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John Hicks Quotes
1904–1989 England
Sir John Richard Hicks (8 April 1904 – 20 May 1989) was a British economist, and economy professor at the University of Manchester and later the University of Oxford, who in 1972 received the Nobel Memorial Prize in Economic Sciences (jointly with Kenneth Arrow) for his pioneering contributions to general equilibrium theory and welfare theory.
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9 quotes
The best of all monopoly profits is a quiet life.
Econometrica (1935)
Hayek was making us think of the productive process as a process in time, inputs coming before outputs.
Classics and Moderns (1983)
Income No. 3 must be defined as the maximum amount of money which the individual can spend this week, and still be able to spend the same amount in real terms in each ensuing week.
Value and capital (1939)
I did not begin from Keynes: I began from Pareto, and Hayek.
Classics and Moderns (1983)
There is much of economic theory which is pursued for no better reason than its intellectual attraction; it is a good game. We have no reason to be ashamed of that, since the same would hold for many branches of pure mathematics.
John Hicks (1979)
It is not so well known that it [Keynes's and my own move from thinking in terms of price-levels and the rate of interest to thinking in terms of inputs and outputs] is matched by a movement from Hayek to Harrod. I once asked Harrod what had put him on to the construction of his so-call 'dynamic' theory; he said, to my surprise, that it was thinking about Hayek.
Money, Interest and Wages (1982)
The purpose of income calculations in practical affairs is to give people an indication of the amount which they can consume without impoverishing themselves. Following out this idea, it would seem that we ought to define a man's income as the maximum value which he can consume during a week, and still expect to be as well off at the end of the week as he was at the beginning.
Value and capital (1939)
The standard stream corresponding to Income No. 3 is constant in real terms... We ask... how much he would be receiving if he were getting a standard stream of the same present value as his actual expected receipts. This amount is his income.
Value and capital (1939)
While economic theory in general may be defined as the theory of how an economic condition or an economic development is determined within an institutional framework, the welfare theory deals with how to judge whether one condition can be said to be better in some way than another and whether it is possible, by altering the institutional framework, to achieve a better condition than the present one.
Kenneth Arrow and John Hicks (1972)