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Capital and TimeA Neo-Austrian Theory$
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J. R. Hicks

Print publication date: 1987

Print ISBN-13: 9780198772866

Published to Oxford Scholarship Online: November 2003

DOI: 10.1093/0198772866.001.0001

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Goods and Processes

Goods and Processes

(p.3) I Goods and Processes
Capital and Time

John Hicks

Oxford University Press

This chapter discusses the theoretical rationale behind the book and presents an overview of its three parts. Part I introduces a method called ‘neo-Austrian’, based on the ‘Austrian theory of capital’ — the theory of B öhm-Bawerk that was subsequently elaborated by Wicksell and Hayek. The neo-Austrian theory differs from the old Austrian theory in one essential respect. Like Böhm-Bawerk (or Hayek), the general productive process is composed of a number of separable elementary processes. The separability is essential, and it is of course not wholly realistic. It is a leaving-out of one kind of complication, in the hope that by doing so we shall be able to see the rest of the problem more clearly. Part II, by contrast, launches out from the Steady State, and examines the paths along which the model can adjust itself to new conditions. Part III discusses some controversial issues on which the book may be found to throw some light.

Keywords:   neo-Austrian, Austrian theory, separable elementary processes, Böhm-Bawerk, Hayek

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