Hicks' thread (out of the equilibrium labyrinth)

Bianco, Antonio (2014): Hicks' thread (out of the equilibrium labyrinth).

Abstract

The work of John Hicks is an unending source of inspiration for many economists and an unsolved dilemma for historians of economic thought. These pages highlight the fact that Hicks' peculiar perspective on the economic agent constitutes the substructure underlying his research path, and the common premise to his theories of markets, liquidity, capital, and risk. Hicks' theory of the agent was intended to address the factual role of non-measurable risk (i.e., learning-management), and was primarily concerned with the price- and wealth-effects that the transaction costs (costs of learning and moving) entail for learning-induced behaviours.

• Item Type: MPRA Paper
• Language: English
• Keywords: Non-Measurable Risk, Transaction Costs, Liquidity Constraints, Fixprice, Micro-Foundations.
• Subjects: B - History of Economic Thought, Methodology, and Heterodox Approaches > B3 - History of Economic Thought: Individuals > B31 - Individuals; D - Microeconomics > D0 - General > D01 - Microeconomic Behavior: Underlying Principles; E - Macroeconomics and Monetary Economics > E4 - Money and Interest Rates > E41 - Demand for Money

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