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John Hicks
Sir John Richard Hicks (8 April 1904 – 20 May 1989) 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 summarised 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 Hicksian demand function in memory of him. In 1972 he received the Nobel Memorial Prize in Economic Sciences (jointly) for his pioneering contributions to general equilibrium theory and welfare theory. Early life Hicks was born in 1904 in Warwick, England, and was the son of Edward Hicks, editor and part proprietor of the Warwick and Leamington Spa Courier newspaper, and Dorothy Catherine, née Stephens, daughter of a non-conformist minister ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Neo-Keynesian Economics
The neoclassical synthesis (NCS), or neoclassical–Keynesian synthesisMankiw, N. Gregory. "The Macroeconomist as Scientist and Engineer". ''The Journal of Economic Perspectives''. Vol. 20, No. 4 (Fall, 2006), p. 35. is an academic movement and paradigm in economics that worked towards reconciling the macroeconomic thought of John Maynard Keynes in his book ''The General Theory of Employment, Interest and Money'' (1936) with neoclassical economics. The neoclassical synthesis is a macroeconomic theory that emerged in the mid-20th century, combining the ideas of neoclassical economics with Keynesian economics. The synthesis was an attempt to reconcile the apparent differences between the two schools of thought and create a more comprehensive theory of macroeconomics. It was formulated most notably by John Hicks (1937), Franco Modigliani (1944), and Paul Samuelson (1948), who dominated economics in the post-war period and formed the mainstream of macroeconomic thought in the 1950s ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Induced Innovation
Induced innovation is a microeconomic hypothesis first proposed in 1932 by John Hicks in his work '' The Theory of Wages''. He proposed that "a change in the relative prices of the factors of production is itself a spur to invention, and to invention of a particular kind—directed to economizing the use of a factor which has become relatively expensive." Considerable literature has been produced on this hypothesis, which is often presented in terms of the effects of wage increases as an encouragement to labor-saving innovation. The hypothesis has also been applied to viewing increases in energy costs as a motivation for a more rapid improvement in energy efficiency of goods than would normally occur. Induced innovation in climate change A significant application of Hicks's theory can be found in the field of climate change. The exponential population growth occurred in the last century has drastically increased pressure on natural resources. In order to have a sustainable ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
British Undergraduate Degree Classification
The British undergraduate degree classification system is a Grading in education, grading structure used for undergraduate degrees or bachelor's degrees and Master's degree#Integrated Masters Degree, integrated master's degrees in the United Kingdom. The system has been applied, sometimes with significant variation, in other countries and regions. The UK's university degree classification system, established in 1918, serves to recognize academic achievement beyond examination performance. Bachelor's degrees in the UK can either be honours or ordinary degrees, with honours degrees classified into First Class, Upper Second Class (2:1), Lower Second Class (2:2), and Third Class based on weighted averages of marks. The specific thresholds for these classifications can vary by institution. Integrated master's degrees follow a similar classification, and there is some room for discretion in awarding final classifications based on a student's overall performance and work quality. The hon ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Philosophy, Politics And Economics
Philosophy, politics and economics, or politics, philosophy and economics (PPE), is an interdisciplinary undergraduate or postgraduate academic degree, degree which combines study from three disciplines. The first institution to offer degrees in PPE was the University of Oxford in the 1920s. This particular course has produced a List of University of Oxford people with PPE degrees, significant number of notable graduates such as Aung San Suu Kyi, Burmese politician and former State Counsellor of Myanmar, Nobel Peace Prize winner; Princess Haya bint Hussein, daughter of the late King Hussein of Jordan; Christopher Hitchens, the British–American author and journalist;'Hitchens, Christopher Eric', ''Who's Who''; 2012, A & C Black, 2012; online edn, Oxford University Press, December 2012; online edn, January 201accessed 5 December 2014/ref> Will Self, British author and journalist; Academy Awards, Oscar-winning writer and director Florian Henckel von Donnersmarck; Michael Dummett, Ga ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Clifton College
Clifton College is a Public school (United Kingdom), public school in the city of Bristol in South West England, founded in 1862 and offering both boarding school, boarding and day school for pupils aged 13–18. In its early years, unlike most contemporary public schools, it emphasised science rather than classics in the curriculum, and was less concerned with social elitism, for example by admitting Day pupil, day-boys on equal terms and providing a dedicated boarding house for Jewish boys, called Polack's House. Having linked its General Certificate of Education, General Studies classes with Badminton School, it admitted girls to every year group (from pre-prep up to Upper 6th, excepting 5th form due to potential O-levels disruption) in 1987, and was the first of the traditional boys' public schools to become fully coeducational. Polack's House closed in 2005 but a scholarship fund open to Jewish candidates still exists. Clifton College is one of the original 26 English publ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Welfare Economics
Welfare economics is a field of economics that applies microeconomic techniques to evaluate the overall well-being (welfare) of a society. The principles of welfare economics are often used to inform public economics, which focuses on the ways in which government intervention can improve social welfare. Additionally, welfare economics serves as the theoretical foundation for several instruments of public economics, such as cost–benefit analysis. The intersection of welfare economics and behavioral economics has given rise to the subfield of behavioral welfare economics. Two fundamental theorems are associated with welfare economics. The first states that competitive markets, under certain assumptions, lead to Pareto efficient outcomes. This idea is sometimes referred to as Adam Smith's invisible hand. The second theorem states that with further restrictions, any Pareto efficient outcome can be achieved through a competitive market equilibrium, provided that a social ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Compensated Demand Function
