Date of Award


Degree Type

Master's Essay - Restricted

Degree Name

Master of Business Administration (MBA)


Business Administration


The last thirty years have seen a wealth of business cycle theories which attempt to explain fluctuations about a growth trend but leave the trend itself largely unexplained. Many economists attempted to provide satisfactory models on which they could base their judgment.

Hicks was one of those economists who earnestly attempted to seek some theoretical frameworks . Hicks did not furnish any new concept to the already existing cycle theory. He simply gathered existing theoretical assumptions and frameworks and strengthened weak points in the theories of Keynes, Frisch, and Harrod.

Later in this paper, I shall discuss the sources employed by Hicks. As I proceed, I shall attempt to point out some of distinctive analytical apparatus of Hicks. Then I shall appraise Hicks' theory by indicating criticisms and suggesting modifications; and will point out; also, some of the similarities and differences among the theories.

Since the main purpose of this essay is to appraise Hicks' theory, I shall emphasize this aspect throughout the paper. The utmost effort will be made to avoid unnecessary lengthy explanation of a trivial point or two.