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Great Expectations. Hicks on expectations from Theory of Wages (1932) to Value and Capital (1939) (long version)

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  • Jean-Sébastien Lenfant

    (Université de Lille, Clersé)

Abstract

The article is intended as an in-depth study of the development and role of expectations within John R. Hicks' representation of the functioning of a capitalist economy. It covers his contributions to economic theory in the 1930s, with a particular focus on Value and Capital. The question underlying the study is whether Hicks develops a theory of expectations. We argue that there are several elements of such a theory in Hicks's work, though what is most important to him is the historical dynamic generated by heterogeneity of expectations.

Suggested Citation

  • Jean-Sébastien Lenfant, 2020. "Great Expectations. Hicks on expectations from Theory of Wages (1932) to Value and Capital (1939) (long version)," GREDEG Working Papers 2020-37, Groupe de REcherche en Droit, Economie, Gestion (GREDEG CNRS), Université Côte d'Azur, France.
    • Handle: RePEc:gre:wpaper:2020-37
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    References listed on IDEAS

    as
    1. Hicks, John [Sir], 1980. "Equilibrium and the Trade Cycle," Economic Inquiry, Western Economic Association International, vol. 18(4), pages 523-534, October.
    2. Leijonhufvud, Axel, 1984. "Hicks on Time and Money," Oxford Economic Papers, Oxford University Press, vol. 36(0), pages 26-46, Supplemen.
    3. Michel De Vroey, 2006. "The temporary equilibrium method: Hicks against Hicks," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 13(2), pages 259-278.
    4. Giuseppe Fontana, 2004. "Hicks on monetary theory and history: money as endogenous money," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 28(1), pages 73-88, January.
    5. Kregel, J A, 1977. "On the Existence of Expectations in English Neoclassical Economics," Journal of Economic Literature, American Economic Association, vol. 15(2), pages 495-500, June.
    6. J. M. Keynes, 1937. "The General Theory of Employment," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 51(2), pages 209-223.
    7. Hicks, John R [Sir], 1973. "Recollections and Documents," Economica, London School of Economics and Political Science, vol. 40(157), pages 2-11, February.
    8. Hahn, Frank, 1990. "John Hicks the Theorist," Economic Journal, Royal Economic Society, vol. 100(401), pages 539-549, June.
    9. A. P. Lerner, 1940. "Professor Hicks' Dynamics," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 54(2), pages 298-306.
    10. Hayek, F. A., . "Money, Capital, and Fluctuations," University of Chicago Press Economics Books, University of Chicago Press, number 9780226321271 edited by McCloughry, R. K., September.
    11. John S. Chipman & Jean-Sébastien Lenfant, 2002. "Slutsky's 1915 Article: How It Came to Be Found and Interpreted," History of Political Economy, Duke University Press, vol. 34(3), pages 553-597, Fall.
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    Cited by:

    1. Franco DONZELLI, 2010. "Hicks on Walrasian equilibrium in the 1930s and beyond," Departmental Working Papers 2010-39, Department of Economics, Management and Quantitative Methods at Università degli Studi di Milano.

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    Keywords

    Hicks (john Richard); expectations; temporary equilibrium; stability; cycles;
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