by Arrow et al
[Front Matter and Series Introduction]: Title pages and series introduction for the Vademecum to John Hicks's 'Value and Capital'. It introduces the 'Klassiker der Nationalökonomie' collection, which aims to make significant economic texts accessible with commentary, focusing on the evolution of economic theory from the mercantilist to the modern era. [Foreword by Bertram Schefold]: Bertram Schefold provides a comprehensive introduction to the significance of Hicks's 'Value and Capital'. He discusses Hicks's synthesis of the Lausanne and Austrian schools, the introduction of 'temporary equilibrium' as a bridge between statics and dynamics, and the book's impact on micro-foundations for macroeconomics. The essay also contrasts Hicks's approach with Keynesian theory and addresses critiques by Garegnani regarding capital theory and Morgenstern regarding formalization and expectations. [Epigrams on the Personality, Work, and Method of John Hicks]: A collection of epigrams and quotes from various economists (Samuels, Hahn, Baumol, Blaug, etc.) reflecting on John Hicks's personality, his vast contributions to economic theory (including IS-LM, welfare economics, and value theory), and his methodological pluralism. It highlights his transition from labor economics to theory and his unique position as a 'conceptualizer' who bridged history and science. [Selected Excerpts from Hicks's Works]: Key excerpts from Hicks's own writings, including 'Mr Keynes and the Classics', 'Value and Capital', and 'Capital and Time'. These passages cover his self-critique of the IS-LM diagram, his views on ordinal utility, the limitations of welfare economics, the 'marginal revolution' in monetary theory, and his concept of the 'Traverse' in capital theory. [Capital Theory as an Extension of Value Theory]: Kenneth Arrow analyzes 'Value and Capital' as a turning point in economic theory. He explains how Hicks integrated Walrasian general equilibrium with English Marshallian traditions. Arrow highlights Hicks's innovation in treating future goods as distinct commodities, thereby extending value theory to capital theory. The essay discusses 'perfect stability', the 'futures economy', and 'temporary equilibrium', while comparing Hicks's work to that of Lindahl and Hayek. [John Hicks on Capital in 'Value and Capital' and After]: Opening of Christopher Bliss's essay on Hicks's evolving views on capital, starting with the framework established in 'Value and Capital' and moving toward his later works. [Introduction: Hicks' Intellectual Background and the Marshallian Influence]: This section explores John Hicks' intellectual formation, noting that while he appeared as a quintessential English economist, his training was significantly non-English. This allowed him to avoid the limitations of the Marshallian school dominant in Cambridge, instead engaging with thinkers like Robbins and Kaldor at the LSE. It discusses the limitations of Marshall's work in the 1920s and how Hicks integrated English and non-English economic traditions. [Intellectual Influences: The Lausanne School and Wicksell]: Hicks identifies the Lausanne school (Walras and Pareto) and Wicksell as his primary inspirations for studying the interrelations of markets. He critiques Walras for a certain 'sterility' and Pareto for insufficient attention to capital and interest, while noting Wicksell's struggle with the abstraction of the stationary state. Hicks aims to synthesize Pareto's theory with the more familiar Marshallian value theory. [The Field of Pure Economic Theory and the Impact of Keynes]: Hicks views capital theory as the ultimate goal of his investigation, reached through the foundations of market equilibrium. The section discusses Hicks' radical approach in the 1930s, where he applied the general equilibrium model of the Lausanne school to answer questions posed by Keynes's General Theory, effectively modernizing the model to include dynamics and capital formation. [Subjective Value and General Exchange Equilibrium]: Hicks develops the theory of household demand using the ordinal utility concept and Pareto's indifference curves. He moves to general exchange equilibrium, identifying market stability as a central problem due to income effects. He argues that static analysis requires a local dynamic analysis to provide meaningful comparative-static results. [Approaches to Dynamic Analysis: Newton, Cournot, and Marshall]: The text outlines three potential paths for dynamic analysis: the physical/mathematical approach (Newton), the non-English approach (Cournot/Walras), and the English approach (Marshall). Hicks rejects Walrasian price adjustments as insufficient and instead adapts Marshall's period analysis of partial equilibrium to a simultaneous general equilibrium model, focusing on adjustment speeds of prices, output, and capital. [Dynamic Economic Analysis and Temporary Equilibrium]: Hicks defines dynamics as the part of theory where quantities must be dated. He introduces the concept of temporary equilibrium, where spot markets clear in each period based on subjective (and potentially incorrect) price expectations. This differs from the Arrow-Debreu model of complete futures markets. The section also covers Hicks's discussion of interest rates as a fundamental problem of capital theory, influenced by Keynes. [The Measurement of Income and Capital]: Hicks addresses