Value And Capital.

HICKS, J.R. [John].

$25,000.00

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. Signed by John R. Hicks on the front free endpaper. An excellent example in a very good dust jacket with some light rubbing and wear. Housed in a custom half clamshell box. Rare and desirable 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).