So long as we confine our attention to income from property… - John Richard Hicks

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So long as we confine our attention to income from property, and leave out of account any increment or decrement in the value of prospects due to changes in people's own earning power (accumulation or decumulation of “Human Capital”), Income No. 1 ex post is not a subjective affair, like other kinds of income; it is almost completely objective.

John Richard Hicks

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About John Richard 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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Native Name: John Hicks

Alternative Names: Sir John Richard Hicks • Sir John Hicks • Sir John Richards Hicks

All quotes from John Richard Hicks Similar Quotes by other Originators

Originators like John Richard Hicks:

James Tobin Paul Samuelson Alan O. Ebenstein J. Bradford DeLong Joan Robinson

Additional quotes by John Richard Hicks

There is much of economic theory which is pursued for no better reason than its intellectual attraction; it is a good game. We have no reason to be ashamed of that, since the same would hold for many branches of pure mathematics.

I did not begin from Keynes: I began from Pareto, and Hayek.

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.

So long as we confine our attention to income from property, and leave out of account any increment or decrement in the value of prospects due to cha… - John Richard Hicks

About John Richard Hicks

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Additional quotes by John Richard Hicks