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Great Expectations. Hicks on Expectations from Theory of Wages (1932) to Value and Capital (1939)

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  • Jean-Sébastien Lenfant

    (CLERSÉ - Centre Lillois d’Études et de Recherches Sociologiques et Économiques - UMR 8019 - Université de Lille - CNRS - Centre National de la Recherche Scientifique)

Abstract

The article is intended as an in-depth study of the development and role of expectations within John R. Hicks' representation of the functioning of a capitalist economy. It covers his contributions to economic theory in the 1930s, with a particular focus on Value and Capital. The question underlying the study is whether Hicks develops a theory of expectations. We argue that there are several elements of such a theory in Hicks's work, though what is most important to him is the historical dynamic generated by heterogeneity of expectations.

Suggested Citation

  • Jean-Sébastien Lenfant, 2020. "Great Expectations. Hicks on Expectations from Theory of Wages (1932) to Value and Capital (1939)," Working Papers hal-03183464, HAL.
    • Handle: RePEc:hal:wpaper:hal-03183464
    Note: View the original document on HAL open archive server: https://hal.science/hal-03183464
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    References listed on IDEAS

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    1. Hicks, John [Sir], 1980. "Equilibrium and the Trade Cycle," Economic Inquiry, Western Economic Association International, vol. 18(4), pages 523-534, October.
    2. Leijonhufvud, Axel, 1984. "Hicks on Time and Money," Oxford Economic Papers, Oxford University Press, vol. 36(0), pages 26-46, Supplemen.
    3. Michel De Vroey, 2006. "The temporary equilibrium method: Hicks against Hicks," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 13(2), pages 259-278.
    4. Jean-Sébastien Lenfant, 2018. "Substitutability and the Quest for Stability," Working Papers hal-01764115, HAL.
    5. Goulven Rubin, 2011. "Hicks et l'économie de la dépression," Recherches économiques de Louvain, De Boeck Université, vol. 77(4), pages 57-87.
    6. Kregel, J A, 1977. "On the Existence of Expectations in English Neoclassical Economics," Journal of Economic Literature, American Economic Association, vol. 15(2), pages 495-500, June.
    7. J. N. Wolfe, 1956. "Marshall And The Trade Cycle," Oxford Economic Papers, Oxford University Press, vol. 8(1), pages 90-101.
    8. Hahn, Frank, 1990. "John Hicks the Theorist," Economic Journal, Royal Economic Society, vol. 100(401), pages 539-549, June.
    9. Laidler,David, 1999. "Fabricating the Keynesian Revolution," Cambridge Books, Cambridge University Press, number 9780521641739, January.
    10. Hayek, F. A., . "Money, Capital, and Fluctuations," University of Chicago Press Economics Books, University of Chicago Press, number 9780226321271 edited by McCloughry, R. K..
    11. Grandmont, Jean-Michel, 1993. "Temporary general equilibrium theory," Handbook of Mathematical Economics, in: K. J. Arrow & M.D. Intriligator (ed.), Handbook of Mathematical Economics, edition 4, volume 2, chapter 19, pages 879-922, Elsevier.
    12. John S. Chipman & Jean-Sébastien Lenfant, 2002. "Slutsky's 1915 Article: How It Came to Be Found and Interpreted," History of Political Economy, Duke University Press, vol. 34(3), pages 553-597, Fall.
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    Cited by:

    1. Emilian DOBRESCU, 2022. "Macroeconomic Measurement of Expectations versus Reality," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 0(3), pages 5-30, October.

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    Keywords

    expectations; temporary equilibrium; stability; Hicks (John Richard); anticipations; équilibre temporaire; stabilité; cycles;
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