Encyclopedia, Difference between revisions of "John Richard Hicks" - New World

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[[Category:Politics and social sciences]]
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[[Category:Biography]]
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[[Category:Economics]]
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{{epname}}
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{{Infobox_Scientist
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| name = John R. Hicks
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| image =
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| caption =
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| birth_date = [[April 8]], [[1904]]
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| birth_place = [[Warwick]]
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| death_date = [[May 20]], [[1989]]
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| death_place = [[New York City|New York]]
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| residence = [[Image:Flag_of_England.svg|20px|]] [[England]]
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| nationality = [[Image:Flag_of_England.svg|20px|]] [[England|English]]
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| field = [[Economics]]
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| work_institution = [[Nuffield College, Oxford]]
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| alma_mater = [[Balliol College, Oxford]]
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| doctoral_advisor =
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| doctoral_students =
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| known_for  = [[IS/LM model]]</br>[[Capital (economics)|Capital]] theory, [[consumer theory]], [[general equilibrium theory]], [[welfare theory]]
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| prizes = [[Nobel Prize in Economics]] (1972)
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| religion =
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| footnotes =}}
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'''Sir John Richard Hicks''' ([[April 8]], [[1904]] &ndash; [[May 20]], [[1989]]) was one of the most important and influential [[economists]] of the [[twentieth century]]. His most familiar contributions in the field of economics were the [[IS/LM model]], which summarised the [[Keynesian]] view of [[macroeconomics]], and his statement of [[consumer theory|consumer demand theory]] in [[microeconomics]]. In 1972, Hicks was awarded the [[Nobel Prize in Economics]]  with [[Kenneth Arrow]] for "pioneering contributions to general economic equilibrium theory and welfare theory."[http://nobelprize.org/nobel_prizes/economics/laureates/1972/index.html]
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==Timeline==
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* He was born in 1904 at [[Warwick]], England.
 +
* He was educated at [[Clifton College]] (1917-22) and at [[Balliol College, Oxford]] (1922-26), an expensive education financed by mathematical scholarships.
 +
* During his school days, and in his first year at Oxford, he was a mathematical specialist. But he was not contented with mathematics; he had interests in literature and in history which he needed to satisfy.
 +
* 1923: He moved to "Philosophy, Politics and Economics", the "new school" just being started at Oxford; however he did not have adequate qualification in any of the subjects that he had studied.
 +
* Economists, in those days (1930s), were very scarce, so he did pick up a temporary lectureship at the [[London School of Economics|London School of Economics and Political Science]] and managed to get continued. He started as a labor economist, doing descriptive work on industrial relations, but gradually he moved over to the analytical side. He found that his mathematics, by that time almost forgotten, could be revived, and was sufficient to cope with what anyone used in economics.
 +
* 1935: He married Ursula Webb.
 +
* 1935 – 1938: He lectured at [[Cambridge University|Cambridge]] and was mainly occupied in writing ''Value and Capital'', which was based on the work he had done in London.
 +
* 1938 to 1946: He was Professor at the [[University of Manchester]]. It was there that he did his main work on welfare economics, with its application to social accounting.
 +
* In 1946 he returned to [[Oxford University|Oxford]], first as a research fellow of [[Nuffield College, Oxford|Nuffield College]] (1946-52), then as [[Drummond Professor of Political Economy]] (1952-65), and finally as a research fellow of [[All Souls College]] (1965-71).
 +
* He was knighted in 1964.
 +
* 1972: He shared the Nobel Prize with Kenneth J. Arrow.
 +
* 1989: John Hicks died on May 20.
 +
 +
==Career==
 +
Hicks taught at the [[London School of Economics]] from 1926 to 1935. He was a lecturer at [[University of Cambridge|Cambridge University]] where he was also a fellow of [[Gonville and Caius College, Cambridge|Gonville & Caius College]] from 1935 to 38.  During this time he was mainly occupied with writing ''Value and Capital''. From 1938 to 1946 Hicks was a Professor at the [[Victoria University of Manchester]]. In 1946 he returned to Oxford, first as a research fellow of [[Nuffield College, Oxford|Nuffield College]] (1946-1965), then as [[Drummond Professor of Political Economy]] (1952-1965), and, after that, research fellow of [[All Souls College, Oxford|All Souls College]] (1965-1971).
