Some reflections on Hicks’s ideas on trade cycles, from the 1930s to the the 1980s

Bruna Ingrao and Claudio Sardoni
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Claudio Sardoni: Department of Social Sciences and Economics, Sapienza University of Rome

Working Papers from Sapienza University of Rome, DISS

Abstract: The paper examines Hicks’s views on trade cycles and their evolution from the 1930s to the 1980s. By looking at some of the most significant works of his, the paper points out the fundamental innovative characteristics of Hicks’s approach to trade cycles. We emphasize Hicks’s insistence on the necessity to analyze cyclical phenomena by taking account of thespecific context in which they take place, with attention paid not only to strictly economic variables but also to the political and institutional framework dominant at a certain time. Hicks’s reflection on cycles is intimately interwined with his life-long effort to construct a proper dynamic method to analyze processes of change. The paper devotes considerable attention to the issue by pointing out,in particular Hicks’s criticism of the static approach that characterizes to a significant extent economic theory as well as Keynes’s so-called ‘equilibrium method’ adopted in The General Theory.

Keywords: Trade cycles theory; Hick’s dynamics; criticism of the static equilibrium approach. (search for similar items in EconPapers)
Date: 2023-07
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Persistent link: https://EconPapers.repec.org/RePEc:saq:wpaper:17/23

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