{"id":4822,"date":"2023-10-02T10:12:53","date_gmt":"2023-10-02T07:12:53","guid":{"rendered":"https:\/\/datakapital.com\/blog\/?p=4822"},"modified":"2025-08-18T18:43:52","modified_gmt":"2025-08-18T15:43:52","slug":"neoklasik-yatirim-modeli","status":"publish","type":"post","link":"https:\/\/datakapital.com\/blog\/neoklasik-yatirim-modeli\/","title":{"rendered":"Neoklasik Yat\u0131r\u0131m Modeli"},"content":{"rendered":"

Amerikal\u0131 iktisat\u00e7\u0131 D.W. Jorgenson<\/a> taraf\u0131ndan 1960\u2019larda geli\u015ftirilen neoklasik yat\u0131r\u0131m modeli ana fikri, firmalar\u0131n kar maksimizasyon davran\u0131\u015f\u0131d\u0131r. Neoklasik yat\u0131r\u0131m modeli<\/strong> kar maksimizasyonunu ama\u00e7layan firmalar belirli bir \u00e7\u0131kt\u0131y\u0131 hangi girdi bile\u015fiminde \u00fcretmek isterler sorusuna cevap arar. Dolay\u0131s\u0131yla da neoklasik model<\/a>, di\u011fer alternatif modellerden \u00e7ok farkl\u0131 bir bak\u0131\u015f a\u00e7\u0131s\u0131na sahiptir. Bu farkl\u0131 bak\u0131\u015f a\u00e7\u0131s\u0131, ilave bir birim sermaye mal\u0131n\u0131n firmaya sa\u011flad\u0131\u011f\u0131 getiri ile firmaya y\u00fckledi\u011fi maliyet kar\u015f\u0131la\u015ft\u0131r\u0131lmak suretiyle analiz edilir.<\/p>\n

Rekabet\u00e7i bir firman\u0131n ilave bir birim sermayeden elde etti\u011fi getiri, ilave birim sermayenin \u00e7\u0131kt\u0131da sa\u011flad\u0131\u011f\u0131 art\u0131\u015f (\u0394Y) ile \u00e7\u0131kt\u0131 fiyat\u0131n\u0131n ( P ) \u00e7arp\u0131m\u0131na e\u015fittir. Sermayenin marjinal \u00fcr\u00fcn\u00fc \u00e7\u0131kt\u0131 miktar\u0131ndaki de\u011fi\u015fmenin sermaye miktar\u0131ndaki de\u011fi\u015fmeye oran\u0131n\u0131 g\u00f6sterdi\u011finden (MPk = \u0394Y\/\u0394K)<\/em>, bir birim ilave sermayeden (\u0394K = 1)<\/em> firman\u0131n elde etti\u011fi getiri, asl\u0131nda sermayenin marjinal \u00fcr\u00fcn\u00fc ile \u00e7\u0131kt\u0131 fiyat\u0131n\u0131n \u00e7arp\u0131m\u0131na (MPk X P) <\/em>e\u015fittir. Teknoloji s\u0131n\u0131rlamas\u0131 alt\u0131nda kar\u0131n\u0131 maksimize etmeyi ama\u00e7layan rekabet\u00e7i bir firma, ilave birim sermayenin getirisini ilave birim sermayenin maliyetine yani \u2018sermayenin kullan\u0131c\u0131 maliyetine\u2019<\/em> e\u015fit k\u0131lan d\u00fczeyde sermaye kullan\u0131l\u0131r:<\/p>\n

