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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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The Fixwage Path

The Fixwage Path

Chapter:
(p.89) VIII The Fixwage Path
Source:
Capital and Time
Author(s):

John Hicks

Publisher:
Oxford University Press
DOI:10.1093/0198772866.003.0008

This chapter analyzes the Fixwage path in the Standard Case. It begins with a steady state under an old technique. This states that at time 0 (which is the start of year 0) there is a change in technology, by which new processes become available that were not available before. At the given wage (carried over from the old steady state and remaining inflexible), there will be some particular process which is now the most profitable. Since the wage is fixed and remains fixed, that same new technique will continue to be dominant, throughout the Traverse which is discussed. Thus, there is no more than a single switch, from the old technique (C*) to the new technique (C). The chapter completes the determination of the Fixwage path, under a Q-assumption, then asks how much difference would be made, if that assumption were relaxed.

Keywords:   Standard Case, Traverse, Full Employment, total employment, Early Phase

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