Quotes of Sir John Richard Hicks. Some interesting, serious, thoughts, inspiring Statements, Famous British economist Sir John Richard Hicks who recei

Sir John Richard Hicks, born on 8 April 1904, died in Blockley, England on 20 May 1989, aged 85. Sir Hicks was a famous British economist. He is considered one of the most important and influential economists of the twentieth century. Among his many important contributions to the field of economics, the most famous were his formulation of the consumer demand theory in microeconomics and the IS-LM model (1937), which summarized the Keynesian approach to macroeconomics. His book Value and Capital (1939) significantly expanded general-equilibrium and price theory. The compensation demand ceremony is named the Hixian Demand Ceremony in his memory. In 1972 he received half the Nobel Memorial Prize in Economic Sciences for his pioneering contributions to general equilibrium theory and welfare theory. Half was given to another economist. Meaning a Nobel Memorial Prize was given jointly to two people.

Hicks's influential discourse on income sets the stage for its subjectivity but relevance to accounting purposes. He summarized it aptly, In practical matters the purpose of calculating income is to give people an indication of the amount of money they can consume without impoverishing themselves. Sir John Richard Hicks defined income in three measurements –

1. The maximum amount that can be spent during a period if the capital value of potential receipts is expected to be retained. 2 The maximum amount a person can spend during a week, and still expect to be able to spend the same amount in each subsequent week. 3 The maximum amount that a person can spend this week, and still expect to be able to spend realistically the same amount in each subsequent week. Presented here are some interesting, serious, thoughtful, inspiring statements of Sir John Richard Hicks.

We should define a man's income as the maximum value of money which he can consume during a week, and still expect to be as well off at the end of the week as he was at the beginning.

With regard to hell, such endless suffering can never serve any positive or corrective purpose because it never ends.

Investment is a flying bird that needs to be controlled.

The best of all monopoly profits is a quiet life.

There are many economic theories that are pursued for no better reason than its intellectual appeal. It's a good game. We have no reason to be embarrassed by this, because the same will apply to many branches of mathematics.

Some of the most serious misconceptions in traditional economics have resulted from confusion between optimal and equilibrium conditions. Dr. Pangloss's apparent influence on the development of economic thought is mostly nothing more than pure intellectual error.

The theory of wage determination in the free market is a special case of the general theory of value. Wages are the price of labour.

Two men are traveling together on a road. One of them believes that it leads to a celestial city, the other believes that it leads to nowhere. But since this is the only road, both of them have to travel on it. None of them were like this before, and so no one is able to say what they will find around each next one. During their journey they encounter both moments of freshness and happiness and moments of difficulty and danger. At all times one of them thinks of his journey as a pilgrimage to the divine city and interprets the pleasant parts as encouragement and the obstacles as tests of his purpose and lessons of endurance, prepared by the king of that city. Was done and made for him. When an eligible citizen of that place finally reaches there. And the other man does not believe it and sees his journey as an inevitable and aimless babble. Since he has no choice in the matter, he enjoys the good and tolerates the bad. But for him there is no heavenly city to reach, no omnipresent purpose determining his journey, only the road itself and the fate of the road in good and bad weather. The issue between them during the journey is not practical. They do not have different expectations about the winding details of the road, but only think about its final destination. And yet when they turn the last corner it will become clear that one of them has always been right and the other wrong. Thus, although the issue between them has not been experimental, yet it has been a real issue from the beginning. They not only felt differently about the road, because in relation to the actual situation one felt justified and the other unjustified. Their opposing interpretations of the road do indeed constitute rival claims, albeit claims whose claim-status has the odd feature of being guaranteed retroactively by a future root. -John Hick

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