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Hicks on Economic Theory in Time

Published online by Cambridge University Press:  11 June 2009

Elisabeth Allgoewer
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Extract

John Richard Hicks is famous for the contributions to general equilibrium theory and welfare economics that earned him the Nobel Prize in 1972 and for his interpretation of John Maynard Keynes's General Theory (1936). Hicks made these pathbreaking contributions to economic modeling in the 1930s, '40s and '50s. Following Axel Leijonhufvud's classification (1984, p. 28), these are the works of “Hicks the Younger.” “Hicks the Elder” formulated “Some Questions of Time in Economics” (Hicks 1976). There he refers to theories that adequately incorporate aspects of time as “economic theory in time” in contrast to “economic theory out of time.” Hicks argues that for the theory of capital and the theory of markets this distinction is of greatest importance (ibid., p. 139).

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Articles
Information
Journal of the History of Economic Thought , Volume 19 , Issue 2 , Fall 1997 , pp. 222 - 240
Copyright
Copyright © Cambridge University Press 1997

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References

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