Table Of Contents:
Acknowledgements ix
Introduction The Theory of Capital: A Personal Overview xi

Christopher Bliss
Introduction Capital Theory Controversy: Scarcity, Production, Equilibrium and Time xxvii

Avi J. Cohen

G.C. Harcourt

PART I CLASSICAL AND MARXIAN CONCEPTIONS OF CAPITAL

K.H. Hennings ([1987] 1990), `Capital as a Factor of Production', in John Eatwell, Murray Milgate and Peter Newman (eds), The New Palgrave: Capital Theory, London: Macmillan Reference Books, 108--22 3(15)

David Ricardo (1951), `IV. The Chapter on Value in Edition I' excerpt from `Introduction', excerpt from `On Value' and `On Machinery', in Piero Sraffa (ed.), The Works and Correspondence of David Ricardo, Volume I, Chapter I, Sections III--V, Chapter XXXI, Cambridge: Cambridge University Press, xxx--xxxvii, 22--43, 386--97 18(42)

Karl Marx ([1891] 1972), `Wage Labour and Capital', in Robert C. Tucker (ed.), The Marx--Engels Reader, Second Edition, New York: W.W. Norton and Company, Inc., 167--90 60(24)

Luigi L. Pasinetti (1983), `The Accumulation of Capital', Cambridge Journal of Economics, 7, 405--11 84(9)

PART II FOUNDATIONS OF NEOCLASSICAL CAPITAL THEORY: IMPATIENCE AND PRODUCTIVITY

Nassau William Senior ([1836] 1938), `Instruments of Production' and `Capital', in An Outline of the Science of Political Economy, Chapter 3, London: George Allen and Unwin, Ltd, 57--60 93(4)

Ian Steedman (1972), `Jevons's Theory of Capital and Interest', Manchester School of Economic and Social Studies, XL, 31--52 97(22)

Syed Ahmad (1998), `Rae, Bohm-Bawerk, and Fisher on the Supply and Demand of Capital', in O.F. Hamouda, C. Lee and D. Mair (eds), The Economics of John Rae, Chapter 6, London and New York: Routledge, 111--28, references 119(20)

Eugen von Bohm-Bawerk (1959), `The Problem of Interest', `Final Conclusions' and `Present and Future in Economic Life', in Capital and Interest, Translated by George D. Huncke and Hans F. Sennholz, Volume 1, Chapter I, Chapter XV, Volume 2, Chapter I, South Holland, IL: Libertarian Press, 1--7, 348--54, 259--89, notes 139(55)

John B. Clark (1891), `Distribution as Determined by a Law of Rent', Quarterly Journal of Economics, 5 (3), April, 289--318 194(30)

John Bates Clark (1899), `Kinds of Capital and of Capital-Goods', in The Distribution of Wealth: A Theory of Wages, Interest and Profits, Chapter X, New York and London: The Macmillan Company, 141--56 224(16)

Christopher Bliss (1990), `Alfred Marshall and the Theory of Capital', in John K. Whitaker (ed.), Centenary Essays on Alfred Marshall, Chapter 9, Cambridge: Cambridge University Press, 223--41 240(19)

Knut Wicksell ([1934] 1961), `Capitalistic Production', in Lionel Robbins (ed.), Lectures on Political Economy, Translated from the Swedish by E. Classen, Volume 1: General Theory, Part II, Chapter 2, London: Routledge and Kegan Paul Ltd, 144--95 259(52)

Knut Wicksell ([1934] 1961), `Real Capital and Interest (continued): A Mathematical Analysis of Dr. Akerman's Problem', in Lionel Robbins (ed.), Lectures on Political Economy, Translated from the Swedish by E. Classen, Volume 1: General Theory, Appendix 2(b), London: Routledge and Kegan Paul Ltd, 274--99 311(26)

Paul A. Samuelson (1967), Excerpts from `Irving Fisher and the Theory of Capital', in Ten Economic Studies in the Tradition of Irving Fisher, Chapter 2, New York: John Wiley and Sons, Inc., 17--19, 26--35 337(13)