\"Neoklasik<\/p>\n

Bu denkleme g\u00f6re, firma kar\u015f\u0131 kar\u015f\u0131ya oldu\u011fu yat\u0131r\u0131m olanaklar\u0131n\u0131, ilave birim sermaye mal\u0131n\u0131n firmaya sa\u011flad\u0131\u011f\u0131 reel getiriyi temsil eden sermayenin marjinal \u00fcr\u00fcn\u00fc (MPk)<\/em> ile ilave birim sermaye mal\u0131n\u0131n firmaya y\u00fckledi\u011fi reel g\u00f6t\u00fcr\u00fcy\u00fc temsil eden sermayenin reel kullan\u0131c\u0131 maliyetini ( ruc )<\/em> kar\u015f\u0131la\u015ft\u0131r\u0131larak de\u011ferlendirir. E\u011fer sermayenin marjinal \u00fcr\u00fcn\u00fc ( sermayenin marjinal verimi ) reel kullan\u0131c\u0131 maliyetinden b\u00fcy\u00fckse (MPk > <\/em> ruc) , ilave birim sermaye mal\u0131 firmaya aradaki pozitif fark kadar reel kar sa\u011flar ve bu y\u00fczden de firma ilave birim sermaye mal\u0131n\u0131 sat\u0131n al\u0131r. Buna kar\u015f\u0131l\u0131k e\u011fer sermayenin marjinal \u00fcr\u00fcn\u00fc \u2013 verimi, sermayenin reel kullan\u0131c\u0131 maliyetinden k\u00fc\u00e7\u00fckse (MPk <\u00a0 ruc) <\/em>ilave birim sermaye mal\u0131 firmaya arada ki negatif fark kadar reel zarar y\u00fckler ve bu y\u00fczden de firma ilave birim sermaye mal\u0131n\u0131 sat\u0131n almaz.<\/p>\n

Di\u011fer taraftan sermayenin kiralama maliyeti de denilen sermayenin kullan\u0131c\u0131 maliyeti (uc), \u00fc\u00e7 farkl\u0131 maliyetin toplam\u0131ndan ibarettir. Bir firma ilave birim sermaye mal\u0131n\u0131 sat\u0131n alarak \u00fcretim s\u00fcrecinde kulland\u0131\u011f\u0131 zaman her \u015feyden \u00f6nce sermaye mal\u0131nda meydana gelen y\u0131pranma kadar bir maliyete maruz kal\u0131r. Y\u0131pranma haddi ve sermaye mal\u0131n\u0131n fiyat\u0131 s\u0131ras\u0131yla d ve Pk<\/em> ile g\u00f6sterilirse, firman\u0131n y\u0131pranmadan dolay\u0131 maruz kald\u0131\u011f\u0131 maliyet dPk kadard\u0131r.<\/p>\n

Bir firma ilave birim sermaye mal\u0131n\u0131 sat\u0131n alarak \u00fcretim s\u00fcrecinde kulland\u0131\u011f\u0131 zaman, o kadar paray\u0131 sermaye mal\u0131 sat\u0131n almak yerine bor\u00e7 verseydi elde edece\u011fi faiz geliri kadar bir maliyete daha katlan\u0131r. Yat\u0131r\u0131m yapman\u0131n \u2018f\u0131rsat maliyetine\u2019<\/em><\/strong> tekab\u00fcl eden bu ikinci maliyet, faiz haddi ile ilave birim sermaye mal\u0131n\u0131n fiyat\u0131n\u0131n \u00e7arp\u0131m\u0131na e\u015fittir i(Pk) <\/em>Bir firman\u0131n ilave birim sermaye mal\u0131n\u0131 sat\u0131n alarak \u00fcretim s\u00fcrecinde kulland\u0131\u011f\u0131 zaman maruz kalabilece\u011fi bir ba\u015fka maliyet ise, sermaye mal\u0131n\u0131n fiyat\u0131n\u0131n artmas\u0131 veya azalmas\u0131d\u0131r. Bundan kaynaklanan maliyet, -\u0394Pk kadard\u0131r.<\/p>\n

Neoklasik yat\u0131r\u0131m modelinin \u00f6nemli bir \u00f6zelli\u011fi, sermaye kullan\u0131m kararlar\u0131n\u0131 sadece cari ko\u015fullar \u00fczerinden de\u011fil, ayn\u0131 zamanda gelece\u011fe d\u00f6n\u00fck beklentiler \u0131\u015f\u0131\u011f\u0131nda da \u015fekillendirmesidir. Firmalar, sermayenin marjinal \u00fcr\u00fcn\u00fcn\u00fc belirlerken mevcut \u00fcretim teknolojisini, i\u015fg\u00fcc\u00fc maliyetlerini ve pazar\u0131n genel yap\u0131s\u0131n\u0131 dikkate almak zorundad\u0131r. Ancak bu ko\u015fullar zaman i\u00e7inde de\u011fi\u015fti\u011finden, yat\u0131r\u0131m kararlar\u0131 da s\u00fcrekli olarak g\u00fcncellenir. \u00d6rne\u011fin teknolojik ilerlemeler, sermayenin marjinal verimlili\u011fini art\u0131rarak firmalar\u0131n daha fazla yat\u0131r\u0131m yapmas\u0131n\u0131 te\u015fvik edebilir. Buna kar\u015f\u0131l\u0131k, faiz oranlar\u0131nda ya\u015fanacak bir y\u00fckseli\u015f sermayenin kullan\u0131c\u0131 maliyetini art\u0131raca\u011f\u0131ndan yat\u0131r\u0131mlar\u0131n azalmas\u0131na yol a\u00e7abilir.<\/p>\n

