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Capital and Time

Name: Capital and Time
Brand: Oxford University Press
SKU: 04528690
Price: 66.76 EUR
Availability: InStock
Author: John Hicks
ISBN: 9780198772866

A Neo-Austrian Theory

John Hicks

Language

English

Book Paperback

Libristo code: 04528690

Publishers Oxford University Press, October 1987

This book, first published in 1973, takes up an important approach to capital which had gone out of... Full description

Libristo code: 04528690

162 b

66.76 €

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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.