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Hicks’s thread (out of the equilibrium labyrinth)

Author

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  • Antonio Bianco

Abstract

The work of John Hicks is an unending source of inspiration for many economists and an unsolved dilemma for historians of economic thought. This article highlights the fact that Hicks’s peculiar perspective on the economic agent constitutes the sub-structure underlying his research path, and the common premise to his theories of markets, liquidity, capital, and risk. Hicks’s theory of the agent was intended to address the factual role of non-measurable risk (i.e. learning management) and was primarily concerned with the price and wealth effects that the transaction costs (costs of learning and moving) entail for learning-induced behaviours.

Suggested Citation

  • Antonio Bianco, 2016. "Hicks’s thread (out of the equilibrium labyrinth)," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 40(4), pages 1229-1245.
    • Handle: RePEc:oup:cambje:v:40:y:2016:i:4:p:1229-1245.
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    File URL: http://hdl.handle.net/10.1093/cje/bev026
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    Cited by:

    1. Bianco, Antonio, 2015. "Out of Equilibrium: Bases, Basics, Policies, and Accounts," MPRA Paper 65850, University Library of Munich, Germany.
    2. Antonio Bianco & Claudio Sardoni, 2018. "Banking theories and macroeconomics," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 41(2), pages 165-184, April.
    3. Frolov, Daniil, 2019. "From transaction costs to transaction value: Overcoming the Coase-Williamson paradigm," MPRA Paper 95959, University Library of Munich, Germany.
    4. Antonio Bianco, 2015. "Shadow banking, relationship banking, and the economics of depression," PSL Quarterly Review, Economia civile, vol. 68(275), pages 297-326.

    More about this item

    JEL classification:

    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles
    • E41 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Demand for Money
    • O21 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - Planning Models; Planning Policy

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