Modelin en dikkat \u00e7ekici y\u00f6nlerinden biri de, yat\u0131r\u0131m kararlar\u0131n\u0131n yaln\u0131zca bireysel firmalar\u0131n stratejileri a\u00e7\u0131s\u0131ndan de\u011fil, makroekonomik d\u00fczeyde de sonu\u00e7lar do\u011furmas\u0131d\u0131r. Bir \u00fclkede faiz oranlar\u0131n\u0131n d\u00fc\u015f\u00fck olmas\u0131, firmalar\u0131n sermaye mallar\u0131na olan talebini art\u0131r\u0131r ve bu da \u00fclke genelinde toplam yat\u0131r\u0131mlar\u0131n y\u00fckselmesine yol a\u00e7ar. Artan yat\u0131r\u0131mlar k\u0131sa vadede toplam talebi desteklerken, uzun vadede \u00fcretim kapasitesinin geni\u015flemesini sa\u011flar. B\u00f6ylelikle, neoklasik yat\u0131r\u0131m modeli iktisadi b\u00fcy\u00fcme teorilerinde de merkezi bir rol oynar. \u00d6zellikle Solow b\u00fcy\u00fcme modelinde yat\u0131r\u0131m\u0131n sermaye birikimi yoluyla ekonomik b\u00fcy\u00fcmeye nas\u0131l katk\u0131 sa\u011flad\u0131\u011f\u0131, bu teorik \u00e7er\u00e7eveyle uyumlu bir bi\u00e7imde a\u00e7\u0131klan\u0131r.<\/p>\n

Bununla birlikte, neoklasik yat\u0131r\u0131m modeline y\u00f6nelik \u00e7e\u015fitli ele\u015ftiriler de yap\u0131lm\u0131\u015ft\u0131r. Ele\u015ftirilerin ba\u015f\u0131nda, modelin tam rekabet varsay\u0131m\u0131na dayanmas\u0131 gelir. Ger\u00e7ek d\u00fcnyada ise piyasalarda genellikle eksik rekabet, bilgi asimetrisi ve \u00e7e\u015fitli kurumsal k\u0131s\u0131tlar vard\u0131r. \u00d6rne\u011fin baz\u0131 firmalar krediye eri\u015fimde zorluk ya\u015farken, baz\u0131lar\u0131 devlet te\u015fvikleri sayesinde daha d\u00fc\u015f\u00fck maliyetle yat\u0131r\u0131m yapabilmektedir. Bu durum, sermayenin kullan\u0131c\u0131 maliyetinin her firma i\u00e7in ayn\u0131 olmad\u0131\u011f\u0131n\u0131 ve modelin \u00f6ng\u00f6rd\u00fc\u011f\u00fc kadar homojen bir yap\u0131 bulunmad\u0131\u011f\u0131n\u0131 g\u00f6stermektedir.<\/p>\n

Bir di\u011fer ele\u015ftiri ise, yat\u0131r\u0131m kararlar\u0131n\u0131n yaln\u0131zca ekonomik rasyonaliteye indirgenmi\u015f olmas\u0131d\u0131r. Oysa davran\u0131\u015fsal iktisat, firmalar\u0131n yat\u0131r\u0131m kararlar\u0131nda belirsizlik, risk alg\u0131s\u0131, y\u00f6neticilerin psikolojisi ve piyasa beklentilerinin de \u00f6nemli oldu\u011funu ortaya koymaktad\u0131r. Bu a\u00e7\u0131dan bak\u0131ld\u0131\u011f\u0131nda, neoklasik model yat\u0131r\u0131mlar\u0131n temel ekonomik belirleyicilerini a\u00e7\u0131klamada g\u00fc\u00e7l\u00fc bir ara\u00e7 olsa da, ger\u00e7ek hayattaki t\u00fcm dinamikleri kapsamakta yetersiz kalabilmektedir.<\/p>\n

