John R. Hicks
Sir John Richard Hicks (April 8, 1904 - May 20, 1989) was one of the most important and influential economists of the twentieth century. Hicks was a professor at University of Oxford for most of his life and shared the Bank of Sweden Prize in Economic Sciences in 1972. He developed the famous "compensation" criteria called Kaldor-Hicks efficiency for welfare comparisons in 1939. He collaborated much with the economist Sir R G D Allen also a Professor at LSE.
Hicks was born in Leamington Spa in Warwickshire, England. His most influential contribution has come to be called the Hicks-Hansen IS-LM Model which, based on the theories of John Maynard Keynes (See Keynsianism, Macroeconomics), describes the economy as a balance between three commodities: money, consumption and investment.
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