Hicks’s Trade Cycle Theory

In 1950 J. R. Hicks published A Contribution to the Theory of the Trade Cycle. He argued that “Keynesian economics has left at least one major thing quite unexplained, and that thing is nothing less than the business cycle itself”. This essay was an attempt to compare Hicks’s trade cycle theory with Kaldor’s in his 1940 Economic Journal article ‘A Model of the Trade Cycle”.