The Hicksian Traverse

Christian Bidard ()
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Christian Bidard: EconomiX - EconomiX - UPN - Université Paris Nanterre - CNRS - Centre National de la Recherche Scientifique

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Abstract: We consider the disturbances due to the introduction of a new machine in an economy moving on a regular path. Hicks names traverse the intertemporal path leading from the present to another regular path. The dynamics depend on the characteristics of the old and the modern techniques. We simplify and extend Hicks' analysis, which relies on a neo-Austrian model, and show that the conditions for the existence of a full employment traverse are restrictive.

Keywords: Austrian model; technical change; employment; traverse (search for similar items in EconPapers)
Date: 2024
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