John R. Hicks

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John Richard Hicks (1972)

Sir John Richard Hicks (born April 8, 1904 in Leamington Spa , England , † May 20, 1989 in Blockley, England) was a British economist . He is considered one of the most important and influential economists of the 20th century and, together with Kenneth Arrow , recipient of the Alfred Nobel Memorial Prize for Economics of the year 1972 .


Hicks studied economics at Balliol College of Oxford University . He then became a lecturer at the London School of Economics and Political Science , where he met Friedrich Hayek . From 1935 to 1938 he was at the University of Cambridge , where he wrote his major work " Value and Capital " ( value and capital) wrote.

From 1938 to 1946 he was a professor at Manchester University . In 1946 he returned to Oxford , where he became Drummond Professor of Political Economics .

Prizes and awards

He was knighted in 1964 and in 1972, together with Kenneth Arrow, received the Alfred Nobel Memorial Prize for Economics .



Scientifically, he stood out among others through the so-called Kaldor-Hicks criterion , published in 1939 , with which the efficiency of compensation payments in welfare comparisons is described. His most influential contribution to economics was the IS / LM model developed together with Hansen , with which he made a significant contribution to popularizing the theories of John Maynard Keynes (see Keynesianism ), where he later expressed his dissatisfaction with the IS-LM model and called it "a classroom gadget". Keynes himself took the formalization cautiously positive. In contrast, numerous followers and students of Keynes rejected it. Joan Robinson voiced her criticism, speaking of Bastard Keynesianism . In her opinion, the original thoughts lose their revolutionary character in the simple conventional equilibrium. In addition, the instability of the system and the role of uncertainty and expectations were ignored.

Furthermore, he made a significant contribution to welfare economics - he developed the welfare measures named after him: equivalent / compensating variation / surplus . His concept of income, which is based on preliminary work by Erik Robert Lindahl and Irving Fisher , is still considered the theoretical basis of national accounts today .

See also


  • The Theory of Wages. Macmillan, London 1932. (2nd edition. 1963)
  • with RGD Allen: A Reconsideration of the Theory of Value. In: Economica. 1934.
  • Mr Keynes and the Classics: A Suggested Interpretation. In: Econometrica. May 1937.
  • The Foundations of Welfare Economics. In: Economic Journal. 1939.
  • Value and Capital. Clarendon Press, Oxford.
  • The Valuation of Social Income. In: Economica. Volume 7, 1939, pp. 105-124. (2nd edition 1946)
  • The Rehabilitation of Consumers' Surplus. In: Review of Economic Studies. 1941.
  • The Social Framework: An Introduction to Economics. 1942.
  • A Contribution to the Theory of the Trade Cycle. Clarendon Press, Oxford 1950.
  • A Revision of Demand Theory. Clarendon, Oxford 1956.
  • The Measurement of Real Income. In: Oxford Economic Papers. 1958.
  • Essays in World Economics. Clarendon Press, Oxford 1959.
  • Measurement of Capital in Relation to the Measurement of Other Economic Aggregates. In: FA Lutz, DC Hague (Ed.): Theory of Capital. 1961.
  • Capital and Growth. Clarendon Press, Oxford 1965.
  • A Theory of Economic History. Clarendon Press, Oxford 1969.
  • Review of Friedman: Economic Journal. 1970.
  • The Main Spring of Economic Growth. In: Assar Lindbeck (Ed.): Nobel Lectures, Economics 1969–1980. World Scientific Publishing Co., Singapore 1973, 1992.
  • Autobiography for Nobel Prize. 1973.
  • Capital Controversies: Ancient and Modern. In: American Economic Review. 1974.
  • What Is Wrong with Monetarism. In: Lloyds Bank Review. 1975.
  • Economic Perspectives. Clarendon Press, Oxford 1976.
  • The Formation of an Economist. In: Banca Nazionale del Lavoro Quarterly Review. no. 130, September 1979, pp. 195-204.
  • IS-LM: An explanation. Journal of Post Keynesian Economics. 1980.
  • Wealth and Welfare. (= Collected Essays in Economic Theory. Vol I), Basil Blackwell, Oxford 1981.
  • Money, Interest and Wages. (= Collected Essays in Economic Theory. Vol. II). Basil Blackwell, Oxford 1982.
  • Classics and Moderns: Vol. III of Collected Essays in Economic Theory. Basil Blackwell, Oxford 1983.
  • A Market Theory of Money . Oxford University Press.


  • John Creedy: John Richard Hicks, 1904–1989 . In: Biographical Memoirs of Fellows of the British Academy . tape 12 , 2013, p. 215–231 ( online [PDF; accessed August 2, 2017]).
  • Christopher Bliss: Hicks, John Richard (1904-1989). In: The New Palgrave: A Dictionary of Economics. Abstract.
  • Amartya Sen, Stefano Zamagni, Roberto Scazzieri: Markets, money and capital: Hicksian economics for the twenty-first century. Cambridge University Press, Cambridge / New York 2008, ISBN 978-0-521-87321-5 .

Web links

Individual evidence

  1. Artur Woll : Definition: Hicks. Accessed January 21, 2020 .
  2. John Hicks: “IS-LM”: An Explanation . In: Journal of Post Keynesian Economics . tape 3 , no. 2 (1980-1981) , pp. 139 .
  3. John Hicks: “IS-LM”: An Explanation . In: Journal of Post Keynesian Economics . tape 3 , no. 2 (1980-1981) , pp. 152 .
  4. Heinz D. Kurz: History of economic thinking. CH Beck, Munich 2013, ISBN 978-3-406-65553-1 , pp. 96-98.
  5. Geoffrey M. Heal, Bengt Kriström: National Income and the Environment . In: Karl-Göran Mäler, Jeffrey R. Vincent (Eds.): Handbook of Environmental Economics: Economywide and International Environmental Issues . North Holland, Amsterdam 2005, ISBN 0-444-51146-6 , pp. 1147-1217 .