By Harald Hagemann, Omar Hamouda
Sir John Hicks made a tremendous contribution to just about each point of contemporary fiscal thought. His varied and artistic paintings has left an incredible impact at the self-discipline. participants: Christopher Bliss, Oxford college; John S. Chipman, collage of Minnesota; Nicholas Georgescu-Roegen, Vanderbilt collage; Richard Goodwin, college of Siena; Frank H. Hahn, Cambridge college; John D. whats up, collage of York; Charles M. Kennedy, college of Kent; David Laidler, collage of Western Ontario; Axel Leijonhufvud, college of California, la; Robin C.O. Matthews, Cambridge college; Michio Morishima, London college of Economics; Kurt W. Rothschild, Vienna; Robin Rowley, McGill collage; Roberto Scazzieri, college of Bologna.
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Extra resources for The Legacy of Sir John Hicks: His Contributions to Economic Analysis
Hicks struggled with this problem throughout his life and he deserves to be honoured on that account alone. He also continued to struggle with The General Theory, which he recognized to be theoretically incomplete. Reading Myrdal’s Monetary Equilibrium and talking to Lindahl had already in 1935 led him to some anticipations of Keynes’s book and of Value and Capital (‘Wages and interest: the dynamic problem’, 1935f). He came to see that the crucial issues turned on the working of the labour market, on the role of money and on expectation formation.
In more advanced societies, in which the working class is provided with greater social power relative to employers, the wage rate will become rigid downwards at a level higher than subsistence. It is a common observation at the present time that female wages relative to those of male workers become higher as gender equality movement advances and women become socially more powerful. The distribution of power among social classes fluctuates in line with the general trend such that it becomes more favourable to the working class over time.
On the other hand he fully understood Keynes’s distinction between a change in the money wage in one sector and a change in money wages as a whole. A view has grown up that Keynes postulated rigid money wages; he did not. He argued that flexible money wages were a costly and uncertain route to equilibrium (Hahn and Solow 1986). Suppose money wages were fixed and let us agree that this fixity is the cause of unemployment. Reduce them all by k per cent. Suppose that the gods are kind and that everyone holds with certainty that they will stay at the same level.
The Legacy of Sir John Hicks: His Contributions to Economic Analysis by Harald Hagemann, Omar Hamouda