Hicks's The Theory of Wages: Its Place in the History of Neoclassical Distribution Theory

Research output: Contribution to journalArticle

Abstract

Argues that J.R. Hicks's 1932 book, The Theory of Wages, foreshadows a number of important later developments in Hicks's theory, including some significant contributions to neoclassical distribution theory. These developments include a reformulation of marginal productivity theory; the introduction of the elasticity of substitution as an analytical tool; contributions to the product exhaustion theorem; an economic analysis of strikes; and a macroeconomic theory of relative factor shares. Concludes that Hicks's own subsequent rejection of the book was unduly self-critical.
Original languageEnglish
Pages (from-to)44-65
Number of pages14
JournalHistory of Economics Review
Volume36
Issue number1
DOIs
Publication statusPublished - 2002

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