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HICKS (Hicks), John

( The English economist memory Nobel Prize in Economics, 1972)

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Biography HICKS (Hicks), John
April 8, 1904, Mr.. - May 20, 1989
British economist John Richard Hicks was born in Warwick, near Birmingham. His father, Edward Hicks, a local newspaper reporter. The mathematical scholarship, X. from 1917 to 1922. studied at Clifton College, and from 1922 to 1926. - At Balliol College, Oxford. After studying for one year of mathematics at Oxford, the interests of X. moved into the realm of politics, philosophy, and especially the economy. His academic performance spoke little about his future achievements, and, as he later confessed X., he had 'finished his studies with a second-rate degree and without sufficient knowledge of any of the studied subjects'.
. Fortunately, the demand for economists exceeded supply, and in 1926
. X. immediately received a temporary lecture course at the London School of Economics (LSE). Initially specializing in labor economics, he soon switched to economic theory, in which his mathematical abilities were very effective tool. He soon fell under the influence of the French economist XIX century. Leon Walras, the founder of the theory of general equilibrium, and the Italian economist XIX century. Vilfredo Pareto, the founder of welfare economics. Works of Friedrich von Haneke, taking a job at the LSE in 1931, and Lionel Robbins Hlksa acquainted with the problems of macroeconomics. He remained at the LSE until 1935, when it was included in the state Gonvill-end-Keyes College, Cambridge. In the same year he married Ursula Webb, who was also an economist, for many years, many spouses and creatively work together, mainly on issues of economic policy.
First Book X. 'The theory of wages' ( "The Theory of Wages", 1932), made two fundamental innovations in the economic analysis. First, it identified 'elasticity of substitution' - an indicator that measures the relative ease of substituting one factor of production other. If the elasticity is zero, no change is impossible. If she expressed infinity, both factors were fully vzaimozamenyamymi. Secondly, it showed that this factor elasticity is directly related to the issue of income distribution and economic growth. Marxists, for example, usually comes from the fact that labor-saving technological progress, which is characteristic of modern industrial economy, will lead to a decrease in the labor share in national income. But this assumption would be correct only when the elasticity of substitution between labor and capital will be less than unity. In fact, the share of labor over the last century was more or less constant (the so-called law of Boley), which corresponds to the long-term value of the elasticity of substitution equal to unity.
Between 1935 and 1938. X. wrote his most important work 'cost and capital' ( "Value and Capital"), which helped to resolve the basic conflict between the theory of economic cycles and general equilibrium theory. Published in 1939, it is often considered an earlier British version of 'Fundamentals of Economic Analysis' ( "Foundations of Economic Analysis"), Paul Samuelson. In the initial chapters of the book put forward what is now called the orthodox theory of consumer behavior and producers and its consequences. X. argued that changes in the price of goods have a 'substitutional' effect, which is always negative, and 'profitable' effect, which can be both negative and positive.
. The book also laid the groundwork for further research 'compensation principle' in the analysis of the costs and results
. The policy of free trade, for example, can bring benefits to American buyers of Japanese cars, but harm to union members the automotive industry. Given that the benefits exceed the buyers job losses, consumers are able to compensate the workers (that is, give them part of their income), thereby extending the benefits to all. Dollar gains measured 'consumer surplus' (the difference between what the consumer is willing to pay for the goods, and the fact that he actually has to pay). But X. recognized that there is some ambiguity. Although the views of X. the compensatory principle later been criticized by Samuelson and other economists for, . that he paid no attention to the problem of distribution, . usefulness of this principle as a tool for analysis of the ratio 'costs - the result' was recognized.,
. Another innovation made by the book 'The cost and capital' in economic theory, it was a new attitude to the dynamic stability of general equilibrium models
. In this region X. sought to clarify the conditions under which an unbalanced economic system can return to a balanced state. While these conditions, as later shown Samuelson, were neither sufficient nor necessary for dynamic stability, their value was subsequently demonstrated for Gerard Debreu and Kenneth Arrow. One of the key concepts of the dynamic concept of X. - 'Temporary equilibrium' - now widely used in theoretical macroeconomics. In general, the influence of X. has more to do with his methods of analysis, for example using comparative statistics and the use of dynamic analysis to the study of economic growth and the trade cycle than with the results.
