HICKS, J. R.
A Contribution to the Theory of the Trade Cycle.
Oxford: Clarendon Press, 1950.
$50.00
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Item Number: RRB-152789
+$500
First Edition of J. R. Hicks's A Contribution to the Theory of the Trade Cycle; The Nobel Laureate's Theory of Economic Fluctuations
First edition of the Nobel Prize-winning economist's influential theory of the trade cycle, a landmark attempt to explain the recurring booms and slumps of industrial economies through the interaction of the multiplier and the accelerator. Octavo, original cloth, illustrated with equations and graphs. Near fine in a good dust jacket with chipping and edge wear to the spine ends and extremities.
A Contribution to the Theory of the Trade Cycle is one of the most important works of postwar business cycle theory, in which John Hicks set out a model of economic fluctuations driven by the combined action of the investment multiplier and the accelerator, bounded above by a ceiling of full employment and below by a floor of minimum investment. Sir John Hicks was among the most influential economists of the twentieth century, whose earlier Value and Capital reshaped general equilibrium and consumer theory and whose IS-LM diagram became the standard textbook framework for understanding Keynesian economics. In 1972 he shared the Nobel Prize in Economic Sciences with Kenneth Arrow for their pioneering contributions to general economic equilibrium theory and welfare theory.
A Contribution to the Theory of the Trade Cycle.
$50.00
In Stock