 +
==Contributions to economic analysis==
 +
Hick's early work was as a [[labour economics|labor economist]] culminated in ''The Theory of Wages'' (1932, 2nd ed. 1963), still considered standard in the field.  He colloborated with [[R G D Allen]] in two seminal papers on [[value theory]] published in 1934.
 +
 +
His [[magnum opus]] is ''[[Value and Capital]]'' published in 1939,  The book ''built'' on [[ordinal utility]]  and mainstreamed the now-standard distinction between the [[substitution effect]] and the [[income effect]] for an individual in [[Consumer theory|demand theory]] for the 2-good case. It generalized analysis to the case of one good and a [[composite good]], that is, all other goods. It aggregated individuals and businessess through demand and supply across the economy. It anticipated the [[aggregation problem]], most acutely for the stock of capital goods. It introduced [[general equilibrium theory]] to an English-speaking audience, refined the theory for dynamic analysis, and for the first time attempted a rigorous statement of stability conditions for general equilibrium.  In the course of analysis Hicks formalized [[comparative statics]].  In the same year, he also developed the famous "compensation" criteria called [[Kaldor-Hicks efficiency]] for welfare comparisons of alternative public policies or economic states.
 +
 +
His most familiar contribution in [[macroeconomics]] was the [[IS/LM model|Hicks-Hansen IS-LM model]], which formalised the theory of [[John Maynard Keynes]] (see [[Keynesianism]]). The model describes the economy as a balance between three commodities: money, consumption and investment. Before he died, Hicks criticised his own model in a paper published in 1980, asserting it had omitted some crucial components of Keynes's arguments, especially those related to [[uncertainty]].
 +
 +
==See also==
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*[[List of economists]]
 +
*[[Nobel Prize in Economics]]
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*[[Liberalism]]
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*[[Contributions to liberal theory]]
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*[[Hicksian demand function]]
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==Selected publications==
 +
* 1932, 2nd ed., 1963. ''[[The Theory of Wages]]''. London, Macmillan.
 +
*  1934. "A Reconsideration of the Theory of Value", with [[R. G. D. Allen]], ''Economica''.
 +
* 1937. "Mr Keynes and the Classics: A suggested simplification.", ''Econometrica''.
 +
* 1939. "The Foundations of Welfare Economics", ''Economic Journal''.
 +
* 1939, 2nd ed. 1946. ''[[Value and Capital]]''.  Oxford: Clarendon.
 +
* 1940. "The Valuation of Social Income,"  ''Economica''.
 +
* 1941. "The Rehabilitation of Consumers' Surplus,"  ''Review of Economic Studies''.
 +
* 1942. ''The Social Framework: An Introduction to Economics''.
 +
* 1950. ''A Contribution to the Theory of the Trade Cycle'', Oxford: Clarendon.
 +
* 1956. ''A Revision of Demand Theory'', Oxford: Clarendon.
 +
* 1958. "The Measurement of Real Income,"  ''Oxford Economic Papers''.
 +
* 1959. ''Essays in World Economics'', Oxford: Clarendon.
 +
* 1961. "Measurement of Capital in Relation to the Measurement of Other Economic Aggregates",  in Lutz and Hague, editors, Theory of Capital.
 +
* 1965. ''Capital and Growth''. Oxford: Clarendon.
 +
* 1969. ''A Theory of Economic History''. Oxford: Clarendon. 
 +
* 1970. "Review of Friedman",  ''Economic Journal''.
 +
* 1973. [http://nobelprize.org/economics/laureates/1972/hicks-lecture.html "The Mainspring of Economic Growth"], ''Nobel Lectures, Economics 1969-1980'', Editor Assar Lindbeck, World Scientific Publishing Co., Singapore, 1992.
 +
* 1973. [http://nobelprize.org/nobel_prizes/economics/laureates/1972/hicks-autobio.html Autobiography]
 +
*1974. "Capital Controversies: Ancient and Modern",  ''American Economic Review''.
 +
* 1975. "What is Wrong with Monetarism", ''Lloyds Bank Review''.
 +
* 1976. ''Economic Perspectives''. Oxford: Clarendon. 
 +
* 1980.  "IS-LM: An Explanation," ''Journal of Post Keynesian Economics''.
 +
* 1981. ''Wealth and Welfare: Vol I. of Collected Essays in Economic Theory''. Oxford: Basil Blackwell.
 +
* 1982. ''Money, Interest and Wages: Vol. II of Collected Essays in Economic Theory''. Oxford: Basil Blackwell.
 +
* 1983. ''Classics and Moderns: Vol. III of Collected Essays in Economic Theory''. Oxford: Basil Blackwell.
 +
 +
==References==
 +
*Christopher Bliss, 1987. “Hicks, John Richard," ''The [[New Palgrave: A Dictionary of Economics]]'', v. 2, pp. 641-46.
 +
 +
==External links==
 +
*http://cepa.newschool.edu/het/profiles/hicks.htm
 +
 +
{{Nobel Memorial Prize in Economics Laureates 1969-1975}}
 +
 +
 +
<!-- Metadata: see [[Wikipedia:Persondata]] —>
 +
{{Persondata
 +
|NAME= Hicks, John R.
 +
|ALTERNATIVE NAMES=
 +
|SHORT DESCRIPTION= [[Economist]]
 +
|DATE OF BIRTH= [[April 8]], [[1904]]
 +
|PLACE OF BIRTH= [[Warwick]]
 +
|DATE OF DEATH= [[May 20]], [[1989]]
 +
|PLACE OF DEATH= [[New York City|New York]]
 +
}}
 +
 +
 +
 +
 +
{{Credits|John_Hicks|125804703|}}