Joseph A. Schumpeter ([1934] 1983), `Interest on Capital', in The Theory of Economic Development: An Inquiry into Profits, Capital, Credit, Interest, and the Business Cycle, Translated from the German by Redvers Opie, Chapter V, New Brunswick and London: Transaction Books, 157--211 350(57)

PART III SOME AUSTRIAN AND NEO-AUSTRIAN CONTRIBUTIONS TO CAPITAL THEORY

Carl Menger ([1871] 1976), Excerpt from `The Laws Governing the Value of Goods of Higher Order', in Principles of Economics, Translated by James Dingwall and Bert F. Hoselitz, Part III, Chapter 3, Sections A--D, New York and London: New York University Press, 149--65 407(17)

Frank A. Fetter (1902), `The ``Roundabout Process'' in the Interest Theory', Quarterly Journal of Economics, 17 (1), November, 163--80 424(21)

PART IV EARLY NEOCLASSICAL CAPITAL CONTROVERSIES

Thorstein Veblen (1908), `Professor Clark's Economics', Quarterly Journal of Economics, XXII (2), February, 147--95 445(49)

Avi J. Cohen (1998), `Frank Knight's Position on Capital and Interest: Foundation of the Knight/Hayek/Kaldor Debate', in Malcolm Rutherford (ed.), The Economic Mind in America: Essays in the History of American Economics: Perspectives on the History of Economic Thought, Chapter 10, London and New York: Routledge, 145--63 494(19)

Ian Steedman (1994), `On The Pure Theory of Capital by F.A. Hayek', in M. Colonna, H. Hagemann and O.F. Hamouda (eds), The Economics of F.A. Hayek, Volume II: Capitalism, Socialism and Knowledge, Chapter 1, Aldershot: Edward Elgar, 3--25 513(23)

Murray Milgate (1979), `On the Origin of the Notion of ``Intertemporal Equilibrium''', Economica, 46 (181), New Series, February, 1--10 536(10)

J. Fred Weston (1951), `Some Perspectives on Capital Theory', American Economic Review, Papers and Proceedings, 41 (2), May, 129--44 546(16)
Name Index 562
Acknowledgements ix

PART I CAPITAL IN ONE-COMMODITY NEOCLASSICAL GROWTH MODELS

D.G. Champernowne (1945--1946), `A Note on J. v. Neumann's Article on ``A Model of Economic Equilibrium''', Review of Economic Studies, 13 (1), 10--18 3(9)

F.P. Ramsey (1928), `A Mathematical Theory of Saving', Economic Journal, XXXVIII (152), December, 543--59 12(17)

Robert M. Solow (1956), `A Contribution to the Theory of Economic Growth', Quarterly Journal of Economics, 70 (1), February, 65--94 29(32)

PART II VARIATIONS ON SIMPLE NEOCLASSICAL GROWTH MODELS: HETEROGENEOUS CAPITAL GOODS, TWO-SECTOR MODELS AND MORE

R. Dorfman, P.A. Samuelson and R.M. Solow (1971), `Efficient Programmes of Capital Accumulation', in G.C. Harcourt and N.F. Laing (eds), Capital and Growth, Chapter 18, Harmondsworth: Penguin Education, 348--68 61(21)

Robert M. Solow (1963), `The Rate of Return on Investment', in Capital Theory and the Rate of Return, Excerpt from Chapter 1, Amsterdam: North-Holland Publishing Company, 16--28 82(13)

W.E.G. Salter (1966), `A Model of the Delay in the Utilisation of New Techniques of Production', in Productivity and Technical Change, Second Edition, Chapter IV, Cambridge: Cambridge University Press, 48--65 95(18)

F.H. Hahn and R.C.O. Matthews (1964), `Two-sector Models', excerpt from `The Theory of Economic Growth: A Survey', Economic Journal, 74 (296) December, 812--21, references 113(11)

Milton Friedman (1976), `The Theory of Capital and the Rate of Interest', in Price Theory, Chapter 17, New York: Aldine de Gruyter, 283--322 124(43)

