Sir John Richard Hicks Quotes

#1. We ought to define a man's income as the maximum value which he can consume during a week, and still expect to be as well off at the end of the week as he was at the beginning.

Sir John Richard Hicks

#2. Some of the most serious fallacies of traditional economics have been due to confusion between optimum and equilibrium conditions; the apparent influence of Dr. Pangloss upon the development of economic thought is for the most part nothing but pure intellectual error.

Sir John Richard Hicks

#3. The theory of the determination of wages in a free market is simply a special case of the general theory of value. Wages are the price of labour.

Sir John Richard Hicks

#4. Investment is a flighty bird which needs to be controlled.

Sir John Richard Hicks

#5. The best of all monopoly profits is a quiet life.

Sir John Richard Hicks

#6. There is much of economic theory which is pursued for no better reason than its intellectual attraction; it is a good game. We have no reason to be ashamed of that, since the same would hold for many branches of mathematics.

Sir John Richard Hicks