John R. Hicks

Born	April 8, 1904(1904-04-08) Warwick
Died	May 20, 1989 (aged 85) New York
Residence	England
Nationality	English
Field	Economics
Institutions	Nuffield College, Oxford
Alma mater	Balliol College, Oxford
Known for	IS/LM model Capital theory, consumer theory, general equilibrium theory, welfare theory
Notable prizes	Nobel Prize in Economics (1972)

Sir John Richard Hicks (April 8, 1904 – May 20, 1989) was one of the most important and influential economists of the twentieth century. His most familiar contributions in the field of economics were the IS/LM model, which summarised the Keynesian view of macroeconomics, and his statement of consumer demand theory in microeconomics. In 1972, Hicks was awarded the Nobel Prize in Economics with Kenneth Arrow for "pioneering contributions to general economic equilibrium theory and welfare theory."[1] April 8 is the 98th day of the year (99th in leap years) in the Gregorian calendar. ... 1904 (MCMIV) was a leap year starting on a Friday (see link for calendar). ... Warwick (pronounced or War-ick (silent w in middle)) is the historic county town of Warwickshire in England and has a population of 25,434 (2001 census). ... is the 140th day of the year (141st in leap years) in the Gregorian calendar. ... Year 1989 (MCMLXXXIX) was a common year starting on Sunday (link displays 1989 Gregorian calendar). ... New York, New York and NYC redirect here. ... Image File history File links Flag_of_England. ... For other uses, see England (disambiguation). ... Image File history File links Flag_of_England. ... For other uses, see England (disambiguation). ... Face-to-face trading interactions on the New York Stock Exchange trading floor. ... College name Nuffield College Named after Lord Nuffield Established 1937 Sister College None Warden Stephen Nickell Undergraduates None Graduates 74 Homepage Nuffield College is one of the constituent colleges of the University of Oxford in England. ... and of the Balliol College College name Balliol College Named after John de Balliol Established 1263 Sister college St Johns College, Cambridge Master Andrew Graham JCR President Helen Lochead Undergraduates 403 MCR President Chelsea Payne Graduates 228 Location of Balliol College within central Oxford , Homepage Boatclub Balliol College (pronounced... The IS curve moves to the right, causing higher interest rates and expansion in the real economy (real GDP). ... Capital has a number of related meanings in economics, finance and accounting. ... Consumer theory is a theory of economics. ... General Equilbrium (linear) supply and demand curves. ... It has been suggested that Welfare capitalism be merged into this article or section. ... The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel[1] (Swedish: Sveriges Riksbanks pris i ekonomisk vetenskap till Alfred Nobels minne), commonly called the Nobel Prize in Economics, or more acurately the Nobel Memorial Prize in Economic Sciences, is a prize awarded each year for outstanding intellectual... People named John Hicks include: John Hicks (American football) (1951- ), football lineman John Hicks (jazz pianist) (1941-2006), the American jazz pianist and composer Sir John Richard Hicks (1904-1989), the Nobel-Prize-winning English economist John R. Hicks (1956-2005), the American murderer John V. Hicks (1907-1999), the... April 8 is the 98th day of the year (99th in leap years) in the Gregorian calendar. ... 1904 (MCMIV) was a leap year starting on a Friday (see link for calendar). ... is the 140th day of the year (141st in leap years) in the Gregorian calendar. ... Year 1989 (MCMLXXXIX) was a common year starting on Sunday (link displays 1989 Gregorian calendar). ... Economists are scholars conducting research in the field of economics. ... (19th century - 20th century - 21st century - more centuries) Decades: 1900s 1910s 1920s 1930s 1940s 1950s 1960s 1970s 1980s 1990s The 20th century lasted from 1901 to 2000 in the Gregorian calendar (often from (1900 to 1999 in common usage). ... The IS curve moves to the right, causing higher interest rates and expansion in the real economy (real GDP). ... Keynesian economics, or Keynesianism, is an economic theory based on the ideas of John Maynard Keynes, as put forward in his book The General Theory of Employment, Interest and Money, published in 1936 in response to the Great Depression of the 1930s. ... Circulation in macroeconomics Macroeconomics is a branch of Economics that deals with the performance, structure, and behavior of the economy as a whole. ... Consumer theory is a theory of economics. ... Microeconomics (or price theory) is a branch of economics that studies how individuals, households, and firms make decisions to allocate limited resources,[1] typically in markets where goods or services are being bought and sold. ... The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel[1] (Swedish: Sveriges Riksbanks pris i ekonomisk vetenskap till Alfred Nobels minne), commonly called the Nobel Prize in Economics, or more acurately the Nobel Memorial Prize in Economic Sciences, is a prize awarded each year for outstanding intellectual... Kenneth Joseph Arrow (born August 23, 1921) is an American economist, joint winner of the Nobel Prize in Economics with John Hicks in 1972, and the youngest person ever to receive this award, at 51. ...

