<p class="ql-block">Of course. Here is a detailed introduction to the life and achievements of the renowned economist **Sir John Hicks**, presented in English.</p><p class="ql-block"><br></p><p class="ql-block">***</p><p class="ql-block"><br></p><p class="ql-block">### Sir John Hicks: The Architect of Modern Economic Models</p><p class="ql-block"><br></p><p class="ql-block">Sir John Richards Hicks (1904-1989) was a pioneering British economist, renowned for his exceptional ability to synthesize complex economic ideas into clear, formal models. He is best known for creating the **IS-LM model**, a cornerstone of macroeconomic teaching and analysis for much of the 20th century. For his broad contributions to economic theory, he was awarded the Nobel Memorial Prize in Economic Sciences in 1972.</p><p class="ql-block"><br></p><p class="ql-block">#### Early Life and Academic Formation</p><p class="ql-block"><br></p><p class="ql-block">* **Academic Beginnings:** Born in Warwick, England, Hicks studied at Clifton College and then at Balliol College, Oxford. His early interests were in mathematics, philosophy, and later, politics and economics—a diverse background that influenced his logical and structured approach to economic problems.</p><p class="ql-block">* **Early Influences:** His first academic posts were at the London School of Economics (LSE), where he moved from labor economics to more abstract, theoretical work. He was influenced by the Austrian School economists and by Lionel Robbins. He later held professorships at the University of Manchester and then returned to Oxford University for the remainder of his career.</p><p class="ql-block"><br></p><p class="ql-block">#### Key Intellectual Achievements</p><p class="ql-block"><br></p><p class="ql-block">**1. The IS-LM Model (1937)**</p><p class="ql-block">Hicks's most famous and enduring contribution was the creation of the **IS-LM model**, which he first presented in his paper "Mr. Keynes and the 'Classics.'"</p><p class="ql-block"><br></p><p class="ql-block">* **The Synthesis:** This model was a monumental achievement in synthesizing John Maynard Keynes's complex and revolutionary book, *The General Theory*. Hicks distilled Keynes's ideas into a simple, two-dimensional graph that showed the simultaneous interaction between the **real economy** (the Goods Market, represented by the **IS curve** for Investment-Saving) and the **money market** (represented by the **LM curve** for Liquidity preference-Money supply).</p><p class="ql-block">* **Impact and Legacy:** The model became the dominant framework for teaching macroeconomics for decades. It allowed economists and students to visualize how fiscal policy (shifting the IS curve) and monetary policy (shifting the LM curve) could influence national income and interest rates. It provided a common language for economic debate. Hicks himself later expressed some reservations about how his simple expository tool had become a central dogma, but its influence is undeniable.</p><p class="ql-block"><br></p><p class="ql-block">**2. *Value and Capital* (1939)**</p><p class="ql-block">This book cemented his reputation as a leading theorist and contributed significantly to his Nobel Prize.</p><p class="ql-block"><br></p><p class="ql-block">* **Microeconomic Foundations:** In it, Hicks made major advances in **value theory** (building on ordinal utility and indifference curves) and the theory of **general equilibrium** (how all markets in an economy interact and reach a state of balance).</p><p class="ql-block">* **The "Hicksian Compensation Criteria":** He developed a criterion for judging whether a social or economic change improves overall welfare, even if it creates winners and losers.</p><p class="ql-block"><br></p><p class="ql-block">**3. Contributions to Growth Theory and Technical Progress**</p><p class="ql-block">Hicks was also a key figure in the development of neoclassical growth theory. He made important distinctions in the types of **technical progress**:</p><p class="ql-block">* **"Hicks-Neutral" Technical Progress:** A type of innovation that increases the output of both capital and labor without changing the ratio of their marginal products.</p><p class="ql-block"><br></p><p class="ql-block">**4. Work on Liquidity and the Term Structure of Interest Rates**</p><p class="ql-block">He contributed to monetary theory with his concepts of the **liquidity spectrum** and theories on how interest rates for different maturities are determined.</p><p class="ql-block"><br></p><p class="ql-block">#### Later Career and Recognition</p><p class="ql-block"><br></p><p class="ql-block">* **Knighthood and Nobel Prize:** Hicks was knighted in 1964 and was awarded the Nobel Prize in 1972 (jointly with Kenneth Arrow) for his pioneering contributions to general equilibrium theory and welfare theory.</p><p class="ql-block">* **A Scholarly Legacy:** Unlike the flamboyant and policy-oriented Keynes, Hicks was a quiet, introspective, and deeply scholarly figure who refined economic theory from within the academy. He continuously re-evaluated his own work and the state of economic science throughout his long career.</p><p class="ql-block"><br></p><p class="ql-block">### Summary of Legacy</p><p class="ql-block"><br></p><p class="ql-block">Sir John Hicks's greatest strength was his ability to be a **master architect of economic models**. He did not necessarily originate the most revolutionary ideas, but he possessed a unique talent for organizing them into coherent, analyzable, and teachable frameworks. The **IS-LM model** alone secures his place in the history of economics, as it remains the foundational model upon which all modern macroeconomic analysis is built. He provided the crucial bridge between the revolutionary chaos of Keynes's *General Theory* and the structured, model-based discipline that macroeconomics became.</p>