PITALTHEORY35IVTHEMEANINGOFCAPITALSTRUCTURE53VCAPITALSTRUCTUREANDECONOMICPROGRESS72VICAPITALSTRUCTUREANDASSETSTRUCTURE86VIICAPITALINTHETRADECYCLE100INDEX129PREFACEForalongtimenowthetheoryofcapitalhasbeenunderacloud.Twentyyearsago,whenProfessorKnightlaunchedhisattackonthecapitaltheoriesofBoehm-Bawe
6、rkandWicksell,thereopenedacontroversywhichcontinuedforyearsonbothsidesoftheAtlantic.Todayverylittleisheardofallthis.Thecentreofinteresthasshiftedtootherfields.Inpracticeofcourseproblemsconcerningcapitalhavebynomeanslosttheirinterest.Therecanbefeweconomistswhodonotusetheword'capital'almosteverydayo
7、ftheirworkinglives.Butapartfromsomenotableexceptions,economistshaveceasedtoaskfundamentalquestionsaboutcapital.Itispertinenttoenquirewhythishashappened.Itwouldseemthattherearethreemajorreasonstoaccountforthiscuri