The Nobel Memorial Laureates in Economics
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The Nobel Memorial Laureates in Economics

An Introduction to Their Careers and Main Published Works

Howard R. Vane and Chris Mulhearn

Erudite, accessible and lucidly written, this book provides a stimulating introduction to the careers and main published works of the Nobel Memorial Laureates in Economics. It will prove to be an invaluable reference book on key figures in economics and their path-breaking insights. The vignettes should also encourage the reader to sample some of the Laureates’ original works and gain a better understanding of the context in which new ideas were first put forward.
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Chapter 4: THE 1972 NOBEL MEMORIAL LAUREATES JOHN HICKS AND KENNETH ARROW

Howard R. Vane and Chris Mulhearn

Extract

THE 1972 NOBEL MEMORIAL LAUREATES JOHN HICKS AND KENNETH ARROW JOHN HICKS John R. Hicks (1904–89) © The Nobel Foundation John Hicks was born in Warwick, England in 1904. As an undergraduate he attended Balliol College, Oxford where he first studied mathematics before switching to study philosophy, politics and economics. He graduated with a BA in 1925. After a year of graduate work at Balliol College, Hicks joined the London School of Economics (LSE) in 1926 as a Lecturer in Economics. In 1935 he moved to a lectureship at Cambridge University and a fellowship of Gonville and Caius College. After three years at Cambridge he left in 1938 to take up the Stanley Jevons professorship at the University of Manchester, where he remained until 1946. Hicks returned to Oxford in 1946 where he was a research fellow of Nuffield College, and then Drummond Professor of Political Economy and fellow of All Souls College from 1952 until he retired in 1965. Among his many offices and honours, Hicks became a fellow of the British Academy in 1942, was president of the Royal Economic Society from 1960 to 1962, and was knighted in 1964. In 1972 he was awarded, jointly with the American economist Kenneth Arrow, the Nobel Memorial Prize in Economics ‘for their pioneering contributions to general economic equilibrium theory and welfare theory’ (Nobel Foundation, 2004). 46 JOHN HICKS Over the course of his distinguished academic career, Hicks made numerous influential contributions to the broad fields of both...

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