Revision as of 04:21, 29 April 2007



John R. Hicks

Born

April 8, 1904
Warwick

Died May 20, 1989

New York

Residence Flag of England.svg England
Nationality Flag of England.svg English
Field Economics
Institutions Nuffield College, Oxford
Alma mater Balliol College, Oxford
Known for IS/LM model
Capital theory, consumer theory, general equilibrium theory, welfare theory
Notable prizes Nobel Prize in Economics (1972)

Sir John Richard Hicks (April 8, 1904 – May 20, 1989) was one of the most important and influential economists of the twentieth century. His most familiar contributions in the field of economics were the IS/LM model, which summarised the Keynesian view of macroeconomics, and his statement of consumer demand theory in microeconomics. In 1972, Hicks was awarded the Nobel Prize in Economics with Kenneth Arrow for "pioneering contributions to general economic equilibrium theory and welfare theory."[1]

Timeline

  • He was born in 1904 at Warwick, England.
  • He was educated at Clifton College (1917-22) and at Balliol College, Oxford (1922-26), an expensive education financed by mathematical scholarships.
  • During his school days, and in his first year at Oxford, he was a mathematical specialist. But he was not contented with mathematics; he had interests in literature and in history which he needed to satisfy.
  • 1923: He moved to "Philosophy, Politics and Economics", the "new school" just being started at Oxford; however he did not have adequate qualification in any of the subjects that he had studied.
  • Economists, in those days (1930s), were very scarce, so he did pick up a temporary lectureship at the London School of Economics and Political Science and managed to get continued. He started as a labor economist, doing descriptive work on industrial relations, but gradually he moved over to the analytical side. He found that his mathematics, by that time almost forgotten, could be revived, and was sufficient to cope with what anyone used in economics.
  • 1935: He married Ursula Webb.
  • 1935 – 1938: He lectured at Cambridge and was mainly occupied in writing Value and Capital, which was based on the work he had done in London.
  • 1938 to 1946: He was Professor at the University of Manchester. It was there that he did his main work on welfare economics, with its application to social accounting.
  • In 1946 he returned to Oxford, first as a research fellow of Nuffield College (1946-52), then as Drummond Professor of Political Economy (1952-65), and finally as a research fellow of All Souls College (1965-71).
  • He was knighted in 1964.
  • 1972: He shared the Nobel Prize with Kenneth J. Arrow.
  • 1989: John Hicks died on May 20.

Career

Hicks taught at the London School of Economics from 1926 to 1935. He was a lecturer at Cambridge University where he was also a fellow of Gonville & Caius College from 1935 to 38. During this time he was mainly occupied with writing Value and Capital. From 1938 to 1946 Hicks was a Professor at the Victoria University of Manchester. In 1946 he returned to Oxford, first as a research fellow of Nuffield College (1946-1965), then as Drummond Professor of Political Economy (1952-1965), and, after that, research fellow of All Souls College (1965-1971).

