Value and Capital

Hart, A. G., & Hicks, J. R. (1939). Value and Capital: An Inquiry into Some Fundamental Principles of Economic Theory. Clarendon Press.

Type

Journal article

Intellectual base

Primary research

Year

1939

DOI

10.2307/1230825

Link

https://onlinelibrary.wiley.com/doi/abs/10.2307/1230825

Cited from

economics_finance, systems_cybernetics

Cited by

6 citations across 6 artifacts.

Each citation links to the sentence it supports in the citing article.

Primes

• Cost–Benefit Analysis
  • Hicks 1939

    This sourcePioneering general-equilibrium and consumer-theory text; derives the substitution effect via compensated (Hicksian) demand. The companion 1939 article ("The Foundations of Welfare Economics," Economic Journal) supplies the Hicks half of the Kaldor-Hicks compensation criterion cited in CBA.

• Marginal Utility
  • By the early 20th century, the ordinal revolution (Vilfredo Pareto , John Hicks, Roy Allen, Paul Samuelson)
• Price Elasticity
  • Cross-price elasticity E_{ij} = (dQ_i/dP_j) × (P_j/Q_i) is positive for substitutes (higher P_j raises demand for good i) and negative for complements, as formalized in cross-elasticity and complementarity analysis by John Hicks (1939)
• Substitutability
  • Hicks (1939), in Value and Capital, made this contextual character explicit by deriving the substitution effect at the level of an individual decision-maker's indifference map rather than treating goods as undifferentiated commodities; substitution is always relative to a specific functional role and a specific decision-maker's preferences.
• Time Value of Money
  • Hicks (1939)
• Trade-offs
  • In continuous settings, this is formally the marginal rate of substitution, \(\text{MRS} = -\frac{dy}{dx}\) evaluated along the frontier.

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