John Hicks: His Contributions to Economic Theory and Application

Economist Sir John Hicks was the first British economist to win the Nobel Prize in Economic Science (1972) for his wide ranging contributions in general and his book Value and Capital in particular. Value and Capital showed that the basic results of consumer theory could be obtained from statistical usage; it expounded what became known as the Hicksian substitution effect . K. Puttaswamaiah describes Hicks as a brilliant economist without whose effort present-day economies would not have grown in such dimension by now and Value and Capital as a work that revolutionized the science of economics.