Timeline

• He was born in 1904 at Warwick, England.
• He was educated at Clifton College (1917-22) and at Balliol College, Oxford (1922-26), an expensive education financed by mathematical scholarships.
• During his school days, and in his first year at Oxford, he was a mathematical specialist. But he was not contented with mathematics; he had interests in literature and in history which he needed to satisfy.
• 1923: He moved to "Philosophy, Politics and Economics", the "new school" just being started at Oxford; however he did not have adequate qualification in any of the subjects that he had studied.
• Economists, in those days (1930s), were very scarce, so he did pick up a temporary lectureship at the London School of Economics and Political Science and managed to get continued. He started as a labor economist, doing descriptive work on industrial relations, but gradually he moved over to the analytical side. He found that his mathematics, by that time almost forgotten, could be revived, and was sufficient to cope with what anyone used in economics.
• 1935: He married Ursula Webb.
• 1935 – 1938: He lectured at Cambridge and was mainly occupied in writing Value and Capital, which was based on the work he had done in London.
• 1938 to 1946: He was Professor at the University of Manchester. It was there that he did his main work on welfare economics, with its application to social accounting.
• In 1946 he returned to Oxford, first as a research fellow of Nuffield College (1946-52), then as Drummond Professor of Political Economy (1952-65), and finally as a research fellow of All Souls College (1965-71).
• He was knighted in 1964.
• 1972: He shared the Nobel Prize with Kenneth J. Arrow.
• 1989: John Hicks died on May 20.

Warwick (pronounced or War-ick (silent w in middle)) is the historic county town of Warwickshire in England and has a population of 25,434 (2001 census). ... An 1898 etching of the College Close Clifton College (grid reference ST569737) is a coeducational public school in Clifton, Bristol, England. ... and of the Balliol College College name Balliol College Named after John de Balliol Established 1263 Sister college St Johns College, Cambridge Master Andrew Graham JCR President Helen Lochead Undergraduates 403 MCR President Chelsea Payne Graduates 228 Location of Balliol College within central Oxford , Homepage Boatclub Balliol College (pronounced... Mascot Beaver Affiliations University of London Russell Group EUA ACU CEMS APSIA Golden Triangle G5 Group Website http://www. ... The University of Cambridge is the second-oldest university in the English-speaking world, with one of the most selective sets of entry requirements in the United Kingdom. ... Affiliations Russell Group, EUA, N8 Group, NWUA, Worldwide Universities Network (WUN) Website http://www. ... The University of Oxford, located in the city of Oxford in England, is the oldest university in the English-speaking world. ... College name Nuffield College Named after Lord Nuffield Established 1937 Sister College None Warden Stephen Nickell Undergraduates None Graduates 74 Homepage Nuffield College is one of the constituent colleges of the University of Oxford in England. ... The Drummond Professorship of Political Economy at All Souls College, Oxford has been held by a number of distinguished individuals, including several Nobel laureates. ... All Souls College (in full: The College of All Souls of the Faithful Departed, of Oxford) is one of the constituent colleges of the University of Oxford in the United Kingdom. ...

