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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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Full Performance and Full Employment

Full Performance and Full Employment

(p.47) V Full Performance and Full Employment
Capital and Time

John Hicks

Oxford University Press

This chapter shows that we are on the way to a steady state theory, which is not substantially different from that which has become conventional. In the steady state, where the structure of the economy is the same in every time-period, time has been so nearly abolished that the passage from the assumption of a ‘sectoralized’ technique to our assumption of a technique that is time-articulated cannot make much difference. The first part of the chapter deals with the Fixwage theory. It then turns to what is considered its companion. Instead of taking the wage to be fixed and employment variable, the conditions for the maintenance of Full Employment of an exogenously given supply of labour is examined, the wage (the real wage) being allowed to be variable.

Keywords:   steady state theory, Fixwage theory, wages, labour, employment

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