VALUE AND CAPITAL: An Inquiry into Some Fundamental Principles of Economic Theory
A new edition of this standard work in which the author seeks to apply a new method of analysis to some of the more disputed questions in economics. In the first place, he constructs a general theory of the working of interrelated markets, based upon the General Equilibrium theories of Walrus and Pareto, but itself a further development of these theories. The results of this are then applied to problems of Capital and Interest, Money, and of Employment.
Some matters on which new light has been thrown are, the logical basis of economic laws, Consumer’s Surplus, the meaning of Equilibrium, of Income, of Saving and Investments, the determination of the system of interest rates, the period of production, wage-rigidity, the process of capital accumulation.
Thisbook proceeds, in a single chain of argument, from the foundations of value theory to the causes of the trade cycle.
J.R.Hickswas a British economist. He is considered as one of the most imporatnt and influential economists of the twentieth century.