PART III PRODUCTION FUNCTIONS AND AGGREGATE CAPITAL

Charles W. Cobb and Paul H. Douglas (1928), `A Theory of Production', American Economic Review, Papers and Proceedings, 18 (1), Supplement, March, 139--65 167(27)

Joan Robinson (1953--1954), `The Production Function and the Theory of Capital', Review of Economic Studies, 21 (2), 81--106 194(26)

D.G. Champernowne (1953--1954), `The Production Function and the Theory of Capital: A Comment', Review of Economic Studies, 21 (2), 112--35 220(24)

Robert M. Solow (1955--56), `The Production Function and the Theory of Capital', Review of Economic Studies, 23 (2), 101--8 244(8)

Franklin M. Fisher (1971), `Aggregate Production Functions and the Explanation of Wages: A Simulation Experiment', Review of Economics and Statistics, LIII (4), November, 305--25 252(23)

PART IV KEYNES AND THE CAMBRIDGE SCHOOL

R.F. Kahn (1959), `Exercises in the Analysis of Growth', Oxford Economic Papers, 11 (2), June, 143--56 275(14)

Colin Rogers (1989), excerpts from `Wicksellian Monetary Theory' in Money, Interest and Capital, Chapter 2, Cambridge: Cambridge University Press, 21--35, 39--43, references 289(24)

PART V SRAFFA AND SRAFFIANS

Piero Sraffa (1936), Letter to Joan Robinson, 27 October, Archives, King's College, Cambridge 313(3)

Piero Sraffa (1960), `Reduction to Dated Quantities of Labour' and `Fixed Capital', in Production of Commodities by Means of Commodities: Prelude to a Critique of Economic Theory, Chapters VI and X, Cambridge: Cambridge University Press, 34--40, 63--73 316(18)

Duncan K. Foley (2001), `Value, Distribution and Capital: A Review Essay', Review of Political Economy, 13 (3), 365--81 334(19)

PART VI DISAGGREGATED CAPITAL, ACCUMULATION AND GENERAL EQUILIBRIUM

Edmond Malinvaud (1953), `Capital Accumulation and Efficient Allocation of Resources', Econometrica, 21 (2), April, 233--68 353(36)

F.H. Hahn (1966), `Equilibrium Dynamics with Heterogeneous Capital Goods', Quarterly Journal of Economics, 80 (4), November, 633--46 389(14)

C.J. Bliss (1975), `The Orthodox Vision', in Capital Theory and the Distribution of Income, Chapter 12, Amsterdam and Oxford: North Holland Publishing Company, 279--97, references 403(20)

Avinash Dixit (1977), `The Accumulation of Capital Theory', Oxford Economic Papers, 29 (1), March, 1--29 423(32)

PART VII CAPITAL AND OVERLAPPING GENERATIONS

Paul A. Samuelson (1958), `An Exact Consumption-Loan Model of Interest With or Without the Social Contrivance of Money', Journal of Political Economy, LXVI (6), December, 467--82 455(16)

Peter A. Diamond (1965), `National Debt in a Neoclassical Growth Model', American Economic Review, 55 (5), December, 1126--50 471(25)

J.E. Stiglitz (1969), `Distribution of Income and Wealth Among Individuals', Econometrica, 37 (3), July, 382--97 496(17)
Name Index 513(6)
Acknowledgements vii

PART I RESWITCHING AND CAPITAL REVERSING

Paul A. Samuelson (1962), `Parable and Realism in Capital Theory: The Surrogate Production Function', Review of Economic Studies, XXIX (3), June, 193--206 3(14)

Luigi L. Pasinetti (1966), `Changes in the Rate of Profit and Switches of Techniques', Quarterly Journal of Economics, LXXX (4), November, 503--17 17(15)

P. Garegnani (1970), `Heterogeneous Capital, the Production Function and the Theory of Distribution', Review of Economic Studies, 37 (3), July, 407--36 32(30)

