Roundaboutness: Difference between revisions
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'''Roundaboutness''', or ''roundabout methods of production'', is the process whereby [[capital goods]] are produced first and then, with the help of the capital goods, the desired [[consumer good]]s are produced. The term was devised by the [[Austrian School]] economist [[Eugen von Böhm-Bawerk]], who maintained that it was consumer demand, and not necessarily the supply of [[saving]]s, that would determine the capital investment in any industry. | '''Roundaboutness''', or ''roundabout methods of production'', is the process whereby [[capital goods]] are produced first and then, with the help of the capital goods, the desired [[consumer good]]s are produced. The term was devised by the [[Austrian School]] economist [[Eugen von Böhm-Bawerk]], who maintained that it was consumer demand, and not necessarily the supply of [[saving]]s, that would determine the capital investment in any industry.{{Fact}} | ||
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Latest revision as of 21:08, 14 January 2013
Roundaboutness, or roundabout methods of production, is the process whereby capital goods are produced first and then, with the help of the capital goods, the desired consumer goods are produced. The term was devised by the Austrian School economist Eugen von Böhm-Bawerk, who maintained that it was consumer demand, and not necessarily the supply of savings, that would determine the capital investment in any industry.[citation needed]