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College, Oxford, from 1946 to 1952 and in the senior Oxford chair as Drummond Professor of Political Economy from 1952 to 1965, he was to be a major extender and clarifier of Keynesian ideas.<br /> The breadth of Hicks's gigantic contribution to economics, much of it now the bread and butter of economics teaching in the West, is evident in his long series of books and articles since 1932, recognized in the award of a NOBEL PRIZE FOR ECONOMICS, shared with ARRow, in 1972 for his early work Oil WELFARE ECONOMICS. His first work, A Theory of Wages (1932), went beyond traditional labour economics to consider the ELASTICITY OF SUBSTITUTION and the relative income shares of labour and capital. His Value and Capital (1939) expounded consumer theory by using INDIFFERENCE CURVES. His careful reaction to Keynes's General Theory was in his celebrated article of 1937 in Econometrica ('Mr Keynes and the Classics') which introduced IS-LM analysis into macroeconomics, clarifying the contrast between goods and money markets and between what was old and new in Keynesian theory. Subsequently, Hicks, seeing the overuse of the apparatus, regarded it as an albatross. His Social Framework (1942), unusually for an introductory economics textbook, used NATIONAL INCOME accounting as a starting point. In the post-war period, his range was considerable: economic dynamics in A Contribution to the Trade Cycle (1950), a development of revealed preference theory in A Revision of Demand Theory (1956), growth theory in Capital and Growth (1965) and in Capital and Time: a Neo-Austrian Theory (1973) and historical development in A Theory of Economic History (1969). With his wife Ursula, he was co-author of works on PUBLIC FINANCE. Throughout his long academic career his many applications of GENERAL EQUILIBRIUM theory enabled him to provide a powerful synthesis of microeconomics and macroeconomics. References Baumol, WJ. (1972) 'John R. Hicks's contribution to economics', Swedish Journal of Economics 74: 503-27.<br /> Hahn, F. (1990) 'John Hicks the theorist', Economic Journal 100: 539-49.<br /> Helm, D. (1984) The Economics of John Hicks, Oxford: Basil Blackwell.<br /> Hicks, J.R. (1979) 'The formation of an economist', Banca Nazionale del Lavoro Quarterly Review 130: 195-204.<br /> Hicks, Sir J. (1991) The Status of Economics, Oxford: Basil Blackwell.
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rent (D3, QO)<br />The charge made by the owner of property to another person wishing to use it. From PETTY onwards, it was recognized that the amount of rent would vary according to the location and fertility of land: ANDERSON and RICARDO refined this view into a DIFFERENTIAL THEORY OF RENT. Without the private ownership of property, rent would
<strong>State aid</strong> – Financial aid programs funded by the state of Missouri. The MDHE administers several state aid programs.
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