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Hicksian Themes on Stability

In: Value and Capital: Fifty Years Later

Author

Listed:
  • Frank Hahn

    (Cambridge University)

Abstract

Value and Capital (1939) provided the impetus for much of the post-war literature on stability. It was there, as far as I know, that the ‘law of supply and demand’ was, for the first time, studied in a general equilibrium setting. In a pure exchange economy Hicks defined ‘perfect stability’ by the following conditions: A rise in the price of any commodity must make the supply of that commodity exceed the demand (a) if all other prices are given, (b) if some other prices are adjusted so as to preserve equality between demand and supply in their respective markets (c) if all other prices are so adjusted. (Value and Capital p. 248).

Suggested Citation

  • Frank Hahn, 1991. "Hicksian Themes on Stability," International Economic Association Series, in: Lionel W. McKenzie & Stefano Zamagni (ed.), Value and Capital: Fifty Years Later, chapter 3, pages 64-83, Palgrave Macmillan.
    • Handle: RePEc:pal:intecp:978-1-349-11029-2_4
    DOI: 10.1007/978-1-349-11029-2_4
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    Cited by:

    1. Alain Béraud, 2014. "Le développement de la théorie de l'équilibre général. Les apports d'Allais et de Hicks," Revue économique, Presses de Sciences-Po, vol. 65(1), pages 125-158.
    2. Christian Gehrke, 2003. "On the Transition from Long-period to Short-period Equilibria," Review of Political Economy, Taylor & Francis Journals, vol. 15(1), pages 85-106.

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