John Hicks: Illuminating the Path of Economic Thought

By Fouad Sabry

Who is John Hicks

He was a British economist with the name of Sir John Richard Hicks. Over the course of the twentieth century, he is widely regarded as one of the most significant and influential economists alive. The two of his many contributions to the subject of economics that are most well-known are his formulation of consumer demand theory in microeconomics and the IS-LM model (1937), which summarized a Keynesian perspective on macroeconomics. Both of these contributions were made in 1937. Value and Capital, which he published in 1939, was a key contribution to the expansion of general-equilibrium and value theory. Hicksian demand function is the name given to the compensated demand function in honor of the individual who provided it.

How you will benefit

(I) Insights about the following:

Chapter 1: John Hicks

Chapter 2: Keynesian economics

Chapter 3: Macroeconomics

Chapter 4: Neoclassical economics

Chapter 5: IS-LM model

Chapter 6: Index of economics articles

Chapter 7: Nicholas Kaldor

Chapter 8: Stockholm School (economics)

Chapter 9: Classical economics

Chapter 10: The General Theory of Employment, Interest and Money

Chapter 11: Michio Morishima

Chapter 12: Alvin Hansen

Chapter 13: History of economic thought

Chapter 14: Value and Capital

Chapter 15: Neoclassical synthesis

Chapter 16: Keynesian cross

Chapter 17: Keynesian Revolution

Chapter 18: History of macroeconomic thought

Chapter 19: Athanasios Asimakopulos

Chapter 20: Wage unit

Chapter 21: Mr. Keynes and the "Classics"

Who this book is for

Professionals, undergraduate and graduate students, enthusiasts, hobbyists, and those who want to go beyond basic knowledge or information about John Hicks.

• Language: English
• Publisher: One Billion Knowledgeable
• Release date: Feb 1, 2024

Book preview

Chapter 1: John Hicks

British economist Sir John Richards Hicks (8 April 1904 – 20 May 1989). He is regarded as one of the twentieth century's most prominent and influential economists. The most well-known of his numerous contributions to economics were his formulation of consumer demand theory in microeconomics and the IS–LM model (1937), which summarized a Keynesian perspective on macroeconomics. His work Value and Capital (1939) extended general-equilibrium and value theory significantly. In his honor, the compensated demand function is known as the Hicksian demand function.

In 1972, he was jointly awarded the Nobel Memorial Prize in Economic Sciences for his innovative contributions to general equilibrium theory and utility theory.

Hicks was born in Warwick, England, in 1904 to Dorothy Catherine (Stephens) and Edward Hicks, a local newspaper journalist.

Hicks lectured at the London School of Economics and Political Science from 1926 to 1935. Beginning as a labour economist who performed descriptive work on industrial relations, he eventually shifted to the analytical side, where his mathematics background came to the fore. Hicks was influenced by Lionel Robbins and his collaborators Friedrich von Hayek, R.G.D. Allen, Nicholas Kaldor, Abba Lerner, and Ursula Webb, who became his wife in 1935.

Between 1935 to 1938, he taught in Cambridge, where he was also a fellow of Gonville & Caius College. He spent the most of his time authoring Value and Capital, a book based on his earlier work in London. He was a professor at the University of Manchester from 1938 to 1946. There, he concentrated mostly on welfare economics and the application of social