Career

Hicks taught at the London School of Economics from 1926 to 1935. He was a lecturer at Cambridge University where he was also a fellow of Gonville & Caius College from 1935 to 38. During this time he was mainly occupied with writing Value and Capital. From 1938 to 1946 Hicks was a Professor at the Victoria University of Manchester. In 1946 he returned to Oxford, first as a research fellow of Nuffield College (1946-1965), then as Drummond Professor of Political Economy (1952-1965), and, after that, research fellow of All Souls College (1965-1971). Mascot Beaver Affiliations University of London Russell Group EUA ACU CEMS APSIA Golden Triangle G5 Group Website http://www. ... The University of Cambridge (often Cambridge University), located in Cambridge, England, is the second-oldest university in the English-speaking world and has a reputation as one of the worlds most prestigious universities. ... Full name Gonville and Caius College Motto Named after Edmund Gonville & John Caius Previous names Gonville Hall (1348), Gonville & Caius (1557) Established 1348, refounded 1557 Sister College(s) Brasenose College Master Sir Christopher Hum Location Trinity St Undergraduates 468 Postgraduates 291 Homepage Boatclub Gonville and Caius College, Cambridge is a... The Victoria University of Manchester (VUM) was a large university in Manchester in England. ... College name Nuffield College Named after Lord Nuffield Established 1937 Sister College None Warden Stephen Nickell Undergraduates None Graduates 74 Homepage Nuffield College is one of the constituent colleges of the University of Oxford in England. ... The Drummond Professorship of Political Economy at All Souls College, Oxford has been held by a number of distinguished individuals, including several Nobel laureates. ... College name All Souls College Collegium Omnium Animarum Named after Feast of All Souls Established 1438 Sister College Trinity Hall, Cambridge Warden Dr. John Davis JCR President None Undergraduates None MCR President None Graduates 8 (approx. ...

Contributions to economic analysis

Hick's early work was as a labor economist culminated in The Theory of Wages (1932, 2nd ed. 1963), still considered standard in the field. He colloborated with R G D Allen in two seminal papers on value theory published in 1934. Construction workers generally work long hours for their pay Labor economics seeks to understand the functioning of the market and dynamics for labor. ... Sir Roy George Douglas Allen, CBE, FBA (1906 - 1983) was a British economist and mathematician. ... To meet Wikipedias quality standards, this article or section may require cleanup. ...

His magnum opus is Value and Capital published in 1939, The book built on ordinal utility and mainstreamed the now-standard distinction between the substitution effect and the income effect for an individual in demand theory for the 2-good case. It generalized analysis to the case of one good and a composite good, that is, all other goods. It aggregated individuals and businessess through demand and supply across the economy. It anticipated the aggregation problem, most acutely for the stock of capital goods. It introduced general equilibrium theory to an English-speaking audience, refined the theory for dynamic analysis, and for the first time attempted a rigorous statement of stability conditions for general equilibrium. In the course of analysis Hicks formalized comparative statics. In the same year, he also developed the famous "compensation" criteria called Kaldor-Hicks efficiency for welfare comparisons of alternative public policies or economic states. Magnum opus (sometimes Opus magnum, plural magna opera), from the Latin meaning great work,[1] refers to the best, most popular, or most renowned achievement of an author, artist, or composer, and most commonly one who has contributed a very large amount of material. ... John R. Hickss book Value and Capital (1939) is a classic exposition of microeconomic theory. ... Ordinal utility theory states that while the utility of a particular good and service cannot be measured using an objective scale; a consumer is capable of ranking different alternatives available. ... Consumer theory relates preferences, indifference curves and budget constraints to consumer demand curves. ... Consumer theory relates preferences, indifference curves and budget constraints to consumer demand curves. ... Consumer theory is a theory of economics. ... // Definition A composite good is an abstraction used in economics that represents all other choices of consumption that can be made. ... The aggregation problem in economics refers to the difficulty of treating empirical or theoretical aggregates as though they reacted analogously to the behavior of optimizing individual agents as described in general microeconomic theory (Fisher, 1987, p. ... General Equilbrium (linear) supply and demand curves. ... Comparative statics is the comparison of two different equilibrium states, before and after a change in one of the variables. ... Kaldor-Hicks efficiency is a type of economic efficiency that occurs only if the economic value of social resources is maximized. ...

