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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.

— John Hicks Value and capital (1939)

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More quotes by John Hicks

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)

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Attribution

Quote text and notes from Wikiquote: John Hicks (page history), available under CC BY-SA 4.0. Source quality and labels are our own summary of what Wikiquote records.