Abstract
InCapital and Time Hicks explores Neo-Austrian capital theory. It is shown here that this approach is a special case of the more general method of treating fixed capital as introduced by Von Neumann. In the Neo-Austrian model the path of balanced growth is analysed with reduced form equations. The second part of this article discusses paths of non-balanced growth. If the steady state is disturbed by the introduction of a superior technique Hicks needs a three-stage dynamic model for a full description of subsequent developments. Special attention is given to the Full Employment path.
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