SIR_JOHN_RICHARD_HICKS_(_GROUP-8)[1][1] - Read-Only.pptx

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1. Managerial Economics Assignment GROUP: 8 TOPIC: SIR JOHN RICHARD HICKS PRESENTED BY: NIDHI SHETTY-152 VAISHNAVI SHETTY -180 ANSHIKA YADAV-127 BATCH:MMS1-2325 DIV-C

2. SIR JOHN RICHARD HICKS Sir John Richards Hicks was born on 8th April 1904.He was a British economist. He is considered one of the most important and influential economists of the twentieth century. The most familiar of his many contributions in the field of economics were his statement of consumer demand theory in microeconomics, and the IS–LM model (1937), which summarize a Keynesian view of macroeconomics. His book Value and Capital (1939) significantly extended general-equilibrium and value theory. The compensated demand function is named the hicks demand function in memory of him.

3. EARLY LIFE Hicks was born in 1904 in Warwick, England, and was the son of Dorothy Catherine (Stephens) and Edward Hicks, a journalist at a local newspaper. He was educated at Clifton College (1917–1922) and at Balliol College, Oxford (1922–1926), and was financed by mathematical scholarships. During his school days and in his first year at Oxford, he in mathematics but also had interests in literature and history. In 1923, he moved to Philosophy, Politics and Economics, the "new school" that was just being started at Oxford. He graduated with second-class honors and, as he stated, "no adequate qualification in any of the subjects" that he had studied. From 1926 to 1935, Hicks lectured at the London School of Economics and Political Science. He started as a economist and did descriptive work on industrial relations but gradually, he moved over to the analytical side, where his mathematics background returned to the fore. Hicks's influences included Lionel Robbins and such associates as Friedrich von Hayek, R.G.D. Allen, Nicholas Kaldor, Abba Lerner and Ursula Webb, the last of whom, in 1935, became his wife. From 1935 to 1938, he lectured at Cambridge where he was also a fellow of Gonville & Caius College. He was occupied mainly in writing Value and Capital, which was based on his earlier work in London. From 1938 to 1946, he was Professor at the University of Manchester. There, he did his main work on welfare economics, with its application to social accounting. In 1946, he returned to Oxford, first as a research fellow of Nuffield College (1946–1952) then as Drummond Professor of Political Economy (1952–1965) and finally as a research fellow of All Souls College (1965–1971), where he continued writing after his retirement.

4. Background John Richard Hicks was a prominent British economist known for his contributions to microeconomic theory. He was born in England and studied at the London School of Economics. Hicks made significant advancements in consumer theory and general equilibrium analysis. One of his most influential works was the development of the Hicks demand theory, which introduced the concept of the compensated demand curve. This theory provides a way to analyze how changes in prices and income affect consumer choices. Hicks also made important contributions to the theory of income and employment, particularly with his interpretation of John Maynard Keynes' ideas in his book "Value and Capital." This helped bridge the gap between classical and Keynesian economics. In 1972, John Hicks was awarded the Nobel Prize in Economic Sciences along with Kenneth Arrow for their pioneering work in general equilibrium theory and welfare economics. His work continues to be widely studied and influential in the field of economics.

5. CONTRIBUTION IN ECONOMICS 1.Compensated Demand Theory : Hicks developed the Hicks demand theory, which introduced the concept of the compensated demand curve. This theory helps in understanding how changes in prices and income affect consumer choices while keeping their level of utility constant. 2. Consumer Surplus : He furthered Alfred Marshall's concept of consumer surplus. Hicks refined the understanding of how consumer surplus changes in response to shifts in supply and demand. 3.General Equilibrium Analysis : Hicks made substantial contributions to general equilibrium theory. His work helped to the interactions and interdependencies of various markets in an economy. 4. Value and Capital : Hicks authored the influential book "Value and Capital" (1939), in which he presented a critical and innovative interpretation of John Maynard Keynes' ideas. This helped in reconciling Keynesian economics with neoclassical theory. 5. IS-LM Model : Hicks formalized the IS-LM model, which is a graphical representation of the relationship between interest rates and output in an economy. This model is widely used in macroeconomics to the impact of monetary and fiscal policy. 6. Hicks Compensating Variation : He introduced the concept of compensating variation, which measures the amount of money needed to offset the change in a consumer's welfare due to a change in prices. 7. Welfare Economics : Hicks made contributions to welfare economics, focusing on issues related to social welfare functions and the evaluation of economic policies in terms of their impact on individual and social welfare. 8. Nobel Prize in Economics : In 1972, John Hicks was awarded the Nobel Prize in Economic Sciences, along with Kenneth Arrow, for their pioneering work in general equilibrium theory and welfare economics.

6. Awards and Recognition 1. Fellow of the British Academy : Hicks was elected a Fellow of the British Academy, an esteemed honor recognizing outstanding contributions to the humanities and social sciences. 2. Nobel Prize in Economic Sciences (1972) : Hicks was jointly awarded the Nobel Prize in Economic Sciences with Kenneth Arrow for their pioneering work in general equilibrium theory and welfare economics. 3. Knighted (1964): He was knighted by Queen Elizabeth II in 1964 for his services to economics. 4. President of the Econometric Society (1946): Hicks served as the President of the Econometric Society, an international society for the advancement of economic theory. 5. President of the Royal Economic Society (1954-1957): Hicks held the position of President of the Royal Economic Society, a prestigious organization dedicated to the promotion of economics.

7. Publications Hicks, John R. 1932. The Theory of Wages. London: Macmillan. Hicks, John R. 1939. "The Foundations of Welfare Economics." Economic Journal, 69, 696-712. Hicks, John R. 1939- 2001. Value and Capital. Oxford University Press. Hicks, John R. 1940. "The Valuation of Social Income." Economic, 7, 105-24. Hicks, John R. 1941. "The Rehabilitation of Consumers' Surplus." Review of Economic Studies, 8, 108-16. Hicks, John R. 1942 -1971. The Social Framework: An Introduction to Economics. Oxford University Press. Hicks, John R. 1950- 1979. A Contribution to the Theory of the Trade Cycle. Oxford University Press. Hicks, John R. 1956-1986. A Revision of Demand Theory. Oxford University Press. Hicks, John R. 1959. Essays in World Economics. Oxford: Clarendon. Hicks, John R. 1965. Capital and Growth. Oxford: Clarendon. Hicks, John R. 1969-2001. A Theory of Economic History. Oxford University Press. Hicks, John R. 1975. "The Scope and Status of Welfare Economics." Oxford Economics Papers, Vol. 27, No. 3, 307-26. Hicks, John R. 1977. Economic Perspectives. Oxford University Press. Hicks, John R. 1980. "IS-LM: An Explanation." Journal of Post Keynesian Economics, Vol. 3, No. 2, 139-54 Hicks, John R. 1981. Wealth and Welfare: Vol I. of Collected Essays in Economic Theory. Harvard University Press. Hicks, John R. 1982. Money, Interest and Wages: Vol. II of Collected Essays in Economic Theory. Harvard University Press. Hicks, John R. 1983. Classics and Moderns: Vol. III of Collected Essays in Economic Theory. Harvard University Press.

8. THANK YOU REFERENCES: https://www.newworldencyclopedia.org/entry/John_Richard_Hicks https://en.m.wikipedia.org/wiki/John_Hicks https://www.hetwebsite.net/het/profiles/hicks.hm