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Capital and Growth

﻿Capital and Growth A K Dasguptha Capital and Time by John Hicks; Oxford University Press. 1973; pp WHATEVER John Hicks touches he adorns. And there is hardly any field of economic theory which he has not touched. Capital theory has been his special concern since the thirties. The book under review, "Capital and Time", is the third in a series of three books that Hicks has written, whose central purpose is to elucidate the nature of capital and interest. The previous ones are "Value and Capital" (1939) and "Capital and Growth" (1965), Hicks disclaims that the three books were planned as a trilogy. This apparently is true. Considering the state of economic theory as it was in the mid-30s when the first in the series was conceived, it is clear that time had yet to come for one to plan a theory of growth, which the later two in the series take as their framework. The three books had not been designed ex ante as a trilogy. Yet they have turned out to be one ex post. And one would fall fully to appreciate the place of Hick's contribution to the theory of capital unless one viewed them as a trilogy.