We ought to define a man's income as the maximum value which he can consume during a week, and still expect to be as well off at the end of the week as he was at the beginning.
Sir John Richard HicksThere is much of economic theory which is pursued for no better reason than its intellectual attraction; it is a good game. We have no reason to be ashamed of that, since the same would hold for many branches of mathematics.
Sir John Richard HicksSome of the most serious fallacies of traditional economics have been due to confusion between optimum and equilibrium conditions; the apparent influence of Dr. Pangloss upon the development of economic thought is for the most part nothing but pure intellectual error.
Sir John Richard Hicks