Hicks

Nobel Prize in Economic Sciences

1972
Sir John R. Hicks

The prize was awarded jointly to: SIR JOHN R. HICKS and KENNETH J. ARROW for their pioneering contributions to general economic equilibrium theory and welfare theory.

Sir John Hicks (1904-89) taught at LSE from 1926-35. His work at the School began in the field of labour economics, progressing to descriptive work and industrial relations before becoming more analytic. He published a Theory of Wages in 1932, and his Value and Capital (1939) was based on his research at LSE. A classic work in economics, Value and Capital explores the variance between business-cycle and equilibrium theories. In later years his work included welfare economics, money and international trade, and applied economics. He donated his Nobel Economics prize to the School's Library Appeal after the appeal was launched in 1973.