John Hicks's writing on monetary economics spans over 50 years. This book draws together the common threads of his work in a single succinct statement of the basics of monetary theory. It also outlines a theory of competitive markets which can be linked to the monetary sector; neither standard classical or neo-classical value theory can , on its own, fill the gap between monetary and non-monetary economics. In reviewing his own work, Hicks
explains the way in which economic theory has been adjusted to reflect developments in the real economy. He sees these changes, sometimes quite major, as the discovery of truths which have become more
appropriate, rather than the the discovery of completely new truths.
'It is a good reminder of how much we have learnt from him.'
Times Higher Education Supplement
`magisterial with plentiful supply of new terminology'
clearly destined to take on a special significance to historians of thought as the final contribution of one of the most influential economists of the twentieth century ... The completed volume achieves everything that Hicks' admirers could have hoped for, and represents a remarkable accomplishment for a scholar at the end of a long and uniquely distinguished career spanning more than sixty years.'
John N. Smithin, York University, Eastern Economic Journal
Introduction; Part I: The working of markets: Supply and demand; The function of speculation; The pricing of manufactures; The labour market; Part II: Money and Finance: The nature of money; The market makes its money; Banks and bank money; Choice among assets; Theories of interest - Keynes versus Marshall; Markets in shares - ownership and control; Part III: Problems and Policies: The old trade cycle; The credit economy; Interest and investment;
An international economy; Appendix: Risk and uncertainty; Index