Capital and time : a neo-Austrian theory

Bibliographic Information

Capital and time : a neo-Austrian theory

by John Hicks

Oxford University Press, 1987

  • : est
  • : pbk

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Note

Reprint. Originally published: Oxford : Clarendon Press, 1973

Reprinted (new as paperback) 1987

Includes bibliographical references

Description and Table of Contents

Volume

: pbk ISBN 9780198281795

Description

'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
Volume

: est ISBN 9780198772866

Description

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.

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