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Hicks’s The Theory Of Wages: Its Place in the History of Neoclassical Distribution Theory

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  • Paul Flatau

Abstract

Argues that J.R. Hicks’s 1932 book, The Theory of Wages, foreshadows a number of important later developments in Hicks’s theory, including some significant contributions to neoclassical distribution theory. These developments include a reformulation of marginal productivity theory; the introduction of the elasticity of substitution as an analytical tool; contributions to the product exhaustion theorem; an economic analysis of strikes; and a macroeconomic theory of relative factor shares. Concludes that Hicks’s own subsequent rejection of the book was unduly self-critical.

Suggested Citation

  • Paul Flatau, 2002. "Hicks’s The Theory Of Wages: Its Place in the History of Neoclassical Distribution Theory," History of Economics Review, Taylor & Francis Journals, vol. 36(1), pages 44-65, January.
    • Handle: RePEc:taf:rherxx:v:36:y:2002:i:1:p:44-65
    DOI: 10.1080/10370196.2002.11733378
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