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"5=45=F8O : ?@5>1;040=8N >B=>H5=89 4>?>;=O5<>AB8 <564C D0:B>@0<8 @8;>65=85 : 3;025 VIII. 21. 1I55 @02=>25A85 ?@>872>4AB20. 22. !B018;L=>ABL >1I53> @02=>25A8O @8;>65=85 : 3;025 XV . 23. ?@545;5=85 ?;0=0 ?@>872>4AB20 @8;>65=85 : 3;025 XVII. 24. >7459AB285 ?@>F5=B0 =0 ?;0= ?@>872>4AB20. 25. !@54 =89 ?5@8>4 ?;0=0 -:>=><8G5A:0O B5>@8O 6. . %8:A0  .. -=B>2 6>= 8G0@4 %8:A ?@8=04;568B : G8A;C =081>;55 8725AB=KE 8 2;8OB5;L=KE ?@54AB028B5;59 A>2@5<5==>9 1C@6C07=>9 ?>;8B8G5A:>9 M:>=><88. > <=>38E @01>B0E 70?04=KE 02B>@>2 53> E0@0:B5@87CNB :0: >4=>3> 87 A0<KE 2K40NI8EAO M:>=><8AB>2-B5>@5B8:>2 =0H53> 25:0 [!<., =0?@8<5@: . 1aug. Great Economists since Keynes. An Introduction to the Lives and Works of One Hundred Modern Economists. Sussex, 1985, p. 91.]. 5@C 6. %8:A0 ?@8=04;568B 1>;55 20 :=83 8 =5A:>;L:> 45AOB:>2 AB0B59, ?@8G5< 2 F5=B@5 8AA;54>20=8O G0I5 2A53> >:07K20;8AL 206=K5 ?@>1;5<K ?>;8B8G5A:>9 M:>=><88 - B5>@8O AB>8<>AB8, A?@>A0 8 F5=K; 70@01>B=>9 ?;0BK, :0?8B0;0 8 ?@81K;8, E>7O9AB25==>3> @>AB0, ?@><KH;5==>3> F8:;0, 8=D;OF88 8 B. 4. 081>;LHCN 8725AB=>ABL 02B>@C ?@8=5A;0 =5>4=>:@0B=> ?5@58740202H0OAO :=830 !B>8<>ABL 8 :0?8B0;, A=8A:02H0O 2 70?04=>9 ;8B5@0BC@5 @5?CB0F8N :;0AA8G5A:>9 @01>BK. -2>;NF8O B5>@88 6. %8:A0 6>= . %8:A @>48;AO 2 =51>;LH>< 0=3;89A:>< 3>@>4:5 8<8=3B>= 2 1904 3. >;CG8; >1@07>20=85 2 :AD>@4A:>< C=825@A8B5B5; 53> =0AB02=8:>< 1K; 8725AB=K9 45OB5;L D0180=A:>3> 42865=8O 6. >C; (1889-1959), :>B>@K9 =5704>;3> 4> MB>3> >:>=G8; B>B 65 C=825@A8B5B. ! 1926 3. %8:A ?@5?>4020; 2 >=4>=A:>9 H:>;5 M:>=><8:8.  1928-1931 33. >= >?C1;8:>20; 2 6C@=0;5 -:>=><8:0 @O4 AB0B59, ?>A2OI5==KE CA;>28O< D>@<8@>20=8O 70@01>B=>9 ?;0BK 2 AB@>8B5;LAB25 (<0B5@80;K ?>43>B>2;5==>9 48AA5@B0F88), B5>@5B8G5A:8< :>=F5?F8O<, 2 :>B>@KE ACI5AB2>20=85 :0?8B0;8AB8G5A:>9 ?@81K;8 2K2>48BAO 87 =5>?@545;5==>AB8, E0@0:B5@87CNI59 >?5@0F88 ?@54?@8=8<0B5;O 8 4@. "5>@8O 70@01>B=>9 ?;0BK.  1932 3. 1K;0 >?C1;8:>20=0 ?5@20O :=830 %8:A0 "5>@8O 70@01>B=>9 ?;0BK. #65 2 MB>9 @01>B5 28-;5B=89 0=3;89A:89 M:>=><8AB ?@>45<>=AB@8@>20; A2>9 8=B5@5A : A0<K< >1I8< B5>@5B8G5A:8< ?@>1;5<0<, 8 ?@5645 2A53> : B5>@88 AB>8<>AB8. =830 >B:@K205BAO D@07>9: "5>@8O >?@545;5=8O 70@01>B=>9 ?;0BK 2 CA;>28OE A2>1>4=>3> @K=:0 - MB> ?@>AB> G0AB=K9 A;CG09 >1I59 B5>@88 AB>8<>AB8 [J. Hicks. The Theory of Wages. New York, 1963, p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icks. The Theory of Wages, p. 166-167). >4>1=>5 A>>1@065=85, @07C<55BAO, =8:0: =5 <>65B 8A?>;L7>20BLAO 2 :0G5AB25 A5@L57=>3> 4>2>40, ?>72>;ONI53> 8A:;NG8BL 87 B5>@5B8G5A:>3> 0=0;870 >1J548=5==K5 459AB28O ?@54?@8=8<0B5;59, 8 A0< 02B>@ 2 >4=><-42CE A;CG0OE AAK;05BAO =0 ?>;CG82H85 H8@>:CN 8725AB=>ABL A;CG08 ;>:0CB>2, "5< =5 <5=55 2 E>45 ?>A;54CNI8E @0AAC645=89 =587<5==> ?@54?>;0305BAO, GB> :0?8B0;8AB8G5A:85 ?@54?@8=8<0B5;8 A2>8<8 459AB28O<8 =5 <>3CB >:07K20BL :0:>3>-;81> 2;8O=8O =0 @K=>G=K9 C@>25=L 70@01>B=>9 ?;0BK (2K@060OAL A;>20<8 %8:A0, ?@8 ?>:C?:5 D0:B>@>2 ?@>872>4AB20 D8@<0 2A5340 2KABC?05B :0: pricetaker- A<.: J. H i A k s. The Theory of Wages, p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icks. Economic Foundations of Wage Policy. - Economic Journal, September 1955).]. 48=AB25==K< D0:B>@><, =0@CH0NI8< A2>1>4=>5 2708<>459AB285 @K=>G=KE A8;, 2 :=835 "5>@8O 70@01>B=>9 ?;0BK >:07K205BAO 45OB5;L=>ABL ?@>D5AA8>=0;L=KE A>N7>2 @01>G8E 8 A;C60I8E. 1J548=5=85 B@C4OI8EAO 8 @0728B85 ?@>DA>N7=>3> 42865=8O 2K720;> : 687=8, ?> CB25@645=8N %8:A0, B0:85 A8;K, :>B>@K5 MDD5:B82=> ?@>B82>AB>OB ?>?KB:0< ?@54?@8=8<0B5;59 A=878BL 70@01>B=CN ?;0BC; 1>;55 B>3>, MB8 A8;K <>3CB >15A?5G820BL ?>2KH5=85 4>E>4>2 @01>G8E A25@E @02=>25A=>3> C@>2=O. !G8B0O >1KG=K5 <0@68=0;8ABA:85 AE5<K @0A?@545;5=8O 4>E>4>2 =54>AB0B>G=K<8, %8:A 4>?>;=O5B 8E B5>@859 ?@><KH;5==>3> :>=D;8:B0. 48=AB25==>9 =5@K=>G=>9 A8;>9, 2>7459AB2CNI59 2 MB8E B5>@5B8G5A:8E <>45;OE =0 42865=85 70@01>B=>9 ?;0BK, >:07K20NBAO 459AB28O ?@>DA>N7>2. %0@0:B5@=0 A0<0 ?>AB0=>2:0 ?@>1;5<K:  :0:>9 <5@5 402;5=85 ?@>DA>N7>2 <>65B 70AB028BL ?@54?@8=8<0B5;59 ?;0B8BL 1>;55 2KA>:CN 70@01>B=CN ?;0BC 8;8 ?@54>AB028BL A2>8< @01>G8< 8 A;C60I8< 4@C385, 1>;55 1;03>?@8OB=K5 CA;>28O B@C40, G5< B5, :>B>@K5 8<5;8 1K <5AB> ?@8 >BACBAB288 ?@>DA>N7>2? [ J. HiAks. The Theory of Wages, p. 352.] A=>2=>5 >@C485 402;5=8O =0 ?@54?@8=8<0B5;59, :>B>@>5, ?> CB25@645=8N 0=3;89A:>3> M:>=><8AB0, 8A?>;L7CNB ?@>DA>N7K, - MB> C3@>70 7010AB>2:8. 0AA<0B@820O 2>?@>A > 2>7<>6=>AB8 ?>2KH5=8O 70@01>B=>9 ?;0BK, ?@54?@8=8<0B5;L A@02=8205B 4>?>;=8B5;L=K5 8745@6:8, A2O70==K5 A ?>2KH5=85< 70@?;0BK, 8 C1KB:8, :>B>@K5 4>;6=0 ?@8=5AB8 7010AB>2:0 2 B>< A;CG05, 5A;8 >= >B:065BAO ?>9B8 =02AB@5GC B@51>20=8O< @01>G8E.  G8A;C ?0@0<5B@>2, 83@0NI8E >A>15==> 206=CN @>;L 2 @0728B88 ?@><KH;5==>3> :>=D;8:B0, >B=>A8BAO 25@>OB=0O ?@>4>;68B5;L=>ABL 7010AB>2:8 [%8:A80=A:0O <>45;L >?@545;5=8O 70@01>B=>9 ?;0BK, 2 :>B>@>9 AB02:8 >?;0BK >?@545;ONBAO ?5@5A5G5=85< :@82>9 CABC?>: ?@54?@8=8<0B5;59 8 :@82>9 A>?@>B82;5=8O ?@>DA>N7>2, 4> =0AB>OI53> 2@5<5=8 H8@>:> 8A?>;L7C5BAO 2 70?04=KE CG51=KE ?>A>18OE (A<., =0?@8<5@: R. Byrns, G. Stone. Economics. 