"THE FUNDAMENTAL DISTINCTION AMONG CAPITAL GOODS IS BETWEEN THOSE WHICH SATISFY PRESENT AND FUTURE WANTS JOINTLY, AND THOSE WHICH DERIVE THE WHOLE OF THEIR VALUE FROM… THE SATISFACTION OF FUTURE WANTS"
HICKS, John R. Capital and Time. A Neo-Austrian Theory. Oxford, England: Clarendon Press, 1973. Octavo, original navy cloth, original dust jacket. $400.
First edition of this Keynes-influenced work about the effect of time on capital.
"In this book, John Hicks takes a flyer on Austrian capital theory. I think it is to be regarded as an experiment, not as any sort of commitment. The result, it goes without saying, is illuminating… The Hicksian combination of lucidity and depth is still in evidence" (Economic Journal). "One of the most important and influential economists of the 20th century, the trail of the eternally eclectic John Hicks is found all over economic theory… The quintessential 'economist's economist,' Hicks cannot be said to have founded a 'school… If any, his school was 'economics… Hicks' scholarly output is a perfect demonstration of how economics should be done: without partisanship for pet theories, without ideological quibbling, his own strictest critic, learning from all and everywhere, constantly searching for new ideas and staying glued to none… No economist, before or since Hicks, has achieved such 'Olympian' scholarship" (Fonseca). "Hicks will probably appear in the history of economics as the greatest British theorist of the century" (Niehans, 371). Hicks was awarded the Nobel Prize in economics in 1972.
Book fine, price-clipped dust jacket with a bit of rubbing and toning to spine. A near-fine copy.