CAPITAL AND TIME- VARIATIONS ON A HICKSIAN THEME

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1、CAPITALANDTIME:VARIATIONSONAHICKSIANTHEMEPeterLewin________________________________________________________________________I.INTRODUCTIONJohnHickshaswrittenextensivelyoncapital.Inadditiontohisthreeveryinfluentialbookswhichhavecapitalintheirtitles(1946,1965,1973b)hehaspublishednumerousa

2、rticles.Hewasa1scholarwhoreturnedmanytimesinhislifetothesamequestions,sometimeswithdifferentanswers.InValueandCapital(1946,firstedition1939)hecriticallyconsideredBöhm-Bawerk’saverageperiodofproduction.HisCapitalandGrowth(1965)wasaseriesofexercisesingrowththeory.But,aswithallofHicks’swo

3、rk,thisbookcontainsmuchdiscussionofaninformalnature.Theseextendeddiscussionsshowthathewasthinkingcarefullyabouttheimplicationsoftimeforthetheoryofcapital.Weseeitinhisintroductoryremarksonmethodology,particularlyhisdiscussionofequilibrium;weseeitinhissurveymodelsofSmithandRicardoandwese

4、eitinhisconcernabouthowtoportraythetransitionfromoneequilibriumsteadystategrowthtoanother,theproblemofthe‘traverse’.Andtheninaseriesofcontributionsinthe1970’s,includinghisbookCapitalandTime(1973b,also1976,1979aand1979b),hebecomesveryconcernedwithtimeasatopicineconomics.Alongwiththiscon

5、cerncamearevivedinterestintheAustriantheoryofcapital.HickscalledhisnewapproachtocapitalaNeoAustrianapproach.Thislabeldoesnotseemtohavebeenauspiciousfortheacceptanceofhisapproach.ThemodernAustriansdidnotembraceit(Lachmann1973),andthemathematicalBöhm-Bawerkians(Faber1979)criticizeditforo

6、therreasons.InthispaperIreexaminethisnewapproach.IfindthatitisquiterevealinginawaythatperhapsHickshimselfdidnotfullyrealize.ManyofthetraditionalissuesincapitaltheorycometogethernicelyinHicks’sfinaltreatment.II.HICKSANDTIMEHickshadanabidinginterestinandafascinationwiththeimplicationsfor

7、economicsofthepassageoftime.Histreatmentisambiguoushowever.Hicks’sattitudetotimeparallelsinmanywayshisrelationshiptotheAustrians(particularlyofthemarketprocessvariety)andtheradicalsubjectivists.Feweconomistshavebeenmoreinfluential.Yetfewdefycategorizationashedid.HewasatonceKeynesian,