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Hicks on Economic Theory in Time

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  • Allgoewer, Elisabeth

Abstract

John Richard Hicks is famous for the contributions to general equilibrium theory and welfare economics that earned him the Nobel Prize in 1972 and for his interpretation of John Maynard Keynes's General Theory (1936). Hicks made these pathbreaking contributions to economic modeling in the 1930s, '40s and '50s. Following Axel Leijonhufvud's classification (1984, p. 28), these are the works of “Hicks the Younger.” “Hicks the Elder” formulated “Some Questions of Time in Economics” (Hicks 1976). There he refers to theories that adequately incorporate aspects of time as “economic theory in time” in contrast to “economic theory out of time.” Hicks argues that for the theory of capital and the theory of markets this distinction is of greatest importance (ibid., p. 139).

Suggested Citation

  • Allgoewer, Elisabeth, 1997. "Hicks on Economic Theory in Time," Journal of the History of Economic Thought, Cambridge University Press, vol. 19(2), pages 222-240, October.
    • Handle: RePEc:cup:jhisec:v:19:y:1997:i:02:p:222-240_00
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