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

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  • Jean-Sébastien Lenfant

    (CLERSÉ - Centre Lillois d’Études et de Recherches Sociologiques et Économiques - UMR 8019 - Université de Lille - CNRS - Centre National de la Recherche Scientifique)

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)," Working Papers hal-03183464, HAL.
  • Handle: RePEc:hal:wpaper:hal-03183464
    Note: View the original document on HAL open archive server: https://hal.archives-ouvertes.fr/hal-03183464
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    References listed on IDEAS

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    1. Goulven Rubin, 2011. "Hicks et l'économie de la dépression," Recherches économiques de Louvain, De Boeck Université, vol. 77(4), pages 57-87.
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    More about this item

    Keywords

    Hicks (john Richard); expectations; temporary equilibrium; stability; cycles Hicks (John Richard); anticipations; équilibre temporaire; stabilité; cycles;
    All these keywords.

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