“IN THE FIELD OF PURE THEORY, PROBABLY THE MOST INFLUENTIAL BOOK OF THE FIRST HALF OF THE 20TH CENTURY”
HICKS, John R. Value and Capital. Oxford: Clarendon Press, 1939. Octavo, original dark blue cloth, original dust jacket. Housed in a custom clamshell box. $3200.
First edition of this landmark of modern economics.
Hicks' "peak achievement, his main claim to fame. In the field of pure theory it was probably the most influential book of the first half of the 20th century. To some extent this was due to the new pieces of analysis it contained, explained lucidly enough to be readily incorporated into existing theory. To an even larger extent the book's extraordinary influence was due to the timely synthesis it offered. The general equilibrium of Walras, Pareto's ordinal utility, and Slutsky's analysis of comparative-static effects were all integrated with post-Wicksellian dynamics, Keynesian microstatics, and a capital theory along the lines of Bohm-Bawerk. By combining all these elements into a unified theoretical apparatus, Value and Capital provided the springboard from which the brilliant theorists of the next generation would jump off… Overall, Hicks will probably appear in the history of economics as the greatest British theorist of the century" (Niehans, 359, 371). Contemporary owner signature of economist Weir M. Brown.
Book about-fine, price-clipped dust jacket completely unrestored with a bit of wear and toning mainly to extremities and a few archival tape repairs to verso. A near-fine copy.