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Time, Space and Capital

Åke E. Andersson and David Emanuel Andersson

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.
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Åke E. Andersson and David Emanuel Andersson

© Åke E. Andersson and David Emanuel Andersson 2017
All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical or photocopying, recording, or otherwise without the prior permission of the publisher.
Every effort has been made to trace all the copyright holders but if any have been inadvertently overlooked we will be pleased to make the necessary arrangement at the first opportunity.
Published by

Edward Elgar Publishing Limited

The Lypiatts

15 Lansdown Road

Cheltenham

Glos GL50 2JA

UK
Edward Elgar Publishing, Inc.

William Pratt House

9 Dewey Court

Northampton

Massachusetts 01060

USA
A catalogue record for this book

is available from the British Library
Library of Congress Control Number: 2017931751
This book is available electronically in the

Economics subject collection

DOI 10.4337/9781783470884
ISBN 978 1 78347 088 4