Contributions to economic analysis

Hick's early work was as a labor economist culminated in The Theory of Wages (1932, 2nd ed. 1963), still considered standard in the field. He colloborated with R G D Allen in two seminal papers on value theory published in 1934.

His magnum opus is Value and Capital published in 1939, The book built on ordinal utility and mainstreamed the now-standard distinction between the substitution effect and the income effect for an individual in demand theory for the 2-good case. It generalized analysis to the case of one good and a composite good, that is, all other goods. It aggregated individuals and businessess through demand and supply across the economy. It anticipated the aggregation problem, most acutely for the stock of capital goods. It introduced general equilibrium theory to an English-speaking audience, refined the theory for dynamic analysis, and for the first time attempted a rigorous statement of stability conditions for general equilibrium. In the course of analysis Hicks formalized comparative statics. In the same year, he also developed the famous "compensation" criteria called Kaldor-Hicks efficiency for welfare comparisons of alternative public policies or economic states.

His most familiar contribution in macroeconomics was the Hicks-Hansen IS-LM model, which formalised the theory of John Maynard Keynes (see Keynesianism). The model describes the economy as a balance between three commodities: money, consumption and investment. Before he died, Hicks criticised his own model in a paper published in 1980, asserting it had omitted some crucial components of Keynes's arguments, especially those related to uncertainty.

See also

Selected publications

  • 1932, 2nd ed., 1963. The Theory of Wages. London, Macmillan.
  • 1934. "A Reconsideration of the Theory of Value", with R. G. D. Allen, Economica.
  • 1937. "Mr Keynes and the Classics: A suggested simplification.", Econometrica.
  • 1939. "The Foundations of Welfare Economics", Economic Journal.
  • 1939, 2nd ed. 1946. Value and Capital. Oxford: Clarendon.
  • 1940. "The Valuation of Social Income," Economica.
  • 1941. "The Rehabilitation of Consumers' Surplus," Review of Economic Studies.
  • 1942. The Social Framework: An Introduction to Economics.
  • 1950. A Contribution to the Theory of the Trade Cycle, Oxford: Clarendon.
  • 1956. A Revision of Demand Theory, Oxford: Clarendon.
  • 1958. "The Measurement of Real Income," Oxford Economic Papers.
  • 1959. Essays in World Economics, Oxford: Clarendon.
  • 1961. "Measurement of Capital in Relation to the Measurement of Other Economic Aggregates", in Lutz and Hague, editors, Theory of Capital.
  • 1965. Capital and Growth. Oxford: Clarendon.
  • 1969. A Theory of Economic History. Oxford: Clarendon.
  • 1970. "Review of Friedman", Economic Journal.
  • 1973. "The Mainspring of Economic Growth", Nobel Lectures, Economics 1969-1980, Editor Assar Lindbeck, World Scientific Publishing Co., Singapore, 1992.
  • 1973. Autobiography
  • 1974. "Capital Controversies: Ancient and Modern", American Economic Review.
  • 1975. "What is Wrong with Monetarism", Lloyds Bank Review.
  • 1976. Economic Perspectives. Oxford: Clarendon.
  • 1980. "IS-LM: An Explanation," Journal of Post Keynesian Economics.
  • 1981. Wealth and Welfare: Vol I. of Collected Essays in Economic Theory. Oxford: Basil Blackwell.
  • 1982. Money, Interest and Wages: Vol. II of Collected Essays in Economic Theory. Oxford: Basil Blackwell.
  • 1983. Classics and Moderns: Vol. III of Collected Essays in Economic Theory. Oxford: Basil Blackwell.

References
ISBN links support NWE through referral fees

  • Christopher Bliss, 1987. “Hicks, John Richard," The New Palgrave: A Dictionary of Economics, v. 2, pp. 641-46.

External links

Template:Nobel Memorial Prize in Economics Laureates 1969-1975


Persondata
NAME Hicks, John R.
ALTERNATIVE NAMES
SHORT DESCRIPTION Economist
DATE OF BIRTH April 8, 1904
PLACE OF BIRTH Warwick
DATE OF DEATH May 20, 1989
PLACE OF DEATH New York


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