LATEX

LATEX

Tuesday, February 10, 2015

Interesting background on Value and Capital

Nobel Laureate Kenneth Arrow describes Value and Capital as having had a significant influence on him -- and learning about it somewhat by chance:

 I learned about general equilibrium, not from any course, but from the fact that my desk, like those of all the other graduate students, was located in the library.  I was close to where the economics books were, in the stacks, so I would simply go to the stacks, starting flipping the books around, and see if there was anything interesting.  I found a book by the English economist, John R. Hicks, titled, Value and Capital.  Nobody at the Columbia Economics Department knew anything about this book, but as you talk to people educated elsewhere, say in England, many of the economists of my generation were transformed by this book.
     That's why when many years later I was awarded the Nobel Memorial Prize in Economic Science jointly with Hicks, it was an especially great honor to be joined with one whose work I admired so much, who was so influential on me.

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