Thursday, April 8, 2010

Happy Birthday Sir John Hicks (1904-1989)

Another one of the great economists of the 20th century. In his landmark book, Value and Capital (1939), Hicks laid the foundations for a workable conception of sustainable development by defining income as the maximum amount an individual - or, to generalize, a society - can consume over a period of time and still be as well off at the end of the period as at the start.

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