What is John Hicks known for in economics?
I am recognized for several key contributions. My work on consumer theory led to the development of the Hicksian demand curve, which helps distinguish between substitution and income effects. In macroeconomics, I'm associated with the IS-LM model, a framework for understanding the interaction of goods and money markets. Furthermore, my investigations into welfare economics introduced the compensation principle, a criterion for evaluating the desirability of economic changes.
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