Capital and time : a neo-Austrian theory / / by John Hicks

• Record Nr.: UNINA9910807472103321
• Autore: Hicks John <1904-1989.>
• Pubbl/distr/stampa: Oxford, : Clarendon Press, 1973
• ISBN: 1-281-98129-X; 9786611981297; 0-19-152125-6
• Edizione: [1st ed.]
• Descrizione fisica: 1 online resource (226 pages) : illustrations
• Disciplina: 339
• Soggetti: Capital - Mathematical models; Austrian school of economics
• Lingua di pubblicazione: Inglese
• Formato: Materiale a stampa
• Livello bibliografico: Monografia
• Note generali: Bibliographic Level Mode of Issuance: Monograph
• Nota di bibliografia: Includes bibliographical references.
• Nota di contenuto: Intro -- PREFACE -- CONTENTS -- PART I: MODEL -- I. GOODS AND PROCESSES -- NOTE TO CHAPTER I. The History of 'Austrian' theory -- II. THE PROCESS AND ITS PROFILES -- NOTE TO CHAPTER II. The Fundamental Theorem in continuous time -- III. SOCIAL ACCOUNTING -- NOTE TO CHAPTER III. The Social Accounting Equation in Continuous Time -- IV. TECHNIQUE AND TECHNOLOGY -- V. FULL PERFORMANCE AND FULL EMPLOYMENT -- VI. STEADY STATES -- PART II: TRAVERSE -- VII. THE STANDARD CASE AND THE SIMPLE PROFILE -- VIII. THE FIXWAGE PATH -- IX. THE FULL EMPLOYMENT PATH -- X. SUBSTITUTION -- XI. SHORTENING AND LENGTHENING -- XII. WAYS AHEAD -- (a) More general profiles -- (b) Minor switches -- (c) Multiplicity of goods -- (d) Multiplicity of factors -- PART III: CONTROVERSY -- XIII. THE MEASUREMENT OF CAPITAL-VALUE AND VOLUME -- NOTE TO CHAPTER XIII. Ex-post income -- XIV. THE ACCUMULATION OF CAPITAL -- XV. THE PRODUCTION FUNCTION -- APPENDIX: THE MATHEMATICS OF TRAVERSE -- INDEX -- A -- B -- C -- D -- E -- F -- G -- H -- I -- K -- L -- M -- N -- O -- P -- Q -- R -- S -- T -- V -- W -- Y.
• Sommario/riassunto: This book, first published in 1973, takes up an important approach to capital which had gone out of fashion. There has been some 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. The book overcomes this problem here by allowing for a sequence of outputs, and the consequences for dynamic economics are profound and novel. -- Provided by publisher