ABSTRACT

Value, Capital and Growth was written as a mark of honor to Sir John Hicks on the occasion of his retirement as Drummond Professor of Political Economy at the University of Oxford. As the title implies, most of the essays are directed to the development of the three great topics of modern economic theory to which he contributed--Value, Capital, and Growth. More specifically, there are important papers on general equilibrium, aggregation, and index numbers-- all topics of deep interest in international economics.The volume is particularly noteworthy for a number of papers exploring hitherto unrealized implications of general equilibrium models. There are also several papers dealing with mathematical economics as they relate to trade and development, which will be of great interest to students of those fields. Few theorists possessed Hicks catholicity in economics and his interest in and appetite for all branches of applied economics, and especially comparative economic history. His interests ranged from Italian Renaissance banking to academic publishing and the export and import of scholarly works,The international eminence of the contributors and the quality of their work ensure that this volume is a fitting tribute to a great economist and that it will be studied carefully for many years. No effort was spared to present the work in a style and format worthy of the subject and of the occasion. The volume includes masterful contributions by Kenneth Arrow, Jagdish Bhagwati, Roy Harrod, Paul A. Samuelson, Robert M. Solow, and Alan A. Walters among others, and contains a full biographical and bibliographical data base on Hicks.J.N. Wolfe was professor of economics at the University of Edinburgh until his retirement.

chapter 1|20 pages

Optimal Capital Policy with Irreversible Investment

ByKenneth J. Arrow

chapter 2|24 pages

Trade Liberalization among LDCs, Trade Theory, and Gatt Rules

ByJagdish Bhagwati

chapter 3|52 pages

Income, Wealth, and the Theory of Consumption

ByRobert W. Clower, M. Bruce Johnson

chapter 4|44 pages

Taste and Quality Change in the Pure Theory of the True Cost-of-Living Index

ByFranklin M. Fisher, Karl Shell

chapter 5|32 pages

Measuring the Quantities of Fixed Factors

ByWilliam M. Gorman

chapter 6|20 pages

What is a Model?

ByRoy Harrod

chapter 7|22 pages

Normal Backwardation

ByHendrik S. Houthakker

chapter 8|41 pages

Wicksell on the Facts: Prices and Interest Rates, 1844 to 1914

ByJ.R.T. Hughes

chapter 10|16 pages

Time, Interest, and the Production Function

ByCharles Kennedy

chapter 11|14 pages

The Principle of Two-stage Maximization in Price Theory

ByNissan Liviatan

chapter 12|14 pages

Two Classical Monetary Models

ByCliff L. Lloyd

chapter 13|10 pages

Information and Period Analysis in Economic Decisions

ByH.B. Malmgren

chapter 14|24 pages

On Hicksian Stability

ByDaniel McFadden

chapter 15|32 pages

Accumulation Programs of Maximum Utility and the von Neumann Facet

ByLionel W. McKenzie

chapter 16|30 pages

Free Trade and Development Economics

ByGerald M. Meier

chapter 17|30 pages

An Economic Test of Sir John Hicks’s Theory of Biased Induced Inventions

ByMichio Morishima, Mitsho Saito

chapter 18|22 pages

Hicksian Stability, Currency Markets, and the Theory of Economic Policy

ByRobert A. Mundell

chapter 19|14 pages

Two Generalizations of the Elasticity of Substitution

ByPaul A. Samuelson

chapter 20|4 pages

Short-run Adjustment of Employment to Output

ByRobert M. Solow

chapter 22|26 pages

The Demand for Money Expectations and Short and Long Rates

ByAlan A. Walters