It is not so well known that it [Keynes's and my own move from thinking in terms of price-levels and the rate of interest to thinking in terms of inp… - John Richard Hicks

The standard stream corresponding to Income No. 3 is constant in real terms... We ask... how much he would be receiving if he were getting a standard stream of the same present value as his actual expected receipts. This amount is his income.

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 can date my own personal 'revolution' rather exactly to May or June 1933. It was like this. It began... with Hayek. His "Prices and Production" is one of the influences that can be detected in The Theory of Wages; it could not have been otherwise, for 1931 was a Prices and Production year at the London School of Economics... I did not in fact find it all easy to fit in with my own ideas. What started me off in 1933 was an earlier work of Hayek's, his paper on 'Intertemporal Equilibrium', an idea which I found easier to reduce to my preferred (Paretian or Wicksellian) pattern.