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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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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 14 May 2021

Technique and Technology

Technique and Technology

(p.37) IV Technique and Technology
Capital and Time

John Hicks

Oxford University Press

Social accounting is concerned only with values; it is not concerned with the quantities which these values represent, nor (in consequence) with price per unit of quantity. Thus, we could deal with the accounting matters, which were the sole concern in Chapter 3, without making any assumption about physical homogeneity. This chapter attempts to set the economic model to work by introducing the standard simplifications of modern growth theory — taking the price-system, in particular, in the simplest possible terms.

Keywords:   social accounting, economic model, value, modern growth theory, price-system

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