De-homogenizing the Austrian Theory of Capital

This brief paper explores the divergent conceptual foundations within Austrian capital theory, highlighting significant differences in the treatment of capital. It contrasts three approaches: one emphasizes the critical role of monetary valuation in economic calculation and decision-making and two focus on physical aspects of the production process. Of these physical approaches, one concerns the intertemporal production structure, and the other addresses the coordination of heterogeneous capital goods. The paper concludes with a proposal for a unified terminology to ensure clarity and consistency in Austrian economic discourse, advocating for terminological precision to maintain coherence within the field.