Value and capital: an inquiry into some fundamental principles of economic theory

By:

"Hicks, J. R."

Material type: Text

TextPublication details: Oxford; Clarendon Press; 1962Edition: 2nd edDescription: 340pSubject(s):

Economic theory

DDC classification:

330.122 HIC 2nd ed.

Summary: The majority of the alterations which I have made in this new edition are concerned with the correction of a technical slip in the argument as originally published. I had worked out the general conditions of stability in consumer's choice (as I still think) quite correctly; but I did not use all the conditions which were mathe matically available, since there were some of them to which I could not give, at that time, any economic sense. In this I was wrong; as a result of more :work (my own and others'), it now appears that the neglected conditions have a very important economic sense, and that later stages of my argument suffered by my failure to use them. Since the result was to make these later stages more complicated than they need have been, it has been very desirable to simplify by making the necessary corrections. The general proposition, which I overlooked, is now set out in words on pp. 51-2. Consequential adjustments have been made on pp. 71, 72, 77, 102-4, 222, and in the corresponding places in the mathematical appendix. Further consequences of the new proposition are discussed in Additional Note A. Another place where the original argument seems to have been defective did not lend itself to the same sort of correction. The text has therefore been left unchanged, and the matter is discussed in Additional Note B.

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Item type	Current library	Call number	Status	Date due	Barcode	Item holds
Books	Gandhi Smriti Library	330.122 HIC 2nd ed. (Browse shelf(Opens below))	Available		52180

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The majority of the alterations which I have made in this new edition are concerned with the correction of a technical slip in the argument as originally published. I had worked out the general conditions of stability in consumer's choice (as I still think) quite correctly; but I did not use all the conditions which were mathe matically available, since there were some of them to which I could not give, at that time, any economic sense. In this I was wrong; as a result of more :work (my own and others'), it now appears that the neglected conditions have a very important economic sense, and that later stages of my argument suffered by my failure to use them. Since the result was to make these later stages more complicated than they need have been, it has been very desirable to simplify by making the necessary corrections.

The general proposition, which I overlooked, is now set out in words on pp. 51-2. Consequential adjustments have been made on pp. 71, 72, 77, 102-4, 222, and in the corresponding places in the mathematical appendix. Further consequences of the new proposition are discussed in Additional Note A.

Another place where the original argument seems to have been defective did not lend itself to the same sort of correction. The text has therefore been left unchanged, and the matter is discussed in Additional Note B.

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