In the late 30-ies. was the beginning of the Keynesian revolution, and, fascinated by it, like many other economists, X. A review is now almost forgotten, while the other - 'Mr. Keynes and the classics' ( "Mr. Keynes and the Classics "), - published in 1937. in the journal 'Econometrics' ( "Econometrica"), left a significant mark. It X. presented his famous diagram 'savings for investment - money market (SP - AP), subsequently included in virtually all textbooks on Macroeconomics. DR curve is all combinations of national income and interest rates, which correspond to the situation of equality between the demand for money and money supply. The curve shows all combinations of the UK national income and interest rates, which correspond to the situation of equality of savings to investment. The intersection of two curves indicates the point at which the interest rate and national income are in a state of equilibrium.
Theory X. about money and the deviation from the curve DR anticipated the modern theory of demand for money, defined portfolio of securities and transactions that were later developed by James Tobin. X. also showed that an independent increase in government spending will move the curve to the right IC, which means an increase in national income. Also increase the interest rate, except when the DR curve is flat (these cases are known as Keynesian 'liquidity trap'). Assuming that the 'liquidity trap' characterized by the money market during the Great Depression 30-ies., Many Keynesians insisted that in order to stimulate aggregate demand, fiscal policy was used.
. It is no exaggeration to say that much of Keynesian macroeconomics in the 50-and 60-ies
. was just a variation of ideas X. In these decades, debates on economic policy, which contrasted with the effectiveness of monetary fiscal, often conducted in the UK charts - DR. In the early 70's. However, the diagram X. was the subject of attacks by some Keynesians, including Robert Klouera, one of the former students of X. Opponents X. argued that the curves of the UK - DR distorted, in fact, the dynamic equilibrium of nature and devoid of Keynes's theory to its static and balanced.
In reality, however, X. showed in his theory of the trade cycle 1950 g. dynamic nature of short-term development, particularly with regard to the determination of the size of investment. Figure SC - AP, if it is used correctly, is a reliable tool. Historian of economic development, Peter Temin, . example, . used it, . showing, . that the monetarist explanation of the causes of the Great Depression in the United States - a sharp drop in money supply - is refuted by empirical evidence - data on interest rates and national income.,
. From 1939 to 1946
. X. a professor of economics at the University of Manchester. In 1946, Mr.. He was appointed member of Nuffield College, Oxford, and in 1952. became a professor of political economy at Oxford, and in this position he remained until retirement in 1965
Throughout the 50's and 60's. X. little involved in discussions regarding its contribution to the theory of general equilibrium and welfare. Instead, he and his wife "have become an applied economics'. Continuing the work begun during the Second World War, they served as advisers to the British government on tax policy. They also assisted the official circles of some former members of the British Commonwealth nations such as India and Jamaica, in resolving the economic problems that have arisen in connection with the acquisition of independence.
X. continued to actively promote the development of economic theory, although much of what he did after his 'Value and Capital', yet to be fully included in mainstream economic thought. In his book 1965. 'Capital and growth' ( "Capital and Growth") use the concept of comparative dynamics to study the stability and the optimal path of development. In this book he introduced the concept of markets 'fixed price' and 'flexible pricing', the distinction between which was productive in macroeconomics.
X. shared the Nobel Memorial Award for 1972. Economics with Kenneth Arrow 'for pioneering contributions to general equilibrium theory and welfare theory'. In his speech at the presentation of the winners Ragnar Benttsel, a member of the Royal Swedish Academy of Sciences, said that the book 'The cost and capital' 'has breathed fresh life into the theory of general equilibrium'. Moreover, he said Benttsel, the equilibrium model X. 'be more specific equations included in the system, and made possible the study of the effects arising within the system under the influence of impulses coming from outside'.
. In 'Theory of Economic History' ( "A Theory of Economic History", 1969) X
. applied his theory to the analysis of economic history, thereby offering a new look at the economic reality. For example, he drew attention to the sequence of events through which the diffusion of new technology led to economic growth. He developed this idea in his book Capital and Time '( "Capital and Time", 1973). In the book 'cause in the economy' ( "Causality in Economics", . 1979) he explored the dynamics of the sequence of economic processes, . difference between the economic stocks and flows and the problem of identifying the causal relationship between economic change.,
. After the release in 1965
. retired X. was an honorary professor Ol-Souls College, Oxford. In addition to the Nobel Prize, he received many honors and awards. X. was a member of the British Academy of Sciences, the Royal Swedish Academy of Sciences, National Academy of Sciences of Italy and a member of the American Academy of Arts and Sciences. He was awarded many honorary degrees. From 1960 to 1962. He was president of the Royal Economic Society, and in 1964. was elevated to a knighthood.


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HICKS (Hicks), John, photo, biography
HICKS (Hicks), John, photo, biography HICKS (Hicks), John  The English economist memory Nobel Prize in Economics, 1972, photo, biography
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