Paul A. Samuelson (1966), `A Summing Up', Quarterly Journal of Economics, 80 (4), November, 568--83 62(16)

Luigi L. Pasinetti (1969), `Switches of Technique and the ``Rate of Return'' in Capital Theory', Economic Journal, LXXIX (315), September, 508--31 78(24)

Robert M. Solow (1970), `On the Rate of Return: Reply to Pasinetti', Economic Journal, LXXX (318), June, 423--8 102(6)

Luigi L. Pasinetti (1970), `Again on Capital Theory and Solow's ``Rate of Return''', Economic Journal, LXXX (318), June, 428--31 108(4)

Edwin Burmeister (1976), `Real Wicksell Effects and Regular Economies', in Murray Brown, Kazuo Sato and Paul Zarembka (eds), Essays in Modern Capital Theory, Amsterdam, New York and Oxford: North-Holland Publishing Company, 145--64 112(23)

PART II ASSESSMENTS OF THE CAMBRIDGE CAPITAL THEORY CONTROVERSIES

G.C. Harcourt ([1969] 1986), `Some Cambridge Controversies in the Theory of Capital', in O.F. Hamouda (ed.), Controversies in Political Economy: Selected Essays of G.C. Harcourt, Chapter 7, Brighton: Wheatsheaf Books Ltd, 145--206 135(62)

Mark Blaug (1975), `A Final Judgement', in The Cambridge Revolution: Success or Failure? A Critical Analysis of Cambridge Theories of Value and Distribution, Revised Edition, Chapter VIII, London: The Institute of Economic Affairs, 79--86, references 197(9)

Amit Bhaduri (1969), `On the Significance of Recent Controversies on Capital Theory: A Marxian View', Economic Journal, LXXIX (315), September, 532--9 206(8)

Joan Robinson ([1974] 1979), `History versus Equilibrium', in Collected Economic Papers, Volume 5, Chapter 4, Oxford: Basil Blackwell, 48--58 214(11)

Joan Robinson (1975), `The Unimportance of Reswitching', Quarterly Journal of Economics, 89 (1), February, 32--9 225(8)

G.C. Harcourt (1976), `The Cambridge Controversies: Old Ways and New Horizons
Or Dead End?', Oxford Economic Papers, 28 (1), March, 25--65 233(41)

Frank Hahn (1982), `The Neo-Ricardians', Cambridge Journal of Economics, 6 (4), December, 353--74 274(22)

Avi J. Cohen (1989), `Prices, Capital, and the One-commodity Model in Neoclassical and Classical Theories', History of Political Economy, 21(2), Summer, 231--51 296(23)

PART III CAPITAL, INCREASING RETURNS AND ENDOGENOUS GROWTH

Frank H. Knight (1944), `Diminishing Returns from Investment', Journal of Political Economy, 52 (1), March, 26--47 319(22)

Kenneth J. Arrow (1962), `The Economic Implications of Learning by Doing', Review of Economic Studies, XXIX (3), 155--73 341(19)

Paul M. Romer (1986), `Increasing Returns and Long-Run Growth', Journal of Political Economy, 94 (5), October, 1002--37 360(36)

Paul M. Romer (1990), `Endogenous Technological Change', Journal of Political Economy, 98 (5, Part 2), October, S71--S102 396(32)

Kevin M. Murphy, Andrei Shleifer and Robert W. Vishny (1989), `Industrialization and the Big Push', Journal of Political Economy, 97 (5), October, 1003--26 428(24)

Robert J. Barro and Xavier Sala-i-Martin (1992), `Convergence', Journal of Political Economy, 100 (2), April, 223--51 452(29)

Philippe Aghion and Peter Howitt (1998), `Market Structure', in Endogenous Growth Theory, Chapter 7, Cambridge, MA and London: MIT Press, 205--32, references 481(29)

Robert M. Solow (2000), `Lessons and Suggestions for Aggregative Growth Theory', in Growth Theory: An Exposition, Second Edition, Chapter 12, New York and Oxford: Oxford University Press, 180--86, references 510(9)
Name Index 519