Munich Personal RePEc Archive

Hicks, a Teoria Geral e a Teoria Geral generalizada

Heller, Claudia (2007): Hicks, a Teoria Geral e a Teoria Geral generalizada. Forthcoming in: Revista EconomiA

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Abstract

Despite the most common interpretation of John Hicks´s formalization of the General Theory that it was mainly oriented to achieve "mathematical elegance", this paper shows that Hicks´s results are based on theoretical arguments and specific causality relations. Hicks acknowledges the importance of the "liquidity preference doctrine" and examines the effects of investment on income (the multiplier) as well as the effects of income on investment (the accelerator). Our interpretation of Hicks´s formulation and especially of the role of the rate of interest rate in his paper avails the understanding of the success of the so-called "neoclassical synthesis".

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