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...