He disputed the necessity of measurable utility in his book Value and Capital.
He disputed the necessity of measurable utility in his book Value and Capital. He believed that spending caused demand to grow faster than maximum output, causing a ceiling on booms, and ultimately meaning that supply factors determined long-run growth. With another believer in the supply-driven economy, he described a model of efficiency containing nonzero transaction costs but otherwise Pareto-efficient conditions, named for him and Nicholas Kaldor. FTP, name this inventor of the IS-LM diagram whose "compensated" demand function account for utility changes, unlike Marshallian demand.
He disputed the necessity of measurable utility in his book Value and Capital.
John Richard {Hicks}