The New Palgrave Dictionary of Economics

2018 Edition
| Editors: Macmillan Publishers Ltd

Hicks, John Richard (1904–1989)

  • Christopher Bliss
Reference work entry


This biographical review of the life and works of John Hicks covers his contributions to numerous fields, and in each case assesses the particular contributions for which he was responsible. The fields concerned are The Theory of Wages, Value Theory, Welfare Economics, The Keynesian Revolution, Monetary Theory, Growth and Capital Theory, and Other Topics. An extensive bibliography of Hicks’s writings is provided. Two points that are stressed are the unusual departure point for Hicks’s thought in the general equilibrium ideas of European economists, and the radical effect on Hicks of Keynes’s ideas.


Austrian economics Capital measurement Cardinal utility Causality in economics Chamberlin, E. H. Compensation test Consumer surplus Consumption function Economic dynamics Economic history Elasticity of expectations Elasticity of substitution Excess demand Firm, theory of the Fixprice versus flexiprice economy General equilibrium Growth theory Hicks, J. R. Hicks, U.K. Hicksian stability condition Hicksian substitution effect Income measurement Indirect taxation Induction Inflation Intertemporal equilibrium IS–LM model Kaldor, N. Keynes, J. M. Marginal and average cost pricing Marginal efficiency of capital Methodology of econometrics Monetary theory Multiplier–accelerator interaction Neoclassical synthesis New welfare economics Nominal income Ordinal utility Price theory Probability Public expenditure Robinson, J. V. Samuelson, P. A. Scitovsky, T. Simultaneous differential equation system Slutsky, E. Social accounting Social income Social welfare function Temporary equilibrium Traverse Underconsumptionism Value judgements Value theory Von Neumann model of capital accumulation causality Wage flexibility Wages theory Waiting Welfare economics 

JEL Classifications

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  1. Kaldor, N. 1939. Welfare propositions in economics and interpersonal comparisons of utility. Economic Journal 49: 549–552.CrossRefGoogle Scholar
  2. Little, I.M.D. 1950. A critique of welfare economics. Oxford: Clarendon Press.Google Scholar
  3. Samuelson, P.A. 1947. Foundations of economic analysis. Cambridge, MA: Harvard University Press.Google Scholar

Copyright information

© Macmillan Publishers Ltd. 2018

Authors and Affiliations

  • Christopher Bliss
    • 1
  1. 1.