2-nd ed. Glenview (111.), 1984, p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iAks. The Theory of Wages, p. 147.]. 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A=>2=CN G0ABL =5@0AA0AK20NI59AO 0@<88 157@01>B=KE A>AB02;ONB, ?> CB25@645=8N %8:A0, B5 @01>G85, @57C;LB0BK B@C40 :>B>@KE >:07K20NBAO =54>AB0B>G=K<8 4;O B>3>, GB>1K ?@5B5=4>20BL =0 ?>;CG5=85 AB0=40@B=>9 70@01>B=>9 ?;0BK. 5:>B>@K< ;N4O< 8A:;NG8B5;L=> B@C4=> ?@8A?>A>18BLAO : B@51>20=8O< ?@><KH;5==>9 A8AB5<K [J. HiAks. The Theory of Wages, p. 44.] , 4@C385 A;8H:>< 8=5@B=K 8 =5 >1=0@C6820NB 3>B>2=>AB8 : ?5@5574C, :>340 <5=O5BAO @07<5I5=85 ?@><KH;5==>AB8, 8 B. ?.  E>BO 2 "5>@88 70@01>B=>9 ?;0BK <>6=> =09B8 :@0B:85 C?><8=0=8O > 2>7<>6=KE 87<5=5=8OE A?@>A0 =0 @01>GCN A8;C - ?@5645 2A53> A57>==KE :>;510=8OE (!),-53> B5>@5B8G5A:0O :>=AB@C:F8O >:07K205BAO A>25@H5==> =5?@83>4=>9 4;O >1JOA=5=8O A:0G:>>1@07=>3> C25;8G5=8O G8A;0 @01>G8E 8 A;C60I8E, ;8H82H8EAO 70@01>B:0, 8 ACI5AB2>20=8O <0AA>2>9 70AB>9=>9 157@01>B8FK =0 ?@>BO65=88 30-E 3>4>2. 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The Theory of Wages, p. 305).].  ?5@2>< 8740=88 "5>@88 70@01>B=>9 ?;0BK <>6=> 2AB@5B8BL @O4 0=0;8B8G5A:8E ?@85<>2, :>B>@K5 2 ?>A;54CNI89 ?5@8>4, ?> ACI5AB2C, AB0;8 >1I5?@8=OBK<8 2 70?04=>9 M:>=><8G5A:>9 ;8B5@0BC@5. "0:, @0AA<0B@820O 87<5=5=8O 2 @0A?@545;5=88 4>E>4>2, %8:A A2O7K205B 8E A ?@>F5AA0<8 70<5I5=8O <564C B@C4>< 8 :0?8B0;>< 8 2KA:07K205B A>>1@065=8O >B=>A8B5;L=> 2>7<>6=>9 M;0AB8G=>AB8 B0:>3> 70<5I5=8O. %0@0:B5@8AB8:8 M;0AB8G=>AB8 70<5I5=8O <564C B@C4>< 8 :0?8B0;>< A53>4=O 8A?>;L7CNBAO 2 B5>@88 ?@>872>4AB25==KE DC=:F89, >=8 83@0NB ACI5AB25==CN @>;L 2 A>2@5<5==KE 1C@6C07=KE B5>@8OE @0A?@545;5=8O 4>E>4>2. 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"5>@5B8G5A:85 ?>AB@>5=8O %8:A0 >:070;8 70<5B=>5 2;8O=85 8 =0 ?>A;54CNI55 @0728B85 =5>:;0AA8G5A:8E :>=F5?F89 157@01>B8FK.  A2>8E ?5@2KE AB0BLOE 8 2 :=835 "5>@8O 70@01>B=>9 ?;0BK >= ?KB0;AO 2K45;8BL 2 >1I59 <0AA5 157@01>B=KE @07;8G=K5 :><?>=5=BK: BC 55 G0ABL, :>B>@0O 2E>48B 2 0:B82=>5 ?@54;>65=85 @01>G59 A8;K 8 >:07K205B =5?>A@54AB25==>5 2>7459AB285 =0 42865=85 @K=>G=KE AB02>: 70@01>B=>9 ?;0BK, 8 BC G0ABL, :>B>@0O E>BO 8 ;8H5=0 @01>BK, =>, ?> 53> CB25@645=8N, 83@05B =0 @K=:0E B@C40 ?0AA82=CN @>;L. 0AAC645=8O ?>4>1=>3> @>40 2?>A;54AB288 ?>;CG8;8 40;L=59H55 @0728B85 2 B5>@88 B0: =07K205<>9 5AB5AB25==>9 =>@<K 157@01>B8FK [@8B8G5A:89 0=0;87 A>2@5<5==KE 1C@6C07=KE B5>@89 157@01>B8FK A>45@68BAO 2 :=830E: !>F80;L=0O 1>;57=L =><5@ >48=. 0: A =59 1>@>BLAO?. ., 1985; @8B8:0 1C@6C07=KE B5>@89 . @>1;5<K "A<5H0==>9 M:>=><8:8". ., 1984, 3;. 12.]. >A;5 2KE>40 2 A25B "5>@88 70@01>B=>9 ?;0BK %8:A >?C1;8:>20; @O4 AB0B59 2 254CI8E B5>@5B8G5A:8E 6C@=0;0E; 425 87 =8E - I5 @07 > B5>@88 AB>8<>AB8, 2KH54H0O 2 6C@=0;5 -:>=><8:0 2 D52@0;5 1934 3., 8 59=A 8 ":;0AA8:8'', 2KH54H0O 2 6C@=0;5 ''-:>=><5B@8:0'' 2 0?@5;5 1937 3., - 1C4CB C?><8=0BLAO 2 ?>A;54CNI5< 87;>65=88.  1939 3. 1K;0 8740=0 3;02=0O 53> @01>B0, ?>A2OI5==0O B5>@88 AB>8<>AB8, - !B>8<>ABL 8 :0?8B0; (2KH54H0O 70 420 3>40 4> MB>3> 2 0@865 :=830 %8:A0 0B5<0B8G5A:0O B5>@8O AB>8<>AB8 2 =5A:>;L:> ?5@5@01>B0==>< 2845 1K;0 2:;NG5=0 2 <0B5<0B8G5A:>5 ?@8;>65=85 : @01>B5 !B>8<>ABL 8 :0?8B0;). !B>8<>ABL 8 :0?8B0;. 20-30-5 3>4K =0H53> AB>;5B8O 2 0=3;89A:>9 ?>;8B8G5A:>9 M:>=><88 >1KG=> AG8B0NBAO 3>40<8 2KA>:>9 B5>@88 - ?5@8>4><, :>B>@K9 E0@0:B5@87C5BAO =5>1KG09=>9 :>=F5=B@0F859 8=B5;;5:BC0;L=KE CA8;89 8 ?>O2;5=85< <=>65AB20 =>2KE B5>@5B8G5A:8E :>=F5?F89 [G. Shackle. The Years of High Theory. Invention and Tradition in Economic Thought. 1926-1939. Cambridge, 1967, p. 5. ]. <5==> 2 MB> 2@5<O 2KH;8 2 A25B "@0:B0B > 45=L30E (1930) 8 1I0O B5>@8O 70=OB>AB8, ?@>F5=B0 8 45=53 (1936) 6. . 59=A0, -:>=><8G5A:0O B5>@8O =5A>25@H5==>9 :>=:C@5=F88 (1933) 6. >18=A>=, ">@3>2K9 F8:; (1936) . %0@@>40, ">@3>2;O 8 :@548B (1928) . %>CB@8, 5=L38 (1922) 8 0=:>2A:0O ?>;8B8:0 8 C@>25=L F5= (1926) . >15@BA>=0, ?>;CG82H85 2?>A;54AB288 H8@>:CN 8725AB=>ABL @01>BK 6. 840, . >118=A0 8 6. (M:;0. > 8 2 @O4C MB8E @01>B :=830 %8:A0 !B>8<>ABL 8 :0?8B0; 2K45;O;0AL H8@>B>9 8 ?>A;54>20B5;L=>ABLN B5>@5B8G5A:>3> 0=0;870. . !0<CM;LA>= 2 A2>59 :=835 A=>20=8O M:>=><8G5A:>3> 0=0;870 ?8A0;, GB> @01>B0 %8:A0 !B>8<>ABL 8 :0?8B0; 709<5B A2>5 <5AB> 2 8AB>@88 M:>=><8G5A:>9 <KA;8 @O4>< A :;0AA8G5A:8<8 @01>B0<8 C@=>, 0;L@0A0, 0@5B> 8 0@H0;;0 [!<.: . Samuelson. Foundations of Economic Analysis. New York, 1976, p. 141. ].  ?>A;54CNI85 3>4K 70 :=83>9 !B>8<>ABL 8 :0?8B0; ?@>G=> CB25@48;0AL @5?CB0F8O :;0AA8G5A:>3> B@C40. =0 ?5@5874020;0AL 2 =3;88, 1K;0 ?5@52545=0 =0 4@C385 O7K:8.  1972 3. %8:AC 1K;0 ?@8AC645=0 (A>2<5AB=> A 8725AB=K< 0<5@8:0=A:8< M:>=><8AB>< . -@@>C) >15;52A:0O ?@5<8O ?> M:>=><8:5 70 @07@01>B:C B5>@88 >1I53> @02=>25A8O 8 M:>=><8:8 1;03>A>AB>O=8O; 0 B0:0O E0@0:B5@8AB8:0, ?> <=5=8N A0<>3> %8:A0, >B=>A8BAO : :=835 !B>8<>ABL 8 :0?8B0; (1939) 8 : @01>B0<, =0?8A0==K< <564C 1939 8 1946 3>40<8, - @01>B0<, =0<5B82H8< >A=>2=K5 ;8=88 B>9 :>=F5?F88, :>B>@CN 2?>A;54AB288 AB0;8 =07K20BL =>2>9 M:>=><8:>9 1;03>A>AB>O=8O[J. Hicks. Wealth and Welfare. Collected Essays on Economic Theory, vol. I. Southampton, 1981, p. 11. ]. K45;OO 70A;C38 %8:A0 2 MB>9 >1;0AB8, . 