Markets, Money and Capital
Hicksian Economics for the Twenty First Century

This book examines John Hicks's intellectual heritage and discusses how his ideas suggest a distinct approach to economic theory and policy making.

Roberto Scazzieri (Edited by), Amartya Sen (Edited by), Stefano Zamagni (Edited by)

9780521873215, Cambridge University Press

Hardback, published 8 January 2009

466 pages
23.4 x 16 x 2.6 cm, 0.87 kg

'For afficionados of Hicksian economics, this volume will be a treat. Elegantly presented, full of substantial and thoughtful essays by well-informed economists, it pays tribute to the work of John [J. R.] Hicks from his Theory of Wages (1933) to his writings on money and macroeconomics in the late 1980s. … it is full of fascinating ideas …' Storia del pensiero economico

Sir John Hicks (1904–89) was a leading economic theorist of the twentieth century, and along with Kenneth Arrow was awarded the Nobel Prize in 1972. His work addressed central topics in economic theory, such as value, money, capital and growth. An important unifying theme was the attention for economic rationality 'in time' and his acknowledgement that apparent rigidities and frictions might exert a positive role as a buffer against excessive fluctuations in output, prices and employment. This emphasis on the virtue of imperfection significantly distances Hicksian economics from both the Keynesian and Monetarist approaches. Containing contributions from distinguished theorists in their own right (including three Nobel Prize winners), this volume examines Hicks's intellectual heritage and discusses how his ideas suggest a distinct approach to economic theory and policy making. It will be of great interest to scholars and students of economic theory and the history of economic thought.

Between theory and history: on the identity of Hicks's economics Roberto Scazzieri and Stefano Zamagni
Part I. The Intellectual Heritage of John Hicks: 1. Hicks on liberty Amartya Sen
2. An economist even greater than his high reputation Paul A. Samuelson
3. Hicks's 'conversion' - from J. R. to John Luigi L. Pasinetti and Ganpaolo Mariutti
4. Dear John, dear Ursula (Cambridge and LSE, 1935): 88 letters unearthed Maria Cristina Marcuzzo and Eleonora Sanfilippo
5. John Hicks and his publishers Andrew Schuller
6. Hicks in reviews, 1932–89: from 'The Theory of Wages' to 'A Market Theory of Money' Warren Young
Part II. Markets: 7. John Hicks and the emptiness of general equilibrium theory Christopher J. Bliss
8. Hicks vs. Marx? On the theory of economic history Pierluigi Ciocca
9. Hicks's notion and use of fix-price and flex-price Marcello De Cecco
10. On the Hicksian definition of income in applied economic analysis Paolo Onofri and Anna Stagni
Part III. Money: 11. Historical stylizations and monetary theory Alberto Quadrio Curzio and Roberto Scazzieri
12. Hicks: money, prices and credit management Omar Hamouda
13. Core, mantle and industry: a monetary perspective of Banks' capital standards Rainer Masera
14. A suggestion for simplifying the theory of asset prices Carlo D'Adda and Riccardo Cesari
Part IV. Capital and dynamics: 15. 'Distribution and economic progress' after 70 years Robert M. Solow
16. Flexible saving and economic growth Mauro Baranzini
17. The economics of nonlinear cycles Piero Ferri
18. Perspective on a Hicksian non-linear theory of the trade cycle Kumaraswamy Vela Velupillai
19. Capital, growth and production disequilibria: on the employment consequences of new technologies Harald Hagemann
20. Capital and time Erich Streissler
21. Sequential analysis and out-of-equilibrium paths Mario Amendola and Jean-Luc Gaffard.

Subject Areas: Economic theory & philosophy [KCA]