Great Expectations. Hicks on Expectations from Theory of Wages (1932) to Value and Capital (1939)

Jean-Sébastien Lenfant ()

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Abstract: The article is intended as an in-depth study of the development and role of expectations within John R. Hicks' representation of the functioning of a capitalist economy. It covers his contributions to economic theory in the 1930s, with a particular focus on Value and Capital. The question underlying the study is whether Hicks develops a theory of expectations. We argue that there are several elements of such a theory in Hicks's work, though what is most important to him is the historical dynamic generated by heterogeneity of expectations.

Keywords: expectations; temporary equilibrium; stability; Hicks (John Richard); anticipations; équilibre temporaire; stabilité; cycles (search for similar items in EconPapers)
Date: 2020
New Economics Papers: this item is included in nep-cwa, nep-his, nep-hme and nep-hpe
Note: View the original document on HAL open archive server: https://hal.science/hal-03183464
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Persistent link: https://EconPapers.repec.org/RePEc:hal:wpaper:hal-03183464

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