J. R. Hicks
- Published in print:
- 1987
- Published Online:
- November 2003
- ISBN:
- 9780198772866
- eISBN:
- 9780191596414
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198772866.001.0001
- Subject:
- Economics and Finance, Macro- and Monetary Economics
This book, first published in 1973, takes up an important approach to capital which had gone out of fashion. There has been some recent renewed interest in this approach. The ‘Austrian’ theory of ...
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This book, first published in 1973, takes up an important approach to capital which had gone out of fashion. There has been some recent renewed interest in this approach. The ‘Austrian’ theory of capital concentrates on the inputs and outputs in the productive process, and has an advantage over more modern theories of economic dynamics in that it is more naturally expressible in economic terms: the production process over time is taken as a whole, rather than disintegrated. However, this approach had been largely abandoned because it seemed to be unable to deal with fixed capital. The book overcomes this problem here by allowing for a sequence of outputs, and the consequences for dynamic economics are profound and novel.Less
This book, first published in 1973, takes up an important approach to capital which had gone out of fashion. There has been some recent renewed interest in this approach. The ‘Austrian’ theory of capital concentrates on the inputs and outputs in the productive process, and has an advantage over more modern theories of economic dynamics in that it is more naturally expressible in economic terms: the production process over time is taken as a whole, rather than disintegrated. However, this approach had been largely abandoned because it seemed to be unable to deal with fixed capital. The book overcomes this problem here by allowing for a sequence of outputs, and the consequences for dynamic economics are profound and novel.
Russell Hardin
- Published in print:
- 2007
- Published Online:
- September 2007
- ISBN:
- 9780199232567
- eISBN:
- 9780191715976
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199232567.003.0008
- Subject:
- Philosophy, Moral Philosophy
This chapter explores Hume's value theory. It is argued that Hume does not lay out his value theory as a whole apparel for the body of his moral psychology. He makes points about values almost always ...
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This chapter explores Hume's value theory. It is argued that Hume does not lay out his value theory as a whole apparel for the body of his moral psychology. He makes points about values almost always only in the context of whatever argument is at issue.Less
This chapter explores Hume's value theory. It is argued that Hume does not lay out his value theory as a whole apparel for the body of his moral psychology. He makes points about values almost always only in the context of whatever argument is at issue.
John Hicks
- Published in print:
- 1987
- Published Online:
- November 2003
- ISBN:
- 9780198772866
- eISBN:
- 9780191596414
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198772866.003.0001
- Subject:
- Economics and Finance, Macro- and Monetary Economics
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 ...
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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.Less
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.
John Hicks
- Published in print:
- 1987
- Published Online:
- November 2003
- ISBN:
- 9780198772873
- eISBN:
- 9780191596438
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198772874.003.0014
- Subject:
- Economics and Finance, Macro- and Monetary Economics
This chapter considers a method that is concerned with structure, with structural rigidities, and with Traverse; but the rigidities which it emphasizes are different from its predecessor. When the ...
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This chapter considers a method that is concerned with structure, with structural rigidities, and with Traverse; but the rigidities which it emphasizes are different from its predecessor. When the former method was being looked at by itself, we did not need a name for it; but now that we are to have another which is to be contrasted with it, both must be named. Each, it so happens, can be named from its ancestry. There already existed, at the end of the 19th century, two alternative ways of modelling a whole economy: the general equilibrium of Walras, and the intertemporal method of the Austrian school, whose leader on this matter was Böhm–Bawerk. The requirement equations on which the former method was based used the coefficients of production of Walras: they were questions of a type that was used by Walras, so the method may be labelled as Walrasian. The chapter describes a method similarly descended from the Austrian.Less
This chapter considers a method that is concerned with structure, with structural rigidities, and with Traverse; but the rigidities which it emphasizes are different from its predecessor. When the former method was being looked at by itself, we did not need a name for it; but now that we are to have another which is to be contrasted with it, both must be named. Each, it so happens, can be named from its ancestry. There already existed, at the end of the 19th century, two alternative ways of modelling a whole economy: the general equilibrium of Walras, and the intertemporal method of the Austrian school, whose leader on this matter was Böhm–Bawerk. The requirement equations on which the former method was based used the coefficients of production of Walras: they were questions of a type that was used by Walras, so the method may be labelled as Walrasian. The chapter describes a method similarly descended from the Austrian.