8=415:, 2>73;02;ONI89 2 =0AB>OI55 2@5<O :><8B5B ?> >15;52A:8< ?@5<8O< ?> M:>=><8:5, >B<5G0; 2 :0G5AB25 206=59H59 =0CG=>9 70A;C38 %8:A0 @07@01>B:C <8:@>M:>=><8G5A:8E >A=>2 B5>@88 >1I53> @02=>25A8O [!<.: A. Lindbeck. The Prize in Economic Science in Memory of Alfred Nobel. - Journal of Economic Literature, March 1985,]. "5>@5B8G5A:85 ?@>1;5<K, 87;0305<K5 2 :=835 !B>8<>ABL 8 :0?8B0;, 1>;55 ?>4@>1=> @0AA<0B@820NBAO 2 ?>A;54CNI8E @0745;0E. 45AL 65 >3@0=8G8<AO ;8HL =5:>B>@K<8 A0<K<8 >1I8<8 E0@0:B5@8AB8:0<8.  :=835 !B>8<>ABL 8 :0?8B0; 2?5@2K5 ?>A;5 0@H0;;0 ?@54?@8=OB0 ?>?KB:0 A8AB5<0B8G5A:>3> 0=0;870 >A=>2 =5>:;0AA8G5A:>9 B5>@88.  :=835 A>45@60BAO <=>3>G8A;5==K5 AAK;:8 =0 @8=F8?K ?>;8B8G5A:>9 M:>=><88 [!>45@60=85 :=838 !B>8<>ABL 8 :0?8B0; A2845B5;LAB2C5B > B><, GB> 55 02B>@ ?>AB>O==> >@85=B8@>20;AO =5 B>;L:> =0 >A=>2=K5 ?>;>65=8O @8=F8?>2 ?>;8B8G5A:>9 M:>=><88 0@H0;;0, => 8 =0 ?@54;0305<CN 2 MB>9 @01>B5 ;>38:C 8AA;54>20=8O.  2A5 65 %8:A 8718@05B 8=CN ?>A;54>20B5;L=>ABL 0=0;870 8 87;>65=8O ?>;CG5==KE @57C;LB0B>2 (2 ?@548A;>288 >= >1JOA=O5B MB> AB@5<;5=85< A>A@54>B>G8BL 2=8<0=85 =0 =>2KE B5>@5B8G5A:8E ?@>1;5<0E). ], 8 2A5 65 A2>N 3;02=CN 7040GC %8:A 2845; =5 ?@>AB> 2 C?>@O4>G5=88 8 A8AB5<0B870F88 ?>;>65=89, 2KA:07K202H8EAO A0<8< 0@H0;;>< 8 53> ?>A;54>20B5;O<8. 2B>@ :=838 !B>8<>ABL 8 :0?8B0; AB@5<8BAO 2K9B8 70 ?@545;K B@048F8>==KE AE5< [48= 87 :><<5=B0B>@>2, . %5;<, >B<5G0; ?0@04>:A0;L=CN =0 ?5@2K9 273;O4 A8BC0F8N, :>340 2KOA=O5BAO, GB> 59=A, 2KABC?02H89 2 @>;8 5@5B8:0, =0 A0<>< 45;5 2 1>;LH59 <5@5 >@85=B8@>20;AO =0 B5>@8N 0@H0;;0, G5< %8:A, ?@5B5=4>202H89 =0 @>;L 15AA?>@=>3> ?@>4>;60B5;O =5>:;0AA8G5A:8E B@048F89 (A<.: D Helm Introduction. - The Economics of John Hicks. Oxford, 1984, p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icks. Causality in Economics. Oxford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amuelson. Maximum Principles in Analitical Economics.-P. Samuelson. Collected Scientific Papers, vol. III. Cambridge (Mass.), 1972).]. <5AB5 A B5< 1K;> 1K, ?>-2848<><C, =5?@028;L=K< 8 ?5@5>F5=820BL =>20B>@AB2> %8:A0, ?@8?8AK20BL 5<C A:>;L:>-=81C4L @5H8B5;L=K9 ?5@5A<>B@ >A=>2>?>;030NI8E AC645=89 >@B>4>:A0;L=>9 =5>:;0AA8G5A:>9 B5>@88. @5645 2A53> 70<5B8<, GB> <=>385 ?>;>65=8O %8:A0 A;C60B ?@>AB> @0728B85< 8 :>=:@5B870F859 8459 0@5B>, -46C>@B0 8 8:A5;;O. > 22545=88 : ?5@2><C 8740=8N :=838 02B>@ >B<5G0;, GB> @O4 2KA:07K205<KE 2 =59 8459 1K; ?>43>B>2;5= 48A:CAA8O<8 2 >=4>=A:>9 H:>;5 M:>=><8:8 2 ?5@2>9 ?>;>28=5 30-E 33.; 2 MB> 2@5<O %8:A CG0AB2>20; 2 @01>B5 A5<8=0@0 (:@C6:0) . >118=A0, 2 :>B>@K9 2E>48;8 B0:65 . 0;4>@, 6. (M:;, . ;;5=, . 5@=5@ 8 4@C385 8725AB=K5 M:>=><8ABK. A>15==> 206=> ?>4G5@:=CBL A;54CNI89 <><5=B: ?@54?@8=OB0O %8:A>< G8AB:0 2 AD5@5 B5>@88 AC1J5:B82=>9 ?>;57=>AB8 =>A8;0, :0: 1C45B ?>:070=> =865, 25AL<0 >3@0=8G5==K9, 2> <=>38E A;CG0OE G8AB> ?>25@E=>AB=K9 8 =5?>A;54>20B5;L=K9 E0@0:B5@.  3>4K 2B>@>9 <8@>2>9 2>9=K 6. %8:A 2 A>02B>@AB25 A> A2>59 65=>9 #@AC;>9 %8:A 8 0=3;89A:8< M:>=><8AB>< . >ABMA>< 8740; :=83C 1;>65=85 2>5==>3> 1>30BAB20 (1941), 0 70B5< - 2=>2L 2 A>02B>@AB25 A #. %8:A - @01>BK @8B5@88 @0AE>4>2 <5AB=KE >@30=>2 2;0AB8 (1943) 8 @5<O =0;>3>2, 278<05<KE 2 5;8:>1@8B0=88 <5AB=K<8 >@30=0<8 2;0AB8 (1945).  =8E @0AA<0B@820;8AL =081>;55 >AB@K5 2>?@>AK DC=:F8>=8@>20=8O <5AB=KE 1N465B>2 =3;88 2 CA;>28OE 2>5==>9 M:>=><8:8.  1942 3. 6. %8:A >?C1;8:>20; :=83C 1I5AB25==K9 AB@>9: 22545=85 2 M:>=><8G5A:CN B5>@8N. -BC @01>BC 2@O4 ;8 <>6=> >B=5AB8 : G8A;C A5@L57=KE <>=>3@0D8G5A:8E 8AA;54>20=89. =830 1I5AB25==K9 AB@>9... ?@54AB02;O;0 A>1>9 ?>?KB:C A8AB5<0B8G5A:>3> 87;>65=8O 2 ?>?C;O@=>9 D>@<5, >A=>2=KE 8459 >@B>4>:A0;L=>9 M:>=><8G5A:>9 =0C:8. @>A0;>AL 2 3;070 =5 AB>;L ?@82KG=>5 ?>AB@>5=85 :=838: 02B>@ 2KABC?0; ?@>B82 B@048F8>==>3> @0745;5=8O 22>4=KE :C@A>2 =0 AC3C1> B5>@5B8G5A:85 8 ?@8:;04=K5. 7;>65=85 A0<8E >1I8E ?>=OB89 (@0745;5=85 B@C40, B5>@8O AB>8<>AB8, :>=F5?F8O =0F8>=0;L=>3> :0?8B0;0 8 4@.) 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idl5r. Simultaneous Fluctuations in Prices and Output: a Business Cycle Approach. - Economica, February 1973). 0 8 A0< %8:A, 25@=C2H8AL G5@57 420 A ?>;>28=>9 45AOB8;5B8O : B>9 65 ?@>1;5<5, >B<5G0; =5>1E>48<>ABL 1>;55 ?>;=>3> CG5B0 @>;8 45=56=KE D0:B>@>2 ?@8 87CG5=88 <5E0=87<0 M:>=><8G5A:>3> F8:;0 (A<.: J. Hicks. Real and Monetary Factors in Economic Fluctuations.- Scottish Journal of Political Economy, November, 1974).].  @0<:0E C:070==KE ?@54?>;>65=88 %8:A :>=AB@C8@C5B B5>@5B8G5A:CN AE5<C F8:;0, 2K45;OO A;54CNI85 G5BK@5 D07K: 1) ?>4J5<, =0 ?@>BO65=88 :>B>@>3> ?@>872>4AB2> @0AH8@O5BAO >B =87H59 @02=>25A=>9 B>G:8 (4>AB83=CB>9 2 D075 45?@5AA88) 4> AB>;:=>25=8O A ?>B>;:>< >3@0=8G5=89; 2) ?@545;L=K9 1C< (Full Boom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icks. A Contribution to the Theory of the Trade Cycle. Oxford, 1950, p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icks. A Contribution of Trade Cycle, p. 117).]. "0:>9 ?>2>@>B 2 @0728B88 B5>@88 F8:;0 4>;65= 1K;, ?> 70<KA;C AB>@>==8:>2 =>2KE :>=F5?F89, A2845B5;LAB2>20BL. > 1>;LH59 @50;8AB8G=>AB8 8E ?>4E>40. 0 ?@0:B8:5, >4=0:>, A A0<>3> =0G0;0 2KO28;0AL 2=CB@5==OO >3@0=8G5==>ABL. ?