Uygulamada neoklasik yat\u0131r\u0131m modelinin ge\u00e7erlili\u011fini s\u0131nayan ampirik \u00e7al\u0131\u015fmalar, modelin baz\u0131 \u00fclkelerde ve d\u00f6nemlerde olduk\u00e7a a\u00e7\u0131klay\u0131c\u0131 oldu\u011funu, ancak farkl\u0131 ekonomik ko\u015fullarda yetersiz kald\u0131\u011f\u0131n\u0131 g\u00f6stermi\u015ftir. \u00d6rne\u011fin geli\u015fmi\u015f \u00fclkelerde faiz oranlar\u0131 ile yat\u0131r\u0131mlar aras\u0131ndaki ili\u015fki g\u00fc\u00e7l\u00fc bir \u015fekilde g\u00f6zlemlenirken, geli\u015fmekte olan \u00fclkelerde politik istikrars\u0131zl\u0131k, kur riski ve d\u0131\u015fa ba\u011f\u0131ml\u0131l\u0131k gibi fakt\u00f6rler yat\u0131r\u0131m kararlar\u0131nda daha bask\u0131n rol oynayabilmektedir. Bu nedenle, neoklasik model g\u00fcn\u00fcm\u00fczde \u00e7o\u011funlukla daha geni\u015f \u00e7er\u00e7eveli yakla\u015f\u0131mlarla birle\u015ftirilerek kullan\u0131lmaktad\u0131r.<\/p>\n

Sonu\u00e7 olarak, neoklasik yat\u0131r\u0131m modeli, firmalar\u0131n sermaye mallar\u0131na y\u00f6nelik kararlar\u0131n\u0131 marjinal verimlilik ve kullan\u0131c\u0131 maliyeti ekseninde a\u00e7\u0131klayan g\u00fc\u00e7l\u00fc bir teorik \u00e7er\u00e7evedir. Model, yat\u0131r\u0131mlar\u0131n makroekonomik istikrar ve b\u00fcy\u00fcme \u00fczerindeki rol\u00fcn\u00fc anlamada \u00f6nemli katk\u0131lar sunar. Ancak uygulamada, yat\u0131r\u0131m kararlar\u0131n\u0131n yaln\u0131zca ekonomik rasyonaliteyle de\u011fil, ayn\u0131 zamanda finansal piyasalar, kurumlar ve insan davran\u0131\u015flar\u0131yla \u015fekillendi\u011fini g\u00f6z \u00f6n\u00fcnde bulundurmak gerekir. Dolay\u0131s\u0131yla neoklasik yat\u0131r\u0131m modeli, iktisadi analizin temel ta\u015flar\u0131ndan biri olmas\u0131na ra\u011fmen, di\u011fer modellerle birlikte de\u011ferlendirilmesi gereken tamamlay\u0131c\u0131 bir ara\u00e7t\u0131r.<\/p>\n","protected":false},"excerpt":{"rendered":"

