Markets, Money and Capital: Hicksian Economics for the Twenty First Century

Description

Sir John Hicks (1904-89) was a leading economic theorist of the twentieth century, and along with Kenneth Arrow was awarded the Nobel Prize in 1972. His work addressed central topics in economic theory, such as value, money, capital and growth. An important unifying theme was the attention for economic rationality 'in time' and his acknowledgement that apparent rigidities and frictions might exert a positive role as a buffer against excessive fluctuations in output, prices and employment. This emphasis on the virtue of imperfection significantly distances Hicksian economics from both the Keynesian and Monetarist approaches. Containing contributions from distinguished theorists in their own right (including three Nobel Prize winners), this volume examines Hicks's intellectual heritage and discusses how his ideas suggest a distinct approach to economic theory and policy making. It will be of great interest to scholars and students of economic theory and the history of economic thought.

Review of the hardback: 'John Hicks, one of the greatest economists of the twentieth century, had a highly varied set of interests and viewpoints. This collection of essays, written by former students and others close to the corpus of this thought, gives deep insight into the broad theoretical syntheses which have had so much influence, together with the special nuances of Hicks's approaches and interpretations of economic reality. The depth and thoroughness of the writers' approaches lift this volume far above the narrow interpretations of Hicks's work.' Kenneth J. Arrow, Nobel Laureate and Emeritus Professor of Economics, Stanford University 'For afficionados of Hicksian economics, this volume will be a treat. Elegantly presented, full of substantial and thoughtful essays by well-informed economists, it pays tribute to the work of John [J. R.] Hicks from his Theory of Wages (1933) to his writings on money and macroeconomics in the late 1980s. ... it is full of fascinating ideas ...' Storia del pensiero economico