>4>1=>3> <5B>40.  45;> 4065 =5 AB>;L:> 2 ?@5A;>2CBKE AAK;:0E %8:A0 =0 8AG5@?0=85 @5AC@A>2 @01>G59 A8;K : :>=FC ?>4J5<0 :0: =0 206=59H89 D0:B>@, >1CA;>2;820NI89 ?>A;54CNI55 F8:;8G5A:>5 ?045=85 ?@>872>4AB20, E>BO ?@8 ACI5AB2>20=88 =5 @0AA0AK20NI59AO =8 ?@8 :0:>9 :>=JN=:BC@5 0@<88 157@01>B=KE - 0@<88, :>B>@0O =0 ?@>BO65=88 ?>A;54=8E 45AOB8;5B89 ?>AB5?5==> @0AH8@O;0AL, - ?>4>1=K5 AAK;:8 2K3;O4OB =5 <5=55 70304>G=>, G5< 0?5;;8@>20=85 : =5:>9 8A:>=8 ?@8ACI59 G5;>25G5A:>9 ?A8E>;>388 A<5=5 2>;= >?B8<87<0 8 ?5AA8<87<0. 5;> ?@5645 2A53> 2 A0<>9 <5B>4>;>388 0=0;870, >B@060NI59 D5B8H870F8N :0?8B0;8AB8G5A:8E >B=>H5=89.  A2>5 2@5<O . 0@:A >B<5G0;, GB> 2 CA;>28OE 1C@6C07=>3> AB@>O :0?8B0; 2A5 1>;LH5 8 1>;LH5 ?@8>1@5B05B 25I=K9 >1;8:, 2A5 1>;LH5 87 >B=>H5=8O ?@52@0I05BAO 2 25IL, - 2 25IL, >1;040NICN D8:B82=>9 687=LN 8 A0<>AB>OB5;L=>ABLN, 2ABC?0NICN 2 >B=>H5=85 A A0<>9 A>1>9... -B> 5ABL D>@<0 53> 459AB28B5;L=>AB8, 8;8, B>G=55, D>@<0 53> 459AB28B5;L=>3> ACI5AB2>20=8O.  2 MB>9 8<5==> D>@<5 >= 6825B 2 A>7=0=88 53> =>A8B5;59, :0?8B0;8AB>2, >B@0605BAO 2 8E ?@54AB02;5=8OE [. 0@:A 8 $. -=35;LA. !>G., B. 26, G. III, A. 507. ].  F5=B@5 2=8<0=8O A>2@5<5==KE 1C@6C07=KE M:>=><8AB>2 >:07K20NBAO =5 B5 :>@5==K5 G5@BK :0?8B0;8AB8G5A:>9 A8AB5<K, A :>B>@K<8 >@30=8G=> A2O70=> A0<> ACI5AB2>20=85 F8:;8G5A:8E :>;510=89 E>7O9AB25==>9 0:B82=>AB8 [ =5:>B>@KE A;CG0OE %8:A ?KB05BAO >1=0@C68BL A8<?B><K F8:;0 2 3>;;0=4A:>9 M:>=><8:5 XVI 25:0 (A<.: J. Hicks. Economic 'Perspectives. Further Essays on Money and Growth. Oxford, 1977. p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icks. A Contribution to the Theory on of the Trade Cycle, p. 96. ], 8 2 ?>A;54CNI5< 87;>65=88 @0728205B 25AL<0 ?@8<8B82=CN :>=F5?F8N 65AB:>3> 10@L5@0. >A:>;L:C 65 B0:85 >3@0=8G5=8O 7040NBAO 2 =0BC@0;L=>9 D>@<5 8 >:07K20NB =5?>A@54AB25==>5 2;8O=85 =0 D878G5A:89 >1J5< ?@>872>4AB20, B>340 :0: 107>20O <>45;L 2708<>459AB28O AD>@<C;8@>20=0 2 45=56=>9 D>@<5, MB> =587156=> ?>@>6405B 4>?>;=8B5;L=K5 ?@>1;5<K, A >A>1>9 @5;L5D=>ABLN 2KO2;OO =54>AB0B>G=CN >?@545;5==>ABL B5>@5B8G5A:>9 <>45;8, >BACBAB285 2 =59 :0:8E-;81> E0@0:B5@8AB8: F8:;8G5A:>3> 42865=8O F5= [>;55 ?>4@>1=K9 :@8B8G5A:89 0=0;87 <>45;59 M:>=><8G5A:>3> F8:;0, @07@01>B0==K9 %8:A><, A>45@68BAO 2 :=.: !. C:CF8>=5:. !>2@5<5==K5 1C@6C07=K5 B5>@88 8 <>45;8 F8:;0: :@8B8G5A:89 0=0;87. ., 1984, A. 59-66.]. >;55 B>3>, A0<8 C@02=5=8O, ?@82>48<K5 2 :=835, 2 ;CGH5< A;CG05 E0@0:B5@87>20;8 ;8HL >B45;L=K5 - =5 2A5340 A0<K5 206=K5, 4065 A B>G:8 7@5=8O 02B>@0, - M;5<5=BK F8:;8G5A:>3> <5E0=87<0. >72@0I0OAL : MB8< AE5<0< ?>GB8 G5@57 B@8 45AOB8;5B8O, %8:A >B<5G0;, GB> 2 @57C;LB0B5 <>48D8:0F88 ?@54?>AK;>: %0@@>40 8 !0<CM;LA>=0 <>45;L <5=O5B A2>9 E0@0:B5@. =0 ?5@5AB05B 1KBL B0:>9 <0B5<0B8G5A:>9 <>45;LN, :>B>@0O <>65B 1KBL @07C<=> 8A?>;L7>20=0 4;O D>@<C;8@>20=8O 38?>B57 2 M:>=><5B@8G5A:>9 D>@<5 [J. Hicks. Economic Perspectives. Further Essays on Money and Growth. Oxford, 1977, p. 180.] . =830 %8:A0 - @02=> :0: 8 2KH54H85 2 50-E 3>40E ?C1;8:0F88 -. C=415@30, 6. LN75=15@@8, . . >@4>=0 - 7=0<5=>20;0 7025@H5=85 206=>3> MB0?0 M2>;NF88 1C@6C07=>9 B5>@88 F8:;0. #:070==K5 02B>@K ?@87=020;8 =587156=>ABL F8:;8G5A:8E :>;510=89 E>7O9AB25==>9 0:B82=>AB8 8 A2O7K20;8 MB8 :>;510=8O A 2708<>459AB285< @O40 ?@>F5AA>2, ?@>B5:0NI8E 2 @50;L=>< A5:B>@5 M:>=><8:8 (87<5=5=8O 02B>=><=KE 8 8=4CF8@>20==KE 8=25AB8F89, 42865=85 A?@>A0 8 ?@54;>65=8O =0 @K=:0E D0:B>@>2 ?@>872>4AB20 8 B. ?.). 0G8=0O A 60-E 3>4>2 @50=8<8@CNBAO 8 2>7@>640NBAO =0 =>2>9 B5>@5B8G5A:>9 1075 :>=F5?F88, 2K2>4OI85 M:>=><8G5A:89 F8:; 87 =5@02=><5@=> @0AH8@ONI53>AO ?@54;>65=8O 45=53 8 2A52>7<>6=KE ?@>AG5B>2 45=56=>-:@548B=>9 ?>;8B8:8 (<>=5B0@8ABA:0O B@0:B>2:0 F8:;0 . $@84<5=0, B5>@8O @02=>25A=>3> F8:;0 . C:0A0 8 4@.). >=F5?F8O %8:A0 >:070;0AL :0: 1K >B>428=CB>9 =0 704=89 ?;0=, 8 2 A>2@5<5==>9 70?04=>9 ;8B5@0BC@5, ?>A2OI5==>9 B5>@88 M:>=><8G5A:>3> F8:;0, 3>@074> @565, G5< ?@5645, <>6=> 2AB@5B8BL C?><8=0=85 > :=835 :;04 2 B5>@8N B>@3>2>3> F8:;0.  50-60-E 3>40E %8:A 2=>2L 2>72@0I05BAO : F5=B@0;L=K<, ?> 53> <=5=8N, 2>?@>A0< M:>=><8G5A:>9 B5>@88 - 2>?@>A0< B5>@88 AB>8<>AB8 8 : E0@0:B5@8AB8:5 ?@8@>4K :0?8B0;0.  1956 3. >= >?C1;8:>20; @01>BC 5@5A<>B@ B5>@88 A?@>A0 (2B>@>5 8740=85-1959 3.), 0 2 1965 3. 8740; :=83C 0?8B0; 8 M:>=><8G5A:89 @>AB. G5@:8 > <8@>2>9 M:>=><8:5.  2KH54H8E 2 A25B 2 1959 3. 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A>15==> ACI5AB25==K<8 ?@54AB02;ONBAO A>>1@065=8O 02B>@0 >B=>A8B5;L=> =587156=>3> C25;8G5=8O @07;8G89 <564C 2848<K<8 8 ?>4;8==K<8 8745@6:0<8 2 CA;>28OE =5A>25@H5==>9 :>=:C@5=F88 8 @0728B8O <>=>?>;8AB8G5A:8E >B=>H5=89. !2>8 =04564K =0 A>E@0=5=85 >B=>H5=89 A2>1>4=>9 :>=:C@5=F88 8 >3@0=8G5=85 <>=>?>;88 02B>@ A2O7K205B A ?>445@60=85< @568<0 A2>1>4=>9 B>@3>2;8 8 C25;8G5=85< AB5?5=8 >B:@KB>AB8 =0F8>=0;L=>9 M:>=><8:8 ?> >B=>H5=8N : <8@>2><C @K=:C. 564C B5< C65 : =0G0;C =0H53> AB>;5B8O 2KO28;0AL ?>;=0O 8;;N7>@=>ABL ?>4>1=KE C?>20=89. . . 5=8= ?>:070;, GB> ?5@2K5 H038 =0 ?CB8 A>740=8O <>=>?>;8AB8G5A:8E >1J548=5=89 1K;8 @0=LH5 ?@>945=K AB@0=0<8 A 2KA>:8< >E@0=8B5;L=K< B0@8D>< (5@<0=8O, !(), => 8 =3;8O A 55 A8AB5<>9 A2>1>4=>9 B>@3>2;8 ?