the measurement of income, which requires determining capital depreciation and stock. He introduces 'Hicksian Income'—the amount of real income one can spend while maintaining capital. The text discusses the complexities and paradoxes of this measure in the context of technical progress and non-renewable resources like oil, where Hicksian income might effectively be zero. [Die Funktionsweise des dynamischen Systems (Fortsetzung)]: This section analyzes Hicks's transition to dynamic theory in Part IV of 'Value and Capital'. It explores his methodology of sequential temporary equilibria, his critical engagement with Böhm-Bawerk's capital theory, and the generalization of static production into an intertemporal framework. Key concepts discussed include the elasticity of expectations, the role of speculation in interest rates, and how uncertainty regarding future prices necessitates money holdings. [Postscriptum: Das Kapital nach »Value and Capital«]: An overview of Hicks's later works on capital theory following 'Value and Capital'. It discusses 'Capital and Growth' (1965), which introduced the fix-price economy and the concept of the 'traverse', and 'Capital and Time' (1973), which developed a neo-Austrian theory focusing on the temporal structure of production and the impact of technical progress on employment. [Literaturhinweise]: A bibliography of primary and secondary literature related to John Hicks, including his major works and contributions by other economists like Bliss, Keynes, Marshall, and Samuelson. [John Richard Hicks und seine Schule (Stefano Zamagni)]: Stefano Zamagni provides a comprehensive intellectual biography and methodological assessment of John Hicks. The essay covers Hicks's contributions to value theory (the shift from cardinal to ordinal utility), the development of the IS-LM model, his later self-critique of general equilibrium, and his advocacy for methodological pluralism. Zamagni emphasizes Hicks's view of economics as a 'discipline, not a science' and his focus on the temporal and social dimensions of economic life. [John R. Hicks: Curriculum Vitae and Chronology]: A biographical section containing Hicks's own Curriculum Vitae written for the Nobel Prize in 1972, a detailed timeline of his life and career (1904-1989), and a list of his academic honors and appointments at institutions like LSE, Cambridge, and Oxford. [Ausgewählte Schriften und Literatur]: A comprehensive list of selected writings by John R. Hicks, including his books (from 'The Theory of Wages' to 'The Status of Economics') and influential journal articles. It also includes a list of secondary literature and critical assessments of his work by other scholars. [Zeittafel: John R. Hicks’ Platz in der Genealogie der Nationalökonomie]: A chronological table (Zeittafel) situating John R. Hicks within the broader history of economic thought. It lists major economists from 1801 to 1996, their birth/death dates, and their most significant publications, providing a genealogical context for Hicks's work. [Über die Autoren]: Biographical sketches of the contributors to this volume: Nobel laureate Kenneth J. Arrow, Nuffield Professor Christopher Bliss, and Professor Stefano Zamagni. It details their academic backgrounds, major publications, and research focuses.
Title pages and series introduction for the Vademecum to John Hicks's 'Value and Capital'. It introduces the 'Klassiker der Nationalökonomie' collection, which aims to make significant economic texts accessible with commentary, focusing on the evolution of economic theory from the mercantilist to the modern era.
Read full textBertram Schefold provides a comprehensive introduction to the significance of Hicks's 'Value and Capital'. He discusses Hicks's synthesis of the Lausanne and Austrian schools, the introduction of 'temporary equilibrium' as a bridge between statics and dynamics, and the book's impact on micro-foundations for macroeconomics. The essay also contrasts Hicks's approach with Keynesian theory and addresses critiques by Garegnani regarding capital theory and Morgenstern regarding formalization and expectations.
Read full textA collection of epigrams and quotes from various economists (Samuels, Hahn, Baumol, Blaug, etc.) reflecting on John Hicks's personality, his vast contributions to economic theory (including IS-LM, welfare economics, and value theory), and his methodological pluralism. It highlights his transition from labor economics to theory and his unique position as a 'conceptualizer' who bridged history and science.
Read full textKey excerpts from Hicks's own writings, including 'Mr Keynes and the Classics', 'Value and Capital', and 'Capital and Time'. These passages cover his self-critique of the IS-LM diagram, his views on ordinal utility, the limitations of welfare economics, the 'marginal revolution' in monetary theory, and his concept of the 'Traverse' in capital theory.
Read full textKenneth Arrow analyzes 'Value and Capital' as a turning point in economic theory. He explains how Hicks integrated Walrasian general equilibrium with English Marshallian traditions. Arrow highlights Hicks's innovation in treating future goods as distinct commodities, thereby extending value theory to capital theory. The essay discusses 'perfect stability', the 'futures economy', and 'temporary equilibrium', while comparing Hicks's work to that of Lindahl and Hayek.
