roundaboutness


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The Austrian analytics seemed to revolve around the intertemporal structure of production as depicted by the Hayekian triangle, whose changing shape reflects marginal adjustments in the roundaboutness of the economy's production activities.
And for all its roundaboutness it is grounded in our understanding of how things are.
The result has been more complexity, roundaboutness and flexibility in what we do.
By highlighting the role of subjective time preferences for a large numbers of agents, capital-based macroeconomics emphasizes the inherent roundaboutness of production processes.