Great Expectations. Hicks on expectations from Theory of Wages [1932] to Value and Capital [1939]

Jean-Sébastien Lenfant

Revue d'économie politique, 2021, vol. 131, issue 3, 403-448

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: Hicks (John Richard); expectations; temporary equilibrium; stability; cycles (search for similar items in EconPapers)
Date: 2021
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