"The best of all monopoly profits is a quiet life" First Edition of John Hicks Classic Work Value and Capital; Signed by Him

  • Value And Capital.
  • Value And Capital.

Value And Capital.

$15,000.00

Item Number: 2935

London: Oxford University Press, 1939.

First edition of the economist’s groundbreaking work. Octavo, original black cloth with gilt titles to the spine. An excellent copy in a very good dust jacket with some chips. Signed by John R. Hicks. Housed in a custom half clamshell box. Rare, especially in the original dust jacket and signed.

Upon publication, Value and Capital was hailed as a classic work. In it, J.R. Hicks introduced Walrasian general equilibrium theory to an English-speaking audience. This was the first publication to attempt a rigorous statement of stability conditions for general equilibrium. In doing so, Hicks formalised comparative statics. The book synthesises dynamic-adjustment elements from Walras and Wicksell and from Marshall and Keynes. It distinguishes temporary, intermediate, and long-run equilibrium with expectations as to future market conditions affecting behavior in current markets (Bliss, 1987, pp. 642–43). "In this book Professor Hicks has essayed two tasks of major importance; to reduce modern economic analysis to a manageable whole; and to construct a system of Economic Dynamics ... This is one of the few books which mark a stage in the advance of a science" (The Economist).

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