>:070;0 ;8HL =5<=>38< ?>765 B>B 65 >A=>2=>9 D0:B: @>645=85 <>=>?>;89 87 :>=F5=B@0F88 ?@>872>4AB20 [. . 5=8=. >;=. A>1@. A>G., B. 27, A. 421.]. >;=0 =>2KE ?@>B5:F8>=8ABA:8E >3@0=8G5=89, 2K@0602H0O ?>4@K2 >B=>H5=89 A2>1>4=>9 :>=:C@5=F88, 2 A2>N >G5@54L A?>A>1AB2>20;0 40;L=59H5<C C:@5?;5=8N ?>78F89 <>=>?>;89, CB25@482H8EAO 2 :;NG52KE >B@0A;OE :0?8B0;8AB8G5A:>9 M:>=><8:8. >A25==K5 ?@87=0=8O MB>3> <>6=> =09B8 8 2 :=835 %8:A0: >= >B<5G05B, 2 G0AB=>AB8, GB> @>AB >3@0=8G5=89 2 AD5@5 8<?>@B0 A0< ?> A515 ?>@>6405B =5:>B>@K5 B5=45=F88, A?>A>1AB2CNI85 @0A?@>AB@0=5=8N :><18=8@>20=8O 8 :0@B5;870F88 70I8I05<>9 >B@0A;8, 0 B5< A0<K< A8;L=59 >3@0=8G8205B :>=:C@5=B=K5 >B=>H5=8O [J. Hicks. Essays in World Economics. Oxford, 1959, p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bid., p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iAks. Essays in World Economics, p. 112. ].  >1AB0=>2:5 =>2>9 AB018;L=>AB8 B0:>9 8=AB8BCF8>=0;L=K9 <5E0=87<, C45@6820NI89 70@01>B=CN ?;0BC >B G@57<5@=>3> @>AB0, ?5@5AB05B DC=:F8>=8@>20BL. >2KH5=85 70@01>B=>9 ?;0BK, ?5@5E;5ABK20NI55 G5@57 :@09, AB0=>28BAO 8AB>G=8:>< =5?@5:@0I0NI53>AO @>AB0 F5=. > B5E ?>@ ?>:0 ACI5AB2>20; 7>;>B>9 AB0=40@B, CAB>9G82>ABL 4>E>4>2 (AB0@CN AB018;L=>ABL) >15A?5G820;8 A0<8 70:>=K >1@0I5=8O ?>;=>F5==KE 45=53.  =>2KE CA;>28OE =0 A<5=C 7>;>B><C AB0=40@BC, ?> A;>20< %8:A0, ?@8E>48B B0: =07K205<K9 B@C4>2>9 AB0=40@B. -B> =587156=> 4>;6=> ?>2;5GL 70 A>1>9 87<5=5=85 <5E0=87<0 <564C=0@>4=KE @0AG5B>2 8 >1>AB@5=85 :>=D;8:B>2 <564C :0?8B0;8AB8G5A:8<8 AB@0=0<8, >1=0@C6820NI8EAO 2 MB>9 AD5@5. A;8 7>;>B>9 AB0=40@B =>A8; <564C=0@>4=K9 E0@0:B5@, - G8B05< <K 2 MB>9 :=835, - B> B@C4>2>9 AB0=40@B >3@0=8G5= =0F8>=0;L=K<8 @0<:0<8 [Ibid., p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icks. Economic Perspectives. Further Essays on Money and Growth, p. 27).].  G5@:0E > <8@>2>9 M:>=><8:5, :0: 8 2 ?@54H5AB2CNI8E, @01>B0E %8:A0, 2>>1I5 =5 @0AA<0B@820NBAO D>@<K M:>=><8G5A:>9 @50;870F88 :0?8B0;8AB8G5A:>9 <>=>?>;88. ;NG52>9 CG0AB>: 2A59 M:>=><8:8 -MB> @K=>: @01>G59 A8;K [!<.: J. Hicks. Essays in World Economics, p. 137.] . 8 548=AB25==>9 A8;>9, 2K7K20NI59 >B:;>=5=85 4>E>4>2 >B @02=>25A=>3> C@>2=O, >:07K205BAO 2K42830NI55AO 745AL (:0: 8 2 <>45;OE M:>=><8G5A:>3> F8:;0) =0 ?5@2K9 ?;0= 8AG5@?0=85 =0;8G=KE @575@2>2 @01>G59 A8;K ["0:, @0AA<0B@820O >A>15==>AB8 @0728B8O 0=3;89A:>9 M:>=><8:8 2 50-E 3>40E, 02B>@ CB25@6405B, GB> ?>A;5 1953 3. >=0 DC=:F8>=8@>20;0 2 =5?>A@54AB25==>9 1;87>AB8 >B ?@545;0 2>7<>6=>3> 8A?>;L7>20=8O @01>G59 A8;K (J. Hicks. Essays in World Economics, p. 136). ] 8 402;5=85 >@30=87>20==KE @01>G8E, 1>@NI8EAO 70 ?>2KH5=85 A2>59 70@01>B=>9 ?;0BK.  ;>38:5 ?>4>1=KE @0AAC645=89 >BG5B;82> ?@>O2;O5BAO ?>4;8==0O A>F80;L=0O =0?@02;5==>ABL A>2@5<5==KE 1C@6C07=KE :>=F5?F89 8=D;OF88, 2AOG5A:8 2K3>@06820NI8E :0?8B0;8AB8G5A:85 <>=>?>;88 8 1C@6C07=>5 3>AC40@AB2> 8 AB@5<OI8EAO 2720;8BL 2AN 28=C 70 8=D;OF8N =0 @01>G89 :;0AA. C@6C07=K5 :>=F5?F88, A2O7K20NI85 8=D;OF8N A 871KB>G=K< @>AB>< 70@01>B=>9 ?;0BK, ?>425@3;8AL >1AB>OB5;L=><C :@8B8G5A:><C 0=0;87C 2 @01>B0E A>25BA:8E M:>=><8AB>2 [!<., =0?@8<5@: @8B8:0 A>2@5<5==KE 1C@6C07=KE B5>@89 D8=0=A>2, 45=53 8 :@548B0. ., 1978, 3;. VII; @8B8:0 A>2@5<5==>9 1C@6C07=>9 ?>;8BM:>=><88. ., 1977, 3;. III, 8 4@. ]. 3@0=8G8<AO 745AL ;8HL AAK;:>9 =0 B>, GB> B5>@5B8G5A:85 ?>AB@>5=8O B0:>3> @>40 ?@>B82>@5G0B <=>3>G8A;5==K< D0:B0<; >=8 =5 ?>4B25@640NBAO, :AB0B8 A:070BL, 4065 B5<8 40==K<8, :>B>@K5 ?@82545=K 2 @0AA<0B@8205<>9 :=835. "0:, =0 ?@>BO65=88 1947-1952 33., 2 ?5@8>4, :>340 8=D;OF8O 2 =3;88 @072820;0AL =081>;55 1KAB@K<8 B5<?0<8 (: 1952 3. @>7=8G=K5 F5=K ?>2KA8;8AL ?> A@02=5=8N A 1946 3. 2 A@54=5< =0 43%), 107>2K5 AB02:8 70@01>B=>9 ?;0BK 2 @50;L=>< 2K@065=88 =5C:;>==> A=860;8AL. =K<8 A;>20<8, G@57<5@=>5, ?> E0@0:B5@8AB8:5 1C@6C07=KE M:>=><8AB>2, ?>2KH5=85 45=56=KE AB02>: =5 <>3;> >15A?5G8BL @01>G8< 4065 A>E@0=5=8O ?@56=53> C@>2=O 70@01>B=>9 ?;0BK; 2K@065==K9 2 DC=B0E AB5@;8=3>2 A ?>AB>O==>9 ?>:C?0B5;L=>9 A?>A>1=>ABLN, >= A=878;AO : 1952 3. (1946 3.= 100) ?@8<5@=> =0 6% [!<.: J. H i A k s. Essays in World Economics, p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statistical uniformity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iAks. A Theory of Economic History. Oxford, 1969, p. 4).]. 2B>@ AB@5<8BAO ?@5>4>;5BL ?@8<8B82=CN 0=B88AB>@8G=CN B@0:B>2:C :0B53>@89 :0?8B0;8AB8G5A:>3> E>7O9AB20 AB>;L G0AB> 2AB@5G0NICNAO 2 @01>B0E A>2@5<5==KE 1C@6C07=KE M:>=><8AB>2. ! O2=>9 8@>=859 >= ?8H5B, =0?@8<5@ > B5E 02B>@0E, :>B>@K5 ?@>AB> =5 ?@54AB02;ONB =8:0:8E 8=KE D>@< >@30=870F88 E>7O9AB25==>3> ?@>F5AA0, :@><5 @K=>G=KE (?@8G5< =0 @K=:0E, ?> ?@54?>;>65=8N MB8E M:>=><8AB>2, =587<5==> 4>;6=K 3>A?>4AB2>20BL >B=>H5=8O 1>;55 8;8 <5=55 A>25@H5==>9 :>=:C@5=F88). !> 2@5<5=8 . !<8B0 @0745;5=85 B@C40 =0 ?@54?@8OB88 8 2 @0<:0E 2A53> >1I5AB20 B@048F8>==0O 70?04=0O B5>@8O A2O7K205B, :0: >B<5G05B %8:A, ;8HL A @0728B85< @K=>G=KE >B=>H5=89. A5 ?>4>1=K5 4>3<K ?@>AB> ?@>B82>@5G0B 8AB>@8G5A:8< D0:B0<; C:07K20O =0 MB>, 02B>@ AAK;05BAO =0 ?@8<5@K @0745;5=8O B@C40, ACI5AB2>202H53> 8 2 =0BC@0;L=KE E>7O9AB20E @0==53> A@54=525:>2LO. AB05BAO ;8HL =0?