Read full textOpening of Christopher Bliss's essay on Hicks's evolving views on capital, starting with the framework established in 'Value and Capital' and moving toward his later works.
Read full textThis section explores John Hicks' intellectual formation, noting that while he appeared as a quintessential English economist, his training was significantly non-English. This allowed him to avoid the limitations of the Marshallian school dominant in Cambridge, instead engaging with thinkers like Robbins and Kaldor at the LSE. It discusses the limitations of Marshall's work in the 1920s and how Hicks integrated English and non-English economic traditions.
Read full textHicks identifies the Lausanne school (Walras and Pareto) and Wicksell as his primary inspirations for studying the interrelations of markets. He critiques Walras for a certain 'sterility' and Pareto for insufficient attention to capital and interest, while noting Wicksell's struggle with the abstraction of the stationary state. Hicks aims to synthesize Pareto's theory with the more familiar Marshallian value theory.
Read full textHicks views capital theory as the ultimate goal of his investigation, reached through the foundations of market equilibrium. The section discusses Hicks' radical approach in the 1930s, where he applied the general equilibrium model of the Lausanne school to answer questions posed by Keynes's General Theory, effectively modernizing the model to include dynamics and capital formation.
Read full textHicks develops the theory of household demand using the ordinal utility concept and Pareto's indifference curves. He moves to general exchange equilibrium, identifying market stability as a central problem due to income effects. He argues that static analysis requires a local dynamic analysis to provide meaningful comparative-static results.
Read full textThe text outlines three potential paths for dynamic analysis: the physical/mathematical approach (Newton), the non-English approach (Cournot/Walras), and the English approach (Marshall). Hicks rejects Walrasian price adjustments as insufficient and instead adapts Marshall's period analysis of partial equilibrium to a simultaneous general equilibrium model, focusing on adjustment speeds of prices, output, and capital.
Read full textHicks defines dynamics as the part of theory where quantities must be dated. He introduces the concept of temporary equilibrium, where spot markets clear in each period based on subjective (and potentially incorrect) price expectations. This differs from the Arrow-Debreu model of complete futures markets. The section also covers Hicks's discussion of interest rates as a fundamental problem of capital theory, influenced by Keynes.
Read full textHicks addresses the measurement of income, which requires determining capital depreciation and stock. He introduces 'Hicksian Income'—the amount of real income one can spend while maintaining capital. The text discusses the complexities and paradoxes of this measure in the context of technical progress and non-renewable resources like oil, where Hicksian income might effectively be zero.
Read full textThis section analyzes Hicks's transition to dynamic theory in Part IV of 'Value and Capital'. It explores his methodology of sequential temporary equilibria, his critical engagement with Böhm-Bawerk's capital theory, and the generalization of static production into an intertemporal framework. Key concepts discussed include the elasticity of expectations, the role of speculation in interest rates, and how uncertainty regarding future prices necessitates money holdings.
Read full textAn overview of Hicks's later works on capital theory following 'Value and Capital'. It discusses 'Capital and Growth' (1965), which introduced the fix-price economy and the concept of the 'traverse', and 'Capital and Time' (1973), which developed a neo-Austrian theory focusing on the temporal structure of production and the impact of technical progress on employment.
Read full textA bibliography of primary and secondary literature related to John Hicks, including his major works and contributions by other economists like Bliss, Keynes, Marshall, and Samuelson.
Read full textStefano Zamagni provides a comprehensive intellectual biography and methodological assessment of John Hicks. The essay covers Hicks's contributions to value theory (the shift from cardinal to ordinal utility), the development of the IS-LM model, his later self-critique of general equilibrium, and his advocacy for methodological pluralism. Zamagni emphasizes Hicks's view of economics as a 'discipline, not a science' and his focus on the temporal and social dimensions of economic life.
Read full textA biographical section containing Hicks's own Curriculum Vitae written for the Nobel Prize in 1972, a detailed timeline of his life and career (1904-1989), and a list of his academic honors and appointments at institutions like LSE, Cambridge, and Oxford.
Read full textA comprehensive list of selected writings by John R. Hicks, including his books (from 'The Theory of Wages' to 'The Status of Economics') and influential journal articles. It also includes a list of secondary literature and critical assessments of his work by other scholars.
Read full textA chronological table (Zeittafel) situating John R. Hicks within the broader history of economic thought. It lists major economists from 1801 to 1996, their birth/death dates, and their most significant publications, providing a genealogical context for Hicks's work.
Read full textBiographical sketches of the contributors to this volume: Nobel laureate Kenneth J. Arrow, Nuffield Professor Christopher Bliss, and Professor Stefano Zamagni. It details their academic backgrounds, major publications, and research focuses.
Read full text