Value and Capital

Value and Capital is a book by the British economist John Richard Hicks, published in 1939. It is considered a classic exposition of microeconomic theory. Central results include:

• extension of consumer theory for individual and market equilibrium as to goods demanded with explicit use of only ordinal utility for individuals, rather than requiring interpersonal utility comparisons
• analysis of the 2-good as to effects of a price change and mathematical extension to any number of goods without loss of generality
• parallel results for production theory
• extension of general equilibrium theory of markets and adaptation of static-equilibrium theory to economic dynamics in distinguishing temporary and long-run equilibrium through expectation of agents.