Sir john hicks nobel prize
A Market Theory of Money by John R. HicksIn this book Nobel Laureate Sir John Hicks draws together the common threads of over fifty years of writing on monetary economics into a succinct statement of the fundamentals of monetary theory. Confronting the failure of both standard classical and neoclassical theory to fill the gap between monetary and non-monetary economics, he posits an idea of competitive markets that can be linked to the monetary sector, and explains the way in which economic theory has been adjusted to reflect developments in the real economy.
Sir John Hicks
Sir John R. During his career, he also conducted research on monetary policy, international trade and development economics. Hicks was born in England on April 8,, and he died on May 20, He was knighted in for his work in the economics field. John Hicks is also known for his contribution to the IS-LM model, which depicts the relationship between interest rates and real output. Hicks made four major contributions to 20th-century economics.
T he British economist John Hicks is known for four contributions. The first is his introduction of the idea of the elasticity of substitution. His second major contribution is his invention of what is called the IS-LM model, a graphical depiction of the argument John Maynard Keynes gave in his General Theory of Employment, Interest and Money about how an economy could be in equilibrium with less than full employment. His book was also one of the first works on general equilibrium theory, the theory about how all markets fit together and reach equilibrium. Before his test, economists were hesitant to say that one particular outcome was preferable to another because even a policy that benefited millions of people could hurt some people. Free trade in cars, for example, helps millions of American consumers at the expense of thousands of American workers and owners of stock in U.
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Sir John Richard Hicks April 8, — May 20, was a British economist, one of the most influential economists of the twentieth century. He also introduced the idea of elasticity of substitution, which showed that labor-saving technical progress does not reduce labor's share of income. In his book, Value and Capital , one of the first works on general equilibrium theory, Hicks showed that value could be understood without having to quantify utility. He also contributed to welfare economics, developing a way to compare the impact of different policies, regarding the one that produced sufficient gain to compensate for any losses and still provide benefit to be worthy of implementation. Hicks was not a follower of a particular school of economics, but rather took an eclectic approach, reviving and further developing the best of each school. Thus, his work was an attempt to better understand all types of economic forces and to be better able to establish an economically stable human society, benefiting all people. Arrow, for his contributions to general economic equilibrium theory and welfare theory.
I was born in at Warwick, England, where my father was a journalist on a local newspaper. I was educated at Clifton College and at Balliol College, Oxford , an expensive education financed by mathematical scholarships. Thus, during my school days, and in my first year at Oxford, I was a mathematical specialist; to the mathematical training I received at Clifton, in particular, I owe a great debt. But I was not contented with mathematics; I had interests in literature and in history which I needed to satisfy. I finished with a second-class degree, and no adequate qualification in any of the subjects I had studied.