John R. Hicks

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Definition of 'John R. Hicks'

John R. Hicks was an English economist who made significant contributions to the fields of macroeconomics, microeconomics, and econometrics. He was awarded the Nobel Memorial Prize in Economic Sciences in 1972.

Hicks's work on macroeconomics focused on the relationship between aggregate demand and aggregate supply. He developed the IS-LM model, which is a macroeconomic model that shows how changes in the interest rate and the money supply affect aggregate demand. Hicks also developed the theory of effective demand, which argues that the level of economic output is determined by the level of aggregate demand.

Hicks's work on microeconomics focused on the theory of consumer choice. He developed the indifference curve approach to consumer choice, which is a graphical method for representing the preferences of consumers. Hicks also developed the theory of revealed preference, which is a method for testing the consistency of consumer preferences.

Hicks's work on econometrics focused on the development of statistical methods for estimating economic models. He developed the method of maximum likelihood estimation, which is a statistical method for estimating the parameters of a statistical model. Hicks also developed the theory of econometrics, which is the study of the statistical methods used in economics.

Hicks's work has had a significant impact on the development of economics. His contributions to macroeconomics, microeconomics, and econometrics have helped to shape the way that economists think about the economy. Hicks's work is also widely used by policymakers and businesses to make decisions about economic policy.

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