"Anyway, I enrolled in Economics and one of the things I read was a brand new book, Hick's Value and Capital. You know, after reading though the mish-mash like Marshall and things like that, suddenly there was this clear, well-organized view, you knew exactly what was happening. Just the sort of thing to appeal to me. There was a whole, messy, confused literature on capital theory; all those great debates between Knight and von Hayek and all that. And now here was just the idea of dated commodities and suddenly scales fell from your eyes. A simple idea like dated commodities made whole issues transparent. But as I read Hicks, I could see there were things left out. I turned to this again when I returned from the War, which was really pretty much of a hiatus in any work I was doing - I was gone and very busy for about three and a half years. I had done all my examinations before I had left. So now it was just a question of my thesis. I decided to take Value and Capital and redo it properly. I could see all kinds of specific points that were of concern. I wanted to combine it with Samuelson's stability theory, which he had developed in the meanwhile, the papers on dynamic stability in '41 and '42. Maybe I would add some stochastic elements to the story because as a student of probability and statistics theory I could see noise in the system. Well, it was a lifetime of work, really; it was a very unrealistic thesis."
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Economists from EnglandUniversity of Oxford facultyUniversity of Oxford alumniNobel laureates in EconomicsNobel laureates from England
Original Language: English
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Kenneth Arrow, in interview with J. S. Kelly, "An Interview with Kenneth J. Arrow", Social Choice and Welfare (1987)
https://en.wikiquote.org/wiki/John_Hicks
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John Hicks
Sir John Richard Hicks (8 April 1904 ā 20 May 1989) was a British economist, and economy professor at the and later the University of Oxford, who in 1972 received the Nobel Memorial Prize in Economic Sciences (jointly with Kenneth Arrow) for his pioneering contributions to general equilibrium theory and welfare theory.
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