His most familiar contribution in macroeconomics was the Hicks-Hansen IS-LM model, which formalised the theory of John Maynard Keynes (see Keynesianism). The model describes the economy as a balance between three commodities: money, consumption and investment. Before he died, Hicks criticised his own model in a paper published in 1980, asserting it had omitted some crucial components of Keynes's arguments, especially those related to uncertainty. Circulation in macroeconomics Macroeconomics is a branch of Economics that deals with the performance, structure, and behavior of the economy as a whole. ... The IS curve moves to the right, causing higher interest rates and expansion in the real economy (real GDP). ... John Maynard Keynes, 1st Baron Keynes, CB (pronounced cains, IPA ) (5 June 1883 – 21 April 1946) was a British economist whose ideas, called Keynesian economics, had a major impact on modern economic and political theory as well as on many governments fiscal policies. ... Keynesian economics, or Keynesianism, is an economic theory based on the ideas of John Maynard Keynes, as put forward in his book The General Theory of Employment, Interest and Money, published in 1936 in response to the Great Depression of the 1930s. ... Uncertainty is a term used in subtly different ways in a number of fields, including philosophy, statistics, economics, finance, insurance, psychology, engineering and science. ...

See also

• List of economists
• Nobel Prize in Economics
• Liberalism
• Contributions to liberal theory
• Hicksian demand function

This is an alphabetical list of notable economists. ... The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel[1] (Swedish: Sveriges Riksbanks pris i ekonomisk vetenskap till Alfred Nobels minne), commonly called the Nobel Prize in Economics, or more acurately the Nobel Memorial Prize in Economic Sciences, is a prize awarded each year for outstanding intellectual... Liberalism is an ideology, philosophical view, and political tradition which holds that liberty is the primary political value. ... Contributions to liberal theory is a partial list of individual contributions on a worldwide scale. ... In microeconomics, a consumers Hicksian demand function gives the cheapest bundle under a price level for which the consumer derives a utility level of at least . ...

Selected publications

• 1932, 2nd ed., 1963. The Theory of Wages. London, Macmillan.
• 1934. "A Reconsideration of the Theory of Value", with R. G. D. Allen, Economica.
• 1937. "Mr Keynes and the Classics: A suggested interpretation.", Econometrica.
• 1939. "The Foundations of Welfare Economics", Economic Journal.
• 1939, 2nd ed. 1946. Value and Capital. Oxford: Clarendon.
• 1940. "The Valuation of Social Income," Economica, 7:105–24.
• 1941. "The Rehabilitation of Consumers' Surplus," Review of Economic Studies.
• 1942. The Social Framework: An Introduction to Economics.
• 1950. A Contribution to the Theory of the Trade Cycle, Oxford: Clarendon.
• 1956. A Revision of Demand Theory, Oxford: Clarendon.
• 1958. "The Measurement of Real Income," Oxford Economic Papers.
• 1959. Essays in World Economics, Oxford: Clarendon.
• 1961. "Measurement of Capital in Relation to the Measurement of Other Economic Aggregates", in Lutz and Hague, editors, Theory of Capital.
• 1965. Capital and Growth. Oxford: Clarendon.
• 1969. A Theory of Economic History. Oxford: Clarendon.
• 1970. "Review of Friedman", Economic Journal.
• 1973. "The Mainspring of Economic Growth", Nobel Lectures, Economics 1969-1980, Editor Assar Lindbeck, World Scientific Publishing Co., Singapore, 1992.
• 1973. Autobiography
• 1974. "Capital Controversies: Ancient and Modern", American Economic Review.
• 1975. "What is Wrong with Monetarism", Lloyds Bank Review.
• 1976. Economic Perspectives. Oxford: Clarendon
• 1979, “The Formation of an Economist.” Banca Nazionale del Lavoro Quarterly Review, no. 130 (September 1979): 195-204.
• 1980. "IS-LM: An Explanation," Journal of Post Keynesian Economics.
• 1981. Wealth and Welfare: Vol I. of Collected Essays in Economic Theory. Oxford: Basil Blackwell.
• 1982. Money, Interest and Wages: Vol. II of Collected Essays in Economic Theory. Oxford: Basil Blackwell.
• 1983. Classics and Moderns: Vol. III of Collected Essays in Economic Theory. Oxford: Basil Blackwell.

Sir Roy George Douglas Allen, CBE, FBA (1906 - 1983) was a British economist and mathematician. ... John R. Hickss book Value and Capital (1939) is a classic exposition of microeconomic theory. ...

References

• Christopher Bliss, 1987. “Hicks, John Richard," The New Palgrave: A Dictionary of Economics, v. 2, pp. 641-46.

External links

• http://cepa.newschool.edu/het/profiles/hicks.htm