John R. Hicks
The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1972
Born: 8 April 1904, Warwick, United Kingdom
Died: 20 May 1989, Blockley, United Kingdom
Affiliation at the time of the award: All Souls College, Oxford, United Kingdom
Prize motivation: “for their pioneering contributions to general economic equilibrium theory and welfare theory”
Prize share: 1/2
John Hicks was born in Warwick, UK. He studied mathematics, philosophy, politics and economics at Oxford University. From 1926-35, Hicks lectured at the London School of Economics and Political Science. He also taught at Cambridge University and the University of Manchester before returning to Oxford in 1946. Hicks married Ursula Webb in 1935.
John Hicks made pioneering contributions to general economic equilibrium theory. In his work Value and Capital (1939), Hicks presented a complete economic equilibrium model with aggregated markets for commodities, factors of production, credit and money. Hick’s model became of great importance as connecting a link between general equilibrium theory and theories of business cycles.