"While economic theory in general may be defined as the theory of how an economic condition or an economic development is determined within an institutional framework, the deals with how to judge whether one condition can be said to be better in some way than another and whether it is possible, by altering the institutional framework, to achieve a better condition than the present one."
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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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Sources
Kenneth Arrow and John Hicks (1972) From Nobel Lectures, Economics 1969-1980, Editor Assar Lindbeck, World Scientific Publishing Co., Singapore, 1992 (online)
https://en.wikiquote.org/wiki/John_Hicks
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John Hicks
Sir John Richard Hicks (8 April 1904 – 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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