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Capital and Time : A Neo-Austrian Theory - J. R. Hicks

Capital and Time

A Neo-Austrian Theory

Paperback

Published: 15th October 1987
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This book, first published in 1973, takes up an important approach to capital which had gone out of fashion. It is being reissued in paperback in recognition of the recent renewed interest in this approach. The 'Austrian' theory of capital concentrates on the inputs and outputs in the productive process, and has an advantage over more modern theories of economic dynamics in that it is more naturally expressible in economic terms: the production process over time is taken as a whole, rather than disintegrated. However, this approach had been largely abandoned because it seemed to be unable to deal with fixed capital. Sir John overcomes this problem here by allowing for a sequence of outputs, and the consequences for dynamic economics are profound and novel.

"In this book, Sir John Hicks takes a flyer on Austrian capital theory. I think it is to be regarded as an experiment, not as any sort of commitment... The Hicksian combination of lucidity and depth is still in evidence" Robert Solow, Economic Journal

capital And Timep. i
Capital and Timep. iii
Prefacep. v
Modelp. 1
Goods and Processesp. 3
the Process and Its Profilesp. 14
Social Accountingp. 27
Technique and Technologyp. 37
Full Performance and Full Employmentp. 47
Steady Statesp. 63
Traversep. 80
the Standard Case and the Simple Profilep. 81
the Fixwage Pathp. 89
the Full Employment Pathp. 100
Substitutionp. 110
Shortening and Lengtheningp. 125
Ways Aheadp. 135
Controversyp. 149
the Measurement of Capital-value and Volumep. 151
the Accumulation of Capitalp. 167
the Production Functionp. 177
Appendixp. 185
Indexp. 211
Table of Contents provided by Publisher. All Rights Reserved.

ISBN: 9780198772866
ISBN-10: 0198772866
Audience: Professional
Format: Paperback
Language: English
Number Of Pages: 320
Published: 15th October 1987
Publisher: Oxford University Press
Country of Publication: GB
Dimensions (cm): 20.88 x 15.04  x 1.6
Weight (kg): 0.31