Abstract
Survey data are used to investigate the very long spending lags estimated in neo- classical studies of investment expenditures. Neoclassical investment theory has trouble ex- plaining the length of these lags. By recognizing the Austrian concept of the capital structure and applying it to the problem, the present paper explains the length of these lags as proceed- ing from interactions between types of capital. Austrian arguments stemming from Austrian business-cycle theory seem to be needed to explain these lags.
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