><=8BL, GB> 70 AB> A ;8H=8< ;5B 4> 2KE>40 2 A25B "5>@88 M:>=><8G5A:>9 8AB>@88 %8:A0 . 0@:A 40; 3;C1>:CN, ?>4;8==> =0CG=CN E0@0:B5@8AB8:C A>>B=>H5=8O <564C >1I5AB25==K< @0745;5=85< B@C40 8 @0728B85< B>20@=>3> ?@>872>4AB20. 1I5AB25==>5 @0745;5=85 B@C40, :0: ?>:070; . 0@:A, A>AB02;O5B CA;>285 ACI5AB2>20=8O B>20@=>3> ?@>872>4AB20, E>BO B>20@=>5 ?@>872>4AB2>, =0>1>@>B, =5 O2;O5BAO CA;>285< ACI5AB2>20=8O >1I5AB25==>3> @0745;5=8O B@C40.  4@52=58=489A:>9 >1I8=5 B@C4 >1I5AB25==> @0745;5=, => ?@>4C:BK 53> =5 AB0=>2OBAO B>20@0<8 [. 0@:A 8 $. -=35;LA. !>G., B. 23, A. 50-51. ]. !@548 =5@K=>G=KE E>7O9AB2 %8:A 2K45;O5B 420 >A=>2=KE B8?0: M:>=><8:0, >A=>20==0O =0 ?@8:070E, 8 M:>=><8:0, >A=>20==0O =0 >1KG05 (E>BO 2> <=>38E 8AB>@8G5A:8E A8BC0F8OE <>6=> 1K;> =01;N40BL >4=>2@5<5==> M;5<5=BK >1>8E C:070==KE B8?>2 E>7O9AB20). >2>;L=> @0A?;K2G0BCN E0@0:B5@8AB8:C ?>;CG05B 2 :=835 D5>40;L=0O M:>=><8:0. ><8=8@CNICN @>;L ?@8 D5>40;87<5 83@05B E>7O9AB2>, >A=>20==>5 =0 >1KG05, :>340 85@0@E8O 2;0AB8, 2 B>< G8A;5 M:>=><8G5A:>9 2;0AB8, >?8@05BAO =0 A;>682HCNAO, AB02HCN ?@82KG=>9 AB@C:BC@C >1I5AB25==KE >B=>H5=89. > <=5=8N 02B>@0, : D5>40;L=K< >B=>AOBAO 2A5 B5 >1I5AB25==K5 A8AB5<K, :>B>@K5 =5 4>18;8AL >A>1>3> CA?5E0 2 ?@52@0I5=88 0@<88 2 3@0640=A:>5 ?@028B5;LAB2> [J. HiAks. A Theory of Economic History]. A;8 65 B0:>5 ?@52@0I5=85 A>AB>O;>AL, B>340, ?> <=5=8N 02B>@0, >ACI5AB2;O5BAO ?5@5E>4 : 1N@>:@0B8G5A:><C >1I5AB2C.  1N@>:@0B8G5A:>9 M:>=><8:5 (=0?@8<5@, 2 8<?5@0B>@A:>< 8B05) >A>15==> 1>;LHCN @>;L 83@0;8 ?@8:070=8O, :><0=4K, 8AE>482H85 >B 25@E=8E MH5;>=>2 2;0AB8, >4=0:> 2 =59 A:;04K20;8AL 8 E>7O9AB25==K5 >B=>H5=8O, >A=>20==K5 =0 >1KG05. !>ACI5AB2>20=85 >158E M:>=><8G5A:8E A8AB5< - :><0=4=>9 8 >A=>20==>9 =0 >1KG05 - E0@0:B5@87>20;>AL B5:CG5ABLN, 2708<=K<8 ?5@5E>40<8: 2 CA;>28OE >AB@>3> :@878A0 ?@56=8E D>@< E>7O9AB25==>9 687=8 M:>=><8:0 G0I5 A<5I0;0AL 2 =0?@02;5=88 :><0=4=>9 A8AB5<K [ MB>< A;CG05 %8:A 8A?>;L7C5B 87;N1;5==K9 ?@85< . ">9=18 - AAK;:C =0 B>, GB> >1I5AB2> AB>;:=C;>AL A >G5@54=K< 2K7>2><, @5038@CO =0 =53> CA8;5=85< 1N@>:@0B8G5A:>9 >@30=870F89. @8B8G5A:89 0=0;87 ?>4>1=>3> ?>4E>40 A>45@68BAO 2 :=.: .. !5<5=>2 !>F80;L=0O D8;>A>D8O . ">9=18: :@8B8G5A:89 >G5@:. ., 1980.], B>340 :0: 2 >1KG=KE (A?>:>9=KE) CA;>28OE ?>AB5?5==> 2>7@0AB0;0 @>;L E>7O9AB25==KE >B=>H5=89, >A=>20==KE =0 >1KG05. 3=>@8@>20=85 2> 2A5E MB8E @0AAC645=8OE :>@5==KE E0@0:B5@8AB8: B>3> 8;8 8=>3> A?>A>10 ?@>872>4AB20 (A>1AB25==>ABL =0 206=59H85 CA;>28O ?@>872>4AB20, <5AB> @07;8G=KE :;0AA>2 2 A8AB5<5 >1I5AB25==>3> ?@>872>4AB20 8 4@.) =587156=> >B:@K205B 4>@>3C =54>AB0B>G=> :>@@5:B=K< A =0CG=>9 B>G:8 7@5=8O :;0AA8D8:0F8O< 8 B5>@5B8G5A:8< :>=AB@C:F8O<. A>15==>AB8 @0728B8O D5>40;L=>3> E>7O9AB20, >?8A0==K5 2 "5>@88 M:>=><8G5A:>9 8AB>@88, 2> <=>38E A;CG0OE =5?@02><5@=> @0A?@>AB@0=ONBAO, A:065<, 8 =0 M:>=><8:C @52=59 @5F88: ?@>872>4AB2> 2 @0<:0E 0=B8G=>3> ?>;8A0 2 :=835 %8:A0, ?> ACI5AB2C, >B>645AB2;O5BAO A ?@>872>4AB2><, A>A@54>B>G5==K< 2 8B0;LO=A:8E 3>@>40E - $;>@5=F88, 5=5F88, 5=C5 8 4@. =0 ?>@>35 =>2>3> 2@5<5=8, 8 B. 4. =>3> <5AB0 2 :=835 >B2545=> E0@0:B5@8AB8:5 D>@<8@>202H8EAO @K=>G=KE >B=>H5=89, 4>:0?8B0;8AB8G5A:>3> @0728B8O 45=53 8 :@548B0; >4=0:> ?>4@>1=K9 0=0;87 MB8E 2>?@>A>2 2K25; 1K =0A 40;5:> 70 ?@545;K >A=>2=>9 B5<K. B<5B8< ;8HL, GB> F5=B@0;L=CN @>;L 2 35=578A5 :0?8B0;87<0, ?> <=5=8N %8:A0, 83@0;8 ?@>F5AAK D>@<8@>20=8O B0:>3> G5;>25:0, :>B>@K9 2> 2A5E A2>8E 459AB28OE @C:>2>4AB2C5BAO A>>1@065=8O<8 E>7O9AB25==>9 @0F8>=0;L=>AB8.  MB8E @0AAC645=8OE O2=> A:07K205BAO :>A25==>5 2;8O=85 8459 . 515@0 8 . ">=8 (8459, =0 :>B>@K5 %8:A ?@O<> AAK;05BAO 2 4@C38E @01>B0E). -B> A:070;>AL, 2 G0AB=>AB8, 8 =0 ?@5C25;8G5==>9 >F5=:5 <0AHB01>2 8 >A>15==> 7=0G5=8O B>@3>2KE >?5@0F89, >ACI5AB2;O2H8EAO 2 A@54=525:>2>< >1I5AB25.  @5F5=78OE =0 :=83C, =0?8A0==KE A?5F80;8AB0<8 2 >1;0AB8 M:>=><8G5A:>9 8AB>@88, >B<5G0;8AL =5 B>;L:> <=>3>G8A;5==K5 =0BO6:8 8 8A:065=8O 8AB>@8G5A:>9 ?5@A?5:B82K, => 8 A2O7L MB8E 8A:065=89 A >1I59 :>=F5?F859 %8:A0, A 38?5@B@>D8@>20==>9 >F5=:>9 B>9 @>;8, :>B>@CN 83@0;0 2 4>:0?8B0;8AB8G5A:CN M?>EC :C?5G5A:0O 45OB5;L=>ABL.  70:;NG5=88 : :=835 "5>@8O M:>=><8G5A:>9 8AB>@88 %8:A >B<5G05B 2AN A5@L57=>ABL E>7O9AB25==KE ?@>1;5<, A :>B>@K<8 AB0;:8205BAO A>2@5<5==K9 :0?8B0;87<. 5@5G8A;82 =5:>B>@K5 87 MB8E ?@>1;5< - 8=D;OF8O, 45D8F8BK ?;0B56=>3> 10;0=A0, @0AAB@>9AB2> 2=CB@5==53> 45=56=>3> >1@0I5=8O 8 :@878A 20;NB=>9 A8AB5<K, - >= 70<5G05B: > MB> 2A53> ;8HL A8<?B><K, ?@8G8=0 ;568B 3;C165 [J. HiAks. A Theory of Economic History, p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icks. Economic Perspectives. Further Essays on Money and Growth, p. 37. >4;8==K9 8AB>G=8: :>=F5=B@0F88 M:>=><8G5A:>9 <>I8-:>=F5=B@0F88, :>B>@0O, :0: >B<5G0;>AL 2 >4=>9 87 @01>B %8:A0, ?@54AB02;O5B A>1>9 3;02=CN C3@>7C A2>1>45 2 70?04=KE 3>AC40@AB20E, - >= 2845; =5 2 70:>=><5@=>ABOE M:>=><8G5A:>3> @0728B8O, 0 2 >A>15==>ABOE A>2@5<5==>9 ?@>872>4AB25==>9 B5E=>;>388 (A<.: J. Hicks, A. Manifesto. - Wealth and Welfare. Collected Essays on Economic Theory, vol. 1. Southampton, 1981, p. 139).]. !@07C 65 2A;54 70 MB8< ?>O2;ONBAO ?@>AB@0==K5 @0AAC645=8O > B><, GB> @0728B85 :0?8B0;8AB8G5A:>9 ?@><KH;5==>AB8 A>?