Hicks, Sir John R

Hicks, Sir John R(ichard)

(born April 8, 1904, Leamington Spa, Warwickshire, Eng.—died May 20, 1989, Blockley, Gloucestershire) British economist. He taught at several institutions, notably the University of Oxford, and he was knighted in 1964. His classic work Value and Capital (1939) helped resolve basic conflicts between business-cycle theory and the equilibrium theory, which holds that economic forces tend to balance one another rather than simply reflect cyclical trends. He shared the 1972 Nobel Prize with Kenneth Arrow.