Hicks’ first review of the General Theory

Abstract

In this article, we present an interpretation of the Hicks' first review of Keynes´s General Theory. First we analyze the influence of Hayek's theory on the work of Hicks. We show how Hicks, reflecting on the Austrian theory of the business cycle, created the concepts of "week" and temporary equilibrium. Then we discuss how the author reformulated these concepts of time and equilibrium to interpret the General Theory.

JEL Classification: B22.