A Theory of Overlapping Generations of Fixed Capital

V. I. Maevsky, S. Yu. Malkov, and A. A. Rubinstein*

Institute of Economics, Russian Academy of Sciences, Moscow, Russia

e-mail: maev1941@bk.ru; s@malkov.org; rubinstein.alexander@gmail.com

Received April 21, 2015

Abstract—Although economic science has a theory and a model of overlapping (uneven-aged) generations of
a population, it lacks a similar theory for fixed capital. The authors of this article attempted to fill this gap. The
basic prerequisites of the new theory and model are, first, the unjustly forgotten theory of the circulation and
reproduction of capital and, second, evolutionary economic theory, according to which an economy is coordi-
nated and ordered only in motion. This type of coordination is fundamentally different from that used in the
economic mainstream. US statistics–based tests of the model have shown its realism.

Keywords: fixed capital, theory of overlapping generations, capital circulation and reproduction theory, evolu-
tionary economic theory.

10.1134/S1019331616010019

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