Value and Capital

Value and Capital is a book by the British economist John Richard Hicks, published in 1939.wikipedia
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John Hicks

John R. HicksSir John HicksHicks
Value and Capital is a book by the British economist John Richard Hicks, published in 1939.
His book Value and Capital (1939) significantly extended general-equilibrium and value theory.

Microeconomics

microeconomicmicroeconomic theoryprice theory
It is considered a classic exposition of microeconomic theory.
Hicks, John R. Value and Capital. Clarendon Press. [1939] 1946, 2nd ed.

Composite good

composite commoditiesother good
An appendix generalises the 2-good case for consumption to the case of one good and a composite good, that is, all other consumer goods.
In John R. Hicks's classic Value and Capital (1939), a composite good was used to generalize mathematically from consumer demand equilibrium for an individual in the 2-good case to market equilibrium via supply and demand in the n-good case.

Aggregation problem

aggregationaggregates
In his Nobel lecture, Hicks cites Value and Capital for clarifying an aspect of what became known as the aggregation problem.
John R. Hicks (1939, 2nd ed. 1946). Value and Capital.

Comparative statics

comparative staticcomparative-staticcomparative static derivatives
In doing so, Hicks formalised comparative statics.
John R. Hicks (1939). Value and Capital.

The Theory of Wages

_____ (1932, 1963, 2nd ed.). The Theory of Wages. Macmillan.
Value and Capital (complementary 1939 book by Hicks)

Classic book

classic literatureclassicclassics
It is considered a classic exposition of microeconomic theory.

Consumer choice

consumer theoryconsumption setconsumer choice theory
extension of consumer theory for individual and market equilibrium as to goods demanded with explicit use of only ordinal utility for individuals, rather than requiring interpersonal utility comparisons The basic hypothesis is the set of restrictions on the utility function and demand equilibrium that results as to the consumer's budget constraint.

Goods

goodeconomic goodcommodity
extension of consumer theory for individual and market equilibrium as to goods demanded with explicit use of only ordinal utility for individuals, rather than requiring interpersonal utility comparisons analysis of the 2-good as to effects of a price change and mathematical extension to any number of goods without loss of generality

Supply and demand

demandsupplylaw of supply and demand
extension of consumer theory for individual and market equilibrium as to goods demanded with explicit use of only ordinal utility for individuals, rather than requiring interpersonal utility comparisons

Ordinal utility

ordinalordinal utility functioncontinuous ordinal utility function
extension of consumer theory for individual and market equilibrium as to goods demanded with explicit use of only ordinal utility for individuals, rather than requiring interpersonal utility comparisons

Social welfare function

social welfaresocial efficiencyBergson-Samuelson social welfare function
extension of consumer theory for individual and market equilibrium as to goods demanded with explicit use of only ordinal utility for individuals, rather than requiring interpersonal utility comparisons

Without loss of generality

WLOGloss of generalityw.l.o.g.
analysis of the 2-good as to effects of a price change and mathematical extension to any number of goods without loss of generality

Production (economics)

productioncommodity productioneconomic production
parallel results for production theory

General equilibrium theory

general equilibriumgeneral-equilibriumgeneral equilibrium model
extension of general equilibrium theory of markets and adaptation of static-equilibrium theory to economic dynamics in distinguishing temporary and long-run equilibrium through expectation of agents. `

Economic equilibrium

equilibriumequilibrium pricedisequilibrium
extension of general equilibrium theory of markets and adaptation of static-equilibrium theory to economic dynamics in distinguishing temporary and long-run equilibrium through expectation of agents. `

Long run and short run

long-runshort-runlong run
extension of general equilibrium theory of markets and adaptation of static-equilibrium theory to economic dynamics in distinguishing temporary and long-run equilibrium through expectation of agents. `

Agent (economics)

agentsagenteconomic agent
extension of general equilibrium theory of markets and adaptation of static-equilibrium theory to economic dynamics in distinguishing temporary and long-run equilibrium through expectation of agents. `

Hypothesis

hypotheseshypotheticalhypothesized
The basic hypothesis is the set of restrictions on the utility function and demand equilibrium that results as to the consumer's budget constraint.

Indifference curve

indifference curvesindifferentindifference-curve
The basic hypothesis is the set of restrictions on the utility function and demand equilibrium that results as to the consumer's budget constraint.

Substitution effect

The book decomposes the change into the substitution effect and the income effect.

Income–consumption curve

income effectincomeincome effect.
The book decomposes the change into the substitution effect and the income effect.

Real versus nominal value (economics)

inflation-adjustednominalnominal value
The latter is the change in real income in theoretical terms without which the distinction between real and nominal values would be more problematic.

Mathematical problem

problemrepresentProblems
This is also consistent with the distinction between real and nominal values and represents a common hypothesis in economics of no money illusion.

Money illusion

This is also consistent with the distinction between real and nominal values and represents a common hypothesis in economics of no money illusion.