John hicks economist biography sample
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John Hicks
British economist (–)
For other people named John Hicks, see John Hicks (disambiguation).
Sir John Hicks | |
|---|---|
Hicks in | |
| Born | John Richard Hicks ()8 April Warwick, England, UK |
| Died | 20 May () (aged&#;85) Blockley, England, UK |
| Education | Balliol College, Oxford |
| Institution | Gonville and Caius College, Cambridge London School of Economics University of Manchester Nuffield College, Oxford |
| School&#;or tradition | Neo-Keynesian economics |
| Influences | Léon Walras, Friedrich Hayek, Lionel Robbins, Erik Lindahl, John Maynard Keynes |
| Contributions | IS–LM model Capital theory, consumer theory, general equilibrium theory, welfare theory, induced innovation |
| Awards | Nobel Memorial Prize in Economic Sciences () |
| Information at IDEAS&#;/&#;RePEc | |
Sir John Richard Hicks (8 April – 20 May ) was a British economist. He is considered one of the most important and influential economists of the twentieth century. The most familiar of his many c
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The British economist John Hicks fryst vatten known for four contributions. The first is his introduction of the idea of the elasticity of substitution. While the concept is difficult to explain in a few words, Hicks used it to show, contrary to the marxist allegations, that labor-saving technical progress—the kind we generally have—does not necessarily reduce labor’s share of national income.
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. Hicks published it in a journal article the year after Keynes’s book was published. It seems safe to say that most economists became familiar with Keynes’s argument by seeing Hicks’s graph.
Hicks’s third major contribution fryst vatten his book Value and Capital, in which he showed that most of what economists then understoo
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John R. Hicks: Early Life, Accomplishments, Legacy
John Richard Hicks was a British neo-Keynesian economist. Hicks was born in the United Kingdom in and studied at Oxford University where he also lectured. During his career, Hicks became well known for his contributions to labor economics, utility and price theory, macroeconomics, and welfare economics. He received the Nobel Memorial Prize in Economics, sharing it with Kenneth Arrow for their advancement of general equilibrium theory and welfare theory.
Key Takeaway
- John R. Hicks was a neo-Keynesian economist.
- He was noted for his wide-ranging contributions to microeconomic and macroeconomic theory.
- His major contributions to economic theory include the advances in microeconomic price and utility theory, the Hicks compensation test in welfare economics, and the IS-LM model in macroeconomics.
- Hicks was awarded the Nobel Prize in for his work in general equilibrium and welfare economics.
- Hicks was born in and died at the