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Capital and Time: A Neo-Austrian Theory

Author

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  • Hicks, J. R.

    (Oxford University)

Abstract

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.

Suggested Citation

  • Hicks, J. R., 1987. "Capital and Time: A Neo-Austrian Theory," OUP Catalogue, Oxford University Press, number 9780198772866.
  • Handle: RePEc:oxp:obooks:9780198772866
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    Cited by:

    1. Nayak, Purusottam & Mishra, SK, 2009. "Structural Change in Meghalaya: Theory and Evidence," MPRA Paper 15728, University Library of Munich, Germany.
    2. Patriarca, Fabrizio, 2012. "Time-to-build, obsolescence and the technological paradox," Structural Change and Economic Dynamics, Elsevier, vol. 23(1), pages 1-10.
    3. Henry, Jacques & Seccareccia, Mario, 1982. "Introduction," L'Actualité Economique, Société Canadienne de Science Economique, vol. 58(1), pages 5-16, janvier-j.
    4. Clark, Ephraim & Kassimatis, Konstantinos, 2011. "An alternative measure of the "world market portfolio": Determinants, efficiency, and information content," Journal of International Money and Finance, Elsevier, vol. 30(5), pages 724-748, September.
    5. Christian Lager, 2000. "Production, Prices and Time: A Comparison of Some Alternative Concepts," Economic Systems Research, Taylor & Francis Journals, vol. 12(2), pages 231-253.
    6. Christian Gehrke, 2003. "On the Transition from Long-period to Short-period Equilibria," Review of Political Economy, Taylor & Francis Journals, vol. 15(1), pages 85-106.
    7. Silva, Ester G. & Teixeira, Aurora A.C., 2008. "Surveying structural change: Seminal contributions and a bibliometric account," Structural Change and Economic Dynamics, Elsevier, vol. 19(4), pages 273-300, December.
    8. Schilirò, Daniele, 2012. "Structural change and models of structural analysis: theories, principles and methods," MPRA Paper 41817, University Library of Munich, Germany.
    9. stanley c. w. salvary, 2005. "On The Historical Validity Of Nominal Money As A Measure Of Organizational Performance: Some Evidence And Logical Analysis," Macroeconomics 0502018, EconWPA.
    10. Stan Metcalfe, 2009. "Technology and Economic Theory," Papers on Economics and Evolution 2009-09, Philipps University Marburg, Department of Geography.
    11. Clark, Ephraim & Kassimatis, Konstantinos, 2004. "Country financial risk and stock market performance: the case of Latin America," Journal of Economics and Business, Elsevier, vol. 56(1), pages 21-41.
    12. Kraus, Margit & Wirth, Steffen, 2000. "Savings, expectations and technological unemployment: a generalization of assumptions for the Hicksian fixwage traverse," ZEW Discussion Papers 00-29, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.
    13. stanley c. w. salvary, 2005. "Business Fluctuations And Financial Accounting Measurement: Historical Comments," Macroeconomics 0502006, EconWPA.
    14. Schilirò, Daniele, 2011. "Mutamenti strutturali: modelli, metodi e principi in una nuova prospettiva
      [Structural changes: models, methods and principles towards a new perspective]
      ," MPRA Paper 31566, University Library of Munich, Germany.
    15. Gunter Stephan, 1988. "A Neo-Austrian Approach to Computable Equilibrium Models: Time to Build Technologies and Imperfect Markets," Swiss Journal of Economics and Statistics (SJES), Swiss Society of Economics and Statistics (SSES), vol. 124(I), pages 49-64, March.
    16. Salvary, Stanley C. W., 2007. "Accounting: A General Commentary on an Empirical Science," MPRA Paper 5005, University Library of Munich, Germany, revised 10 Sep 2007.
    17. K. Vela Velupillai, 2004. "Hicksian Visions and Vignettes on (Non-Linear) Trade Cycle Theories," Department of Economics Working Papers 0407, Department of Economics, University of Trento, Italia.

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