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A Retrospective View of Hicks' CAPITAL AND TIME: A NEO-AUSTRIAN THEORY

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  • Burmeister, Edwin

Abstract

In 1973 Sir John Hicks published CAPITAL AND TIME: A NEO-AUSTRIAN THEORY. This was his third book with the word "capital" in its title, the first being his classic VALUE AND CAPITAL [1939] and the second being CAPITAL AND GROWTH [1965]. It departed significantly from his earlier work by assuming that the technology of an economy consisted of a set of neo-Austrian production processes in which a time sequence of inputs produces a time sequence of outputs. In June, 1974 I published a review article in the JOURNAL OF ECONOMIC LITERATURE entitled "Synthesizing the Neo-Austrian and Alternative Approaches to Capital Theory: A Survey" using Hicks' book as a filter to select a list of topics for discussion. Now, with some 30 years of hindsight, I will revisit some of those topics that, in my view, remain both unsolved and important.

Suggested Citation

  • Burmeister, Edwin, 2002. "A Retrospective View of Hicks' CAPITAL AND TIME: A NEO-AUSTRIAN THEORY," Working Papers 02-19, Duke University, Department of Economics.
  • Handle: RePEc:duk:dukeec:02-19
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    JEL classification:

    • B2 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925
    • B3 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals
    • C6 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling
    • O00 - Economic Development, Innovation, Technological Change, and Growth - - General - - - General
    • E0 - Macroeconomics and Monetary Economics - - General

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