Capital and Time: A Neo-Austrian Theory

By J. R. Hicks | Go to book overview

Contents
PART I MODEL
I GOODS AND PROCESSES 3
1 Capital goods and consumption goods.
2 Renting of consumer durables.
3 Alternative assumptions on integration.
4 'Austrian' and 'Neo-Austrian' methods.
5 Capital intensity and roundaboutness. 6. Steady State and Traverse.
note to chapter I The History of 'Austrian' theory.
II THE PROCESS AND ITS PROFILES 14
1 The input-output profile.
2 Terminating and unterminating processes.
3 The capital value of the process.
4 The capital-value profile. Truncation.
5 The Fundamental Theorem.
6 The Yield of the Process.
7 The proper capital-value curve.
8 Capital invested.
note to chapter II The Fundamental Theorem in continuous time.
III SOCIAL ACCOUNTING 27
1 Constant returns to scale.
2 The model economy.
3 The relation between the macro-economic magnitudes.
4 The Social Accounting Equation.
5 Its validity dependent on discounting at proper rate.
6 Accounting with capital invested.
7 Obsolescence.
note to chapter III The Social Accounting Equation in Continuous Time.
IV TECHNIQUE AND TECHNOLOGY 37
1 Further simplifications—'Goods' and 'Labour'.
2 The efficiency curve and its derivation.
3 Choice of technique.
4 Re-switching: impossible with Simple Profiles.
5 Variation of duration parameters.
6 Reasons for re-switching.
V FULL PERFORMANCE AND FULL EMPLOYMENT 47
1 Steady State and Traverse.
2 Fixwage theory and Full Employment theory.
3 The determination of employment in fixwage theory: Keynes and the 'classics'.
4 The Full Performance path.
5 Disequilibrium and stocks.
6 Full Employment theory: static expectations.
7 The determination of wages in Full Employment theory.
8 The Wage Fund story.
9 Short and long periods. Minor switches.
VI STEADY STATES 63
1 Sequential analysis.
2 The efficiency curve in steady-state theory.
3 The restricted efficiency curve.
4 Double use of efficiency curve: the 'Golden Rule'.
5 Classification of changes in technology: Harrod neutrality.
6 The Index of Improvement: forward and backward biases.

-ix-

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Capital and Time: A Neo-Austrian Theory
Table of contents

Table of contents

  • Capital and Time iii
  • Preface v
  • Contents ix
  • Part I- Model 1
  • I- Goods and Processes 3
  • II- The Process and Its Profiles 14
  • III- Social Accounting 27
  • IV- Technique and Technology 37
  • V- Full Performance and Full Employment 47
  • VI- Steady States 63
  • II- Traverse 80
  • VII- The Standard Case and the Simple Profile 81
  • VIII- The Fixwage Path 89
  • IX- The Full Employment Path 100
  • X- Substitution 110
  • XI- Shortening and Lengthening 125
  • XII- Ways Ahead 135
  • Part III- Controversy 149
  • XIII- The Measurement of Capital—value and Volume 151
  • XIV- The Accumulation of Capital 167
  • XV- The Production Function 177
  • Appendix 185
  • Index 211
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