DEFINITION of 'John R. Hicks'
A British economist who received the 1972 Nobel Memorial Prize in Economics, along with Kenneth Arrow, for his development of general equilibrium theory and welfare theory. During his career, he also conducted research on monetary policy, international trade and development economics. His well-known 1939 book "Value and Capital" dealt with value theory and general equilibrium theory.
BREAKING DOWN 'John R. Hicks'
Hicks was born in England in 1904 and died in 1989. He taught at the London School of Economics, the University of Manchester and Oxford University. John Jicks is also known for his contribution to the IS/LM model which depicts the relationship between interest rates and real output, which was used to create subsequent models of aggregate demand and supply.