John Hicks citations

Sir John Richard Hicks, né le 8 avril 1904 à Warwick dans le Warwickshire et mort le 20 mai 1989 à Blockley dans le Gloucestershire, est un économiste britannique, colauréat, avec Kenneth Arrow du « prix Nobel » d'économie en 1972.

Il est l'un des économistes les plus importants et influents du XXe siècle. Wikipedia  

✵ 8. avril 1904 – 20. mai 1989
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John Hicks: 14   citations 0   J'aime

John Hicks: Citations en anglais

“Investment of capital, to yield its fruit in the future, must be based on expectations, of opportunities in the future. When I put this to Hayek, he told me that this was indeed the direction in which he had been thinking. Hayek gave me a copy of a paper on 'intertemporal equilibrium', which he had written some years before his arrival in London; the conditions for a perfect foresight equilibrium were there set out in a very sophisticated manner.”

Source: Money, Interest and Wages, (1982), p. 6
Contexte: I remember Robbins asking me if I could turn the Hayek model into mathematics... it began to dawn on me that... the model must be better specified. It was claimed that, if there were no monetary disturbance, the system would remain in 'equilibrium'. What could such an equilibrium mean? This, as it turned out, was a very deep question; I could do no more, in 1932, than make a start at answering it. I began by looking at what had been said by... Pareto and Wicksell. Their equilibrium was a static equilibrium, in which neither prices nor outputs were changing... That, clearly, would not do for Hayek. His 'equilibrium' must be progressive equilibrium, in which real wages, in particular, would be rising, so relative prices could not remain unchange … The next step in my thinking, was … equilibrium with perfect foresight. Investment of capital, to yield its fruit in the future, must be based on expectations, of opportunities in the future. When I put this to Hayek, he told me that this was indeed the direction in which he had been thinking. Hayek gave me a copy of a paper on 'intertemporal equilibrium', which he had written some years before his arrival in London; the conditions for a perfect foresight equilibrium were there set out in a very sophisticated manner.

“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.”

Source: Value and capital, (1939), p. 184 as cited in: Asheim, Geir B. "Economic analysis of sustainability." Justifying, Characterizing and Indicating Sustainability (2007): 1-15.

“I did not begin from Keynes: I began from Pareto, and Hayek.”

Source: Classics and Moderns, (1983), p. 359 : footnote 10: There is evidence for this, in the paper 'Equilibrium and the Cycle'

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