Amerikal\u0131 iktisat\u00e7\u0131 D.W. Jorgenson taraf\u0131ndan 1960\u2019larda geli\u015ftirilen neoklasik yat\u0131r\u0131m modeli ana fikri, firmalar\u0131n kar maksimizasyon davran\u0131\u015f\u0131d\u0131r. Neoklasik yat\u0131r\u0131m modeli kar maksimizasyonunu ama\u00e7layan firmalar belirli bir \u00e7\u0131kt\u0131y\u0131 hangi girdi bile\u015fiminde \u00fcretmek isterler sorusuna cevap arar. Dolay\u0131s\u0131yla da neoklasik model, di\u011fer alternatif modellerden \u00e7ok farkl\u0131 bir bak\u0131\u015f a\u00e7\u0131s\u0131na sahiptir. Bu farkl\u0131 bak\u0131\u015f a\u00e7\u0131s\u0131, ilave bir birim sermaye<\/p>\n","protected":false},"author":12,"featured_media":4824,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8,47],"tags":[444,443],"class_list":{"0":"post-4822","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-jeoekonomik-makro-veriler","8":"category-makro-ekonomik-analizler","9":"tag-d-w-jorgenson","10":"tag-neoklasik-iktisat"},"better_featured_image":{"id":4824,"alt_text":"","caption":"","description":"","media_type":"image","media_details":{"width":833,"height":465,"file":"2023\/10\/Neoklasik-Yatirim-Modeli.jpg","filesize":25154,"sizes":{"medium":{"file":"Neoklasik-Yatirim-Modeli-300x167.jpg","width":300,"height":167,"mime-type":"image\/jpeg","filesize":9222,"source_url":"https:\/\/datakapital.com\/blog\/wp-content\/uploads\/2023\/10\/Neoklasik-Yatirim-Modeli-300x167.jpg"},"thumbnail":{"file":"Neoklasik-Yatirim-Modeli-150x150.jpg","width":150,"height":150,"mime-type":"image\/jpeg","filesize":5867,"source_url":"https:\/\/datakapital.com\/blog\/wp-content\/uploads\/2023\/10\/Neoklasik-Yatirim-Modeli-150x150.jpg"},"medium_large":{"file":"Neoklasik-Yatirim-Modeli-768x429.jpg","width":768,"height":429,"mime-type":"image\/jpeg","filesize":34679,"source_url":"https:\/\/datakapital.com\/blog\/wp-content\/uploads\/2023\/10\/Neoklasik-Yatirim-Modeli-768x429.jpg"},"bunyad-small":{"file":"Neoklasik-Yatirim-Modeli-150x84.jpg","width":150,"height":84,"mime-type":"image\/jpeg","filesize":3524,"source_url":"https:\/\/datakapital.com\/blog\/wp-content\/uploads\/2023\/10\/Neoklasik-Yatirim-Modeli-150x84.jpg"},"bunyad-medium":{"file":"Neoklasik-Yatirim-Modeli-450x251.jpg","width":450,"height":251,"mime-type":"image\/jpeg","filesize":16280,"source_url":"https:\/\/datakapital.com\/blog\/wp-content\/uploads\/2023\/10\/Neoklasik-Yatirim-Modeli-450x251.jpg"},"bunyad-768":{"file":"Neoklasik-Yatirim-Modeli-768x429.jpg","width":768,"height":429,"mime-type":"image\/jpeg","filesize":34679,"source_url":"https:\/\/datakapital.com\/blog\/wp-content\/uploads\/2023\/10\/Neoklasik-Yatirim-Modeli-768x429.jpg"}},"image_meta":{"aperture":"0","credit":"","camera":"","caption":"","created_timestamp":"0","copyright":"","focal_length":"0","iso":"0","shutter_speed":"0","title":"","orientation":"0","keywords":[]}},"post":4822,"source_url":"https:\/\/datakapital.com\/blog\/wp-content\/uploads\/2023\/10\/Neoklasik-Yatirim-Modeli.jpg"},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/datakapital.com\/blog\/wp-json\/wp\/v2\/posts\/4822","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/datakapital.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/datakapital.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/datakapital.com\/blog\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/datakapital.com\/blog\/wp-json\/wp\/v2\/comments?post=4822"}],"version-history":[{"count":7,"href":"https:\/\/datakapital.com\/blog\/wp-json\/wp\/v2\/posts\/4822\/revisions"}],"predecessor-version":[{"id":5576,"href":"https:\/\/datakapital.com\/blog\/wp-json\/wp\/v2\/posts\/4822\/revisions\/5576"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/datakapital.com\/blog\/wp-json\/wp\/v2\/media\/4824"}],"wp:attachment":[{"href":"https:\/\/datakapital.com\/blog\/wp-json\/wp\/v2\/media?parent=4822"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/datakapital.com\/blog\/wp-json\/wp\/v2\/categories?post=4822"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/datakapital.com\/blog\/wp-json\/wp\/v2\/tags?post=4822"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}