In microeconomics, a consumer's Hicksian demand function (or compensated demand function) represents the quantity of a good demanded when the consumer expenditure minimization problem, minimizes expenditure while maintaining a fixed level of utility. The Hicksian demand function illustrates how a consumer would adjust their demand for a good in response to a price change, assuming their income is adjusted (or compensated) to keep them on the same indifference curve—ensuring their utility remains unchanged. Mathematically, :h(p, \bar) = \arg \min_x \sum_i p_i x_i : \ \ u(x) \geq \bar . where h(p,u) is the Hicksian demand function or commodity bundle demanded, at price vector p and utility level \bar. Here p is a vector of prices, and x is a vector of quantities demanded, so the sum of all p_ix_i is the total expenditure on all goods. The Hicksian demand function isolates the effect of relative prices on demand, assuming utility remains constant. It contrasts with the Marshal ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Value And Capital
{{Italic title ''Value and Capital'' is a book by the British economist John Richard Hicks, published in 1939. It is considered a classic exposition of microeconomic theory. Central results include: * extension of consumer theory for individual and market equilibrium as to goods demanded with explicit use of only ordinal utility for individuals, rather than requiring interpersonal utility comparisons * analysis of the 2-good as to effects of a price change and mathematical extension to any number of goods without loss of generality * parallel results for production theory * extension of general equilibrium theory of markets and adaptation of static-equilibrium theory to economic dynamics in distinguishing temporary and long-run equilibrium through expectation of agents. Outline and details The book has 19 chapters and the following outline: * Introduction * Part I, The theory of subjective value * Part II, General equilibrium * Part III, The foundations of economic dynamic ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Macroeconomics
Macroeconomics is a branch of economics that deals with the performance, structure, behavior, and decision-making of an economy as a whole. This includes regional, national, and global economies. Macroeconomists study topics such as output (economics), output/Gross domestic product, GDP (gross domestic product) and national income, unemployment (including Unemployment#Measurement, unemployment rates), price index, price indices and inflation, Consumption (economics), consumption, saving, investment (macroeconomics), investment, Energy economics, energy, international trade, and international finance. Macroeconomics and microeconomics are the two most general fields in economics. The focus of macroeconomics is often on a country (or larger entities like the whole world) and how its markets interact to produce large-scale phenomena that economists refer to as aggregate variables. In microeconomics the focus of analysis is often a single market, such as whether changes in supply or ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Keynesian
Keynesian economics ( ; sometimes Keynesianism, named after British economist John Maynard Keynes) are the various macroeconomic theories and models of how aggregate demand (total spending in the economy) strongly influences economic output and inflation. In the Keynesian view, aggregate demand does not necessarily equal the productive capacity of the economy. It is influenced by a host of factors that sometimes behave erratically and impact production, employment, and inflation. Keynesian economists generally argue that aggregate demand is volatile and unstable and that, consequently, a market economy often experiences inefficient macroeconomic outcomes, including recessions when demand is too low and inflation when demand is too high. Further, they argue that these economic fluctuations can be mitigated by economic policy responses coordinated between a government and their central bank. In particular, fiscal policy actions taken by the government and monetary policy action ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Microeconomics
Microeconomics is a branch of economics that studies the behavior of individuals and Theory of the firm, firms in making decisions regarding the allocation of scarcity, scarce resources and the interactions among these individuals and firms. Microeconomics focuses on the study of individual markets, sectors, or industries as opposed to the economy as a whole, which is studied in macroeconomics. One goal of microeconomics is to analyze the market mechanisms that establish relative prices among goods and services and allocate limited resources among alternative uses. Microeconomics shows conditions under which free markets lead to desirable allocations. It also analyzes market failure, where markets fail to produce Economic efficiency, efficient results. While microeconomics focuses on firms and individuals, macroeconomics focuses on the total of economic activity, dealing with the issues of Economic growth, growth, inflation, and unemployment—and with national policies relati ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economics
Economics () is a behavioral science that studies the Production (economics), production, distribution (economics), distribution, and Consumption (economics), consumption of goods and services. Economics focuses on the behaviour and interactions of Agent (economics), economic agents and how economy, economies work. Microeconomics analyses what is viewed as basic elements within economy, economies, including individual agents and market (economics), markets, their interactions, and the outcomes of interactions. Individual agents may include, for example, households, firms, buyers, and sellers. Macroeconomics analyses economies as systems where production, distribution, consumption, savings, and Expenditure, investment expenditure interact; and the factors of production affecting them, such as: Labour (human activity), labour, Capital (economics), capital, Land (economics), land, and Entrepreneurship, enterprise, inflation, economic growth, and public policies that impact gloss ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
