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

Edwin Burmeister

No 02-19, Working Papers from Duke University, Department of Economics

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.

JEL-codes: B2 B3 C6 E0 O00 (search for similar items in EconPapers)
Date: 2002
New Economics Papers: this item is included in nep-his, nep-hpe and nep-mac
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