Hicks's classic work, Value and Capital (1939; 2nd ed. 1946), helped
to resolve basic conflicts between business-cycle theory and the equilibrium
theory, which holds that economic forces tend to balance one another
rather than simply reflect cyclical trends. Both Hicks and Arrow demonstrated
that active forces, not passive ones, strike economic balances when
the forces cancel each other out. Their theories were used widely by
public and private interests to determine foreign trade, investment
policies, and prices.
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