John R. Hicks

John R. Hicks was a prominent British economist known for his contributions to microeconomics and welfare economics. He is best known for developing the concept of "indifference curves," which illustrate consumer preferences and how individuals make choices among various goods. Hicks also introduced the "Hicksian demand" concept, which helps to analyze how demand changes with price, keeping utility constant. His work earned him the Nobel Prize in Economic Sciences in 1972, and he played a key role in the development of economic theories that consider the balance between efficiency and equity in resource allocation.