In the words of Robert M. Solow traverse analysis "is the easiest
part of skiing, but the hardest part of economics". The aim of this
volume is to assess the state and scope of modern traverse analysis
as it had been initiated by John Hicks in his pioneering
contribution Capital and Time (1973). The analysis of an economy
which originally had been in a growth equilibrium which was
disturbed by technical progress is one of the most challenging
problems in economics. This book takes Hicks' work as the point of
departure for theoretical work on the macroeconomic theory of
capital dynamics along transition non-steady state paths The
original contributions in this volume explore the manifold
theoretical roots of traverse analysis in classical and
post-classical literature, its features as a specific method of
economic dynamics, and its applications in a variety of fields from
monetary economics to development and international economics. The
essays thereby focus on the ways ahead from Capital and Time that
have been suggested and actively pursued by a number of scholars in
recent years. Its central theme is the role of capital structures
as critical factors in determining the actual dynamics of any given
economic system. This volume is inspired by the belief that this
state of affairs is not a satisfactory one, and outlines a new
agenda for capital theory. Contributors include Edwin Burmeister,
Jean-Luc Gaffard and Heinz Kurz.
General
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