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

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Sir John Hicks (1904-1989) 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.

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Editorial Reviews

From the Publisher
Review of the hardback: 'John Hicks, one of the greatest economists of the twentieth century, had a highly varied set of interests and viewpoints. This collection of essays, written by former students and others close to the corpus of this thought, gives deep insight into the broad theoretical syntheses which have had so much influence, together with the special nuances of Hicks's approaches and interpretations of economic reality. The depth and thoroughness of the writers' approaches lift this volume far above the narrow interpretations of Hicks's work.' Kenneth J. Arrow, Nobel laureate and Emeritus Professor of Economics, Stanford University

'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

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Product Details

  • ISBN-13: 9780521188791
  • Publisher: Cambridge University Press
  • Publication date: 3/3/2011
  • Pages: 466
  • Product dimensions: 6.00 (w) x 9.00 (h) x 1.20 (d)

Meet the Author

Roberto Scazzieri is Professor of Economics at the University of Bologna, a Senior Member of Gonville and Caius College and Life Member of Clare Hall, Cambridge.

Amartya Sen is a Nobel laureate and Professor of Economics and Philosophy at Harvard University.

Stefano Zamagni is Professor of Economics at the University of Bologna, and Adjunct Professor of International Economics at Johns Hopkins University.

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Table of Contents

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, 1932-1989: 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.

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