@>2>640;>AL @>AB>< B@54-N=8>=87<0, 2A5 1>;55 H8@>:8< @0A?@>AB@0=5=85< ?@8BO70=89 @01>G8E 8 G@57<5@=K< @>AB>< @50;L=>9 70@01>B=>9 ?;0BK [0A;C68205B 2=8<0=8O 8 A;54CNI89 =N0=A: 2 >B;8G85 >B AB0BL8 > =5CAB>9G82>AB8 70@01>B=>9 ?;0BK, >?C1;8:>20==>9 2 1956 3., (A<.: J. Hicks. Essays in World Economics, p. 105-120), 2 >G5@:5 >1 8=4CAB@80;87<5 02B>@ AB@5<8BAO 2K25AB8 8=D;OF8N 87 70<54;5=8O ?@>F5AA>2 M:>=><8G5A:>3> @>AB0 8 ?@>B5AB0 @01>G8E ?@>B82 =54>AB0B>G=>3> ?>2KH5=8O @50;L=KE 4>E>4>2 (A<.: J. Hicks. Economic Perspectives. Further Essays on Money and Growth, p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icks. Economic Perspectives. Further Essays on Money and Growth, p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bid., p. 88.], ?@8G5< 0<5@8:0=A:89 4>;;0@ A;C68; :0: 1K >ALN 2A59 :@548B=>9 A8AB5<K.  =>2KE CA;>28OE ?@54;>65=85 45=53 C65 =5 @53C;8@>20;>AL, :0: ?>;0305B 02B>@, 5AB5AB25==K<8 E>7O9AB25==K<8 A8;0<8.  >1AB0=>2:5 4;8B5;L=>3> @>AB0 F5= @K=>G=K5 ?@>F5=B=K5 AB02:8 =587156=> >:07K20;8AL =865 @02=>25A=>3> C@>2=O [ :=835 8A?>;L7C5BAO B5>@5B8G5A:0O AE5<0 8725AB=>3> H254A:>3> M:>=><8AB0 . 8:A5;;O, @0728B0O 8< 2 :=835 !AC4=K9 ?@>F5=B 8 F5=K.  A>>B25BAB288 A MB>9 AE5<>9 ?@54?>;0305BAO, GB> @5H0NICN @>;L 2 42865=88 A2>1>4=KE 45=56=KE @5AC@A>2 83@0NB :>;510=8O @K=>G=>3> ?@>F5=B0 2>:@C3 5AB5AB25==>3> C@>2=O (A<.: . Wicksell. Interest and Prices. London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icks. What is Wrong with Monetarism?- Lloyds Bank Review. October 1975.] (E>BO, :0: 1C45B >B<5G5=> =865, 8 =>20O B@0:B>2:0 8=D;OF88 %8:A>< =5A5B O2=K9 >B?5G0B>: 2;8O=8O MB>9 :>=F5?F88). 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A2>1>482H8AL >B MB>3> >3@0=8G5=8O, M:>=><8:0 <=>38E 3>AC40@AB2 >1=0@C68;0 B5=45=F8N : 157C45@6=>9 E>7O9AB25==>9 M:A?0=A88. 0725@=C2H89AO 2 =0G0;5 70-E 3>4>2 2A5>1I89 1C< ?@>4>;60;AO, >4=0:>, =5<=>38< 1>;55 3>40. >A;54>202H89 70B5< 27@K2 M=5@35B8G5A:>3> 8 AK@L52>3> :@878A>2, 0 B0:65 @57:>5 >1>AB@5=85 ?@>4>2>;LAB25==>9 A8BC0F88 A2845B5;LAB2>20;8 > B><, GB> :0?8B0;8AB8G5A:>5 E>7O9AB2> 2 A2>5< @0728B88 =0B>;:=C;>AL =0 10@L5@, ?>@>6405<K9 @5AC@A=K<8 >3@0=8G5=8O<8. ;O B>3> GB>1K G5BG5 2K45;8BL ?@8G8=K CA:>@5=8O 8=D;OF8>==KE ?@>F5AA>2 ?>A;5 :@CH5=8O @5BB>=-C4A:>9 A8AB5<K, %8:A 8A?>;L7C5B 42CEABC?5=G0BCN <>45;L F5=>>1@07>20=8O. @54?>;0305BAO, GB> =0 @K=:0E AK@LO (?5@28G=K9 A5:B>@) C@>25=L F5= @53C;8@C5BAO A?@>A>< O ?@54;>65=85<, B>340 :0: 2 >B@0A;OE, 2K?CA:0NI8E 3>B>2K9 ?@>4C:B (2B>@8G=K9 A5:B>@), F5=K ?@82O70=K : 8745@6:0< ?@>872>4AB20. =D;OF8>==K9 8<?C;LA ?>AB5?5==> ?5@5405BAO A =86=8E ABC?5=59 E>7O9AB25==>3> ?@>F5AA0 =0 2KAH85; ?@8 MB>< A>2>:C?=K9 @>AB F5= =0<=>3> ?@52>AE>48B ?5@2>=0G0;L=>5 274>@>60=85 M=5@35B8G5A:8E 8 AK@L52KE @5AC@A>2. !0< <5E0=87<, A2O7K20NI89 8745@6:8 ?@>872>4AB20 3>B>2>9 ?@>4C:F88 A 70B@0B0<8 =0 873>B>2;5=85 8A?>;L7C5<KE C7;>2, ?>;CD01@8:0B>2 8 B. ?., >?@545;O5B <C;LB8?;8F8@>20=85, CA8;5=85 8AE>4=>3> 8<?C;LA0.  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icks. Economic Perspectives, Further Essays on Money and Growth, p. 112). ]. A5, G53> <>6=> 1K;> 1K 4>18BLAO, ?@8153=C2 : C:070==K< A@54AB20<, - MB> A45;0BL =5A:>;L:> <5=55 >AB@>9 >4=C 87 ?@>1;5< 70 AG5B 40;L=59H53> >1>AB@5=8O 4@C3>9 [Ibid., p. 104.]. =K<8 A;>20<8, %8:A ?>42>48B G8B0B5;O : <KA;8 > =587156=>AB8 2K1>@0 2 @0<:0E :@82>9 $8;8?A0 (E>BO ?>A;54=OO =8 @07C ?@O<> =5 C?><8=05BAO 2 :=835). !>?>AB02;OO <564C A>1>9 @07;8G=K5 ?C1;8:0F88 0=3;89A:>3> M:>=><8AB0, =5B@C4=> 70<5B8BL E0@0:B5@=CN G5@BC 2 M2>;NF88 53> >1I59 B5>@88.  :064>9 A;54CNI59 @01>B5 >= 22>48B @O4 4>?>;=8B5;L=KE ?@54?>AK;>: (2 =5:>B>@KE A;CG0OE >= : B><C 65 <>48D8F8@C5B >B45;L=K5 2KA:070==K5 @0=55 AC645=8O) 8 :0: 1K 4>AB@08205B AD>@<C;8@>20==CN @0=55 :>=F5?F8N, B5< A0<K< ?@8A?>A01;820O 55 : >1JOA=5=8N =>2>9 A8BC0F88. @>A05BAO 2 3;070, =0?@8<5@, GB> A>45@60I55AO 2 -:>=><8G5A:8E ?5@A?5:B820E... CB25@645=85 >B=>A8B5;L=> >:>=G0B5;L=>3> ?@5>4>;5=8O 45=56=KE 10@L5@>2 (2 A2O78 A ?5@5E>4>< : @568<C ?;020NI8E 20;NB=KE :C@A>2) ?> ACI5AB2C ?@54AB02;O5B A>1>9 40;L=59H55 @0728B85 B578A0 >1 CAB@0=5=88 >:>2 7>;>B>3> AB0=40@B0, 2KA:070==>3> 5I5 2 G5@:0E > <8@>2>9 M:>=><8:5 [J.HiAks. Essays in World Economics, p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icks. Economic Perspectives. Further Essays on Money and Growth, p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riedman. Essays in Positive Economics. Chicago, 1953, p. 14. ]. =0G8B5;L=>ABL B5>@88 >?@545;O5BAO 8A:;NG8B5;L=> :0G5AB2>< 55 ?@54A:070=89, AB5?5=LN A>>B25BAB28O <564C ?@>3=>70<8, A45;0==K<8 =0 >A=>25 55 ?@54?>AK;>: 8 <>45;59, A >4=>9 AB>@>=K, 8 @50;L=K<8 D0:B0<8 - A 4@C3>9. >=F5?F8O, :>B>@CN 2 :=835 > ?@8G8==>AB8 @0728205B %8:A, 45;05B 3;02=K9 0:F5=B =0 A0<>F5==>AB8 A0<8E ?> A515 B5>@5B8G5A:8E :>=AB@C:F89, 8 2 G0AB=>AB8 =0 B><, =0A:>;L:> 25;8:> 7=0G5=85 0=0;870 ?@8G8==>-A;54AB25==KE A2O759.  M:>=><8G5A:>9 B5>@88 8A?>;L7>20=85 01AB@0:B=KE ?>=OB89 8 AE5< 4;O ?@54A:070=8O 1C4CI8E A>1KB89 A>?@O65=>, :0: >B<5G05B 02B>@, A @O4>< A5@L57=KE B@C4=>AB59. 5;> 2 B><, GB> =0ABC?;5=85 :0:>3>-;81> A>1KB8O >1KG=> ?@54?>;0305B =0;8G85 F5;>3> @O40 CA;>289.  :=835 @073@0=8G820NBAO A8;L=>5 8 A;01>5 >B=>H5=8O ?@8G8==>AB8; A8;L=>5 >B=>H5=85 <564C A>1KB8O<8  8  <>65B 8<5BL <5AB> ;8HL 2 B>< A;CG05, 5A;8 A25@H5=8O  (?@8G5< >4=>3> ;8HL MB>3> CA;>28O) 4>AB0B>G=> 4;O B>3>, GB>1K 70 =8< ?>A;54>20;> A>1KB85 . /A=>, GB> E>7O9AB25==>9 687=8 ?@8ACI8 A:>@59 A;01K5 >B=>H5=8O ?@8G8==>AB8, :>340 ?>O2;5=85 A>1KB8O  2 :064>< A;CG05 ?@54>?@545;O5BAO A>2<5I5=85< <=>38E CA;>289 - B1, B2, 3, ... n. @8 MB><, >B<5G05B 02B>@, ?@8G8=K 8 A;54AB28O <>3CB <5=OBLAO <5AB0<8, >=8 <>3CB A>ACI5AB2>20BL @O4>< 4@C3 A 4@C3><. > =0AB>OI53> 2@5<5=8 M:>=><8G5A:0O B5>@8O G0I5 2A53> 8<5;0 45;> A B0: =07K205<>9 AB0B8G5A:>9 ?@8G8==>ABLN, :>340 ?5@8>4, =0 ?@>BO65=88 :>B>@>3> ?@8G8=0 459AB2C5B 8 2K7K205B >?@545;5==K9 @57C;LB0B, E0@0:B5@87C5BAO 15A:>=5G=>9 ?@>4>;68B5;L=>ABLN [J. Hicks. Causality in Economics. Oxford, 1979, p. 25.]. B25@30O ?@8<8B82=K9 M<?8@87<, %8:A A?@0254;82> C:07K205B =0 =5>1E>48<>ABL @50;8AB8G=KE ?@54?>;>65=89, =0 206=>ABL 8A?>;L7>20=8O B0:>9 A8AB5<K 01AB@0:B=KE :0B53>@89, :>B>@0O 1>;55 8;8 <5=55 045:20B=> >B@060;0 1K AB@C:BC@C @50;L=>3> ?@>F5AA0. 4=0:> =0 ?@>BO65=88 2A59 :=838 >ICI05BAO AB@5<;5=85 02B>@0 >B45;8BL @0AA<0B@8205<K5 B5>@5B8G5A:85 AE5<K >B ?@O<>3> A>?@8:>A=>25=8O A :>=:@5B=>9 459AB28B5;L=>ABLN. 065 B5 A;01K5 A>>B=>H5=8O, :>B>@K5 M:>=><8G5A:>9 B5>@88 405BAO >BKA:0BL, 2>>1I5 =5 <>3CB 1KBL, ?> 53> A;>20<, ?>4B25@645=K 8;8 >?@>25@3=CBK ?CB5< A>?>AB02;5=8O 8E A @50;L=K<8 D0:B0<8; 2 @57C;LB0B5 B5>@5B8G5A:85 @0AAC645=8O >:07K20NBAO :0: 1K 70<:=CBK<8 =0 A51O. 07C<55BAO, 01AB@0:B=K5 AE5<K M:>=><8G5A:>9 B5>@88 ;8HL 2 @54:8E A;CG0OE ?>440NBAO B0:>9 ?@>25@:5, :>B>@0O ?@54?>;0305B =5?>A@54AB25==>5 A>?>AB02;5=85 MB8E AE5< A B5<8 8;8 8=K<8 M<?8@8G5A:8<8 D0:B0<8. 80;5:B8G5A:>5 A>>B=>H5=85, 2 :>B>@>< ?@0:B8:0 2KABC?05B 2 :0G5AB25 @5H0NI53> :@8B5@8O 8AB8==>AB8 B>9 8;8 8=>9 B5>@5B8G5A:>9 :>=F5?F88, =587156=> =>A8B A;>6=K9, >?>A@54>20==K9 E0@0:B5@. 4=0:> >B@8F0=85 A2O78 <564C B5>@859 8 ?@0:B8:>9, >B@8F0=85 2AO:>9 2>7<>6=>AB8 25@8D8:0F88 2 M:>=><8G5A:>9 =0C:5 2 :>=5G=>< AG5B5 =587156=> ?>@>6405B <=>65AB2> ?@>872>;L=KE B5>@5B8G5A:8E AC645=89.  B0:>< A;CG05 ?@>AB> 8AG570NB :0:85-;81> >1J5:B82=K5 >A=>20=8O 4;O 2K1>@0 <564C 0;LB5@=0B82=K<8 B5>@5B8G5A:8<8 :>=F5?F8O<8. 0AA<0B@820O @07;8G=K5 D>@<K ?@8G8==>AB8 2 E>7O9AB25==KE >?5@0F8OE, 02B>@ 2KA:07K205B @O4 A>45@60B5;L=KE 70<5G0=89 ?> ?>2>4C =5:>B>@KE @0AE>68E :>=AB@C:F89 A>2@5<5==>9 70?04=>9 M:>=><8G5A:>9 B5>@88. =>385 87 MB8E :>=AB@C:F89 (2 B>< G8A;5 =5:>B>@K5 AE5<K A0<>3> %8:A0) >A=>20=K =0 >B=>H5=8OE AB0B8G5A:>9 ?@8G8==>AB8, ?>MB><C >=8 =5?@83>4=K 4;O 8AA;54>20=8O 4>;3>A@>G=KE B5=45=F89 2 42865=88 87CG05<KE ?5@5<5==KE (254L B0:85 B5=45=F88 =5 <>3CB 1KBL 2KO2;5=K ?CB5< <5E0=8G5A:>3> >1J548=5=8O B>G5:, E0@0:B5@87CNI8E >B45;L=K5 A;CG08 AB0B8G5A:>3> @02=>25A8O). !B0B8G=K9 ?>4E>4 A>25@H5==> =5?@8<5=8<, =0?@8<5@, ?@8 0=0;875 B5=45=F88 =0:>?;5=8O :0?8B0;0, ?>A:>;L:C 2 E>45 A0<>3> =0:>?;5=8O 2>7=8:0NB B0:85 4>?>;=8B5;L=K5 ?@>F5AAK (87<5=5=8O), :>B>@K5 ?@>AB> =5 <>3CB 1KBL CGB5=K 2 :064>9 87 AB0B8G5A:8E <>45;59 [J. HiAks. Causality in Economics, p. 57.]. > 87 MB>3> A;54C5B, GB> E0@0:B5@8AB8:8 @02=>25A=KE A>>B=>H5=89 <564C 4>E>40<8, :>B>@K5 >1KG=> 2K2>4OB 87 03@530B=KE <>45;59 ?@>872>4AB25==>9 DC=:F88 - <>45;59, :>B>@K5 A> 2@5<5=8 2KE>40 2 A25B "5>@88 70@01>B=>9 ?;0BK %8:A0 >1KG=> 8A?>;L7CNBAO 2 70?04=>9 M:>=><8G5A:>9 B5>@88, - =5 <>3CB 8A?>;L7>20BLAO ?@8 8AA;54>20=88 ?@>1;5< E>7O9AB25==>3> @>AB0 8 4>;3>A@>G=KE B5=45=F89 2 @0A?@545;5=88 =0F8>=0;L=>3> 4>E>40. B=>H5=85 : :59=A80=A:>9 :>=F5?F88.  G@572KG09=>9 GCB:>AB8 %8:A0 : =>2K< 25O=8O< 2 70?04=>9 M:>=><8G5A:>9 B5>@88 <>3CB A2845B5;LAB2>20BL 8 ?>AB5?5==> <5=O2H85AO >F5=:8 B5>@88 59=A0. 0<5B8<, GB> 4> 1936 3., :>340 1K;0 >?C1;8:>20=0 :=830 59=A0 1I0O B5>@8O 70=OB>AB8, ?@>F5=B0 8 45=53, >10 0=3;89A:8E M:>=><8AB0, :0: A2845B5;LAB2CNB 18>3@0DK, =5 1K;8 ;8G=> 7=0:><K. > C65 2 8N=LA:>< =><5@5 "-:>=><8: 46>@=M;" 70 1936 3. 2KH;0 AB0BLO-@5F5=78O %8:A0, :>B>@0O =07K20;0AL "5>@8O 70=OB>AB8 3-=0 59=A0 [J. Hicks. Mr. Keynes' Theory of Employment. - Economic Journal, June 1936, p. 147-159. ].  1937 3. 2 0?@5;LA:>< =><5@5 6C@=0;0 -:>=><5B@8:0 %8:A ?C1;8:C5B AB0BLN > A>>B=>H5=88 =>2>9 :>=F5?F88 59=A0 8 :;0AA8G5A:>9 M:>=><8G5A:>9 B5>@88 [ J. Hicks. Mr. Keynes and the "Classics". - Econometrica, April 1937, p. 147-159. ], :>B>@0O 2?>A;54AB288 <=>3>:@0B=> ?5@5?5G0BK20;0AL 2 @07;8G=KE A1>@=8:0E 8 E@5AB><0B8OE.  AB0BL5 -= 59=A 8 ":;0AA8:8" %8:A ?@54;>68; A>2<5AB=> @0AA<>B@5BL 425 :@82K5, >4=0 87 :>B>@KE E0@0:B5@87C5B @02=>25A=K5 A>>B=>H5=8O <564C D878G5A:8< >1J5<>< A>2>:C?=>3> ?@>4C:B0 (4>E>40) 8 AAC4=K< ?@>F5=B><, A:;04K20NI85AO 2 45=56=>9 AD5@5 (:@820O Liquidity- Money), 0 4@C30O-0=0;>38G=K5 A>>B=>H5=8O, A:;04K20NI85AO =0 @K=:5 :0?8B0;0 (:@820O Investment-Saving). 5@5A5G5=85 MB8E :@82KE >?@545;O5B @02=>25A=K5 @07<5@K 4>E>40>;55 ?>4@>1=> B0:>9 ?>4E>4 87;0305BAO, =0?@8<5@, 2 :=.: . ;;5=. 0B5<0B8G5A:0O M:>=><8O. ., 1963, 3;. 2; M;5<5=B0@=CN E0@0:B5@8AB8:C A>>B25BAB2CNI8E ?>=OB89 <>6=> =09B8 2 :=.: . !0<CM;LA>=. -:>=><8:0. ., 1964, 3;. 29. . #:070==0O AE5<0 >B;8G05BAO >B :;0AA8G5A:>9, ?>A:>;L:C, 2>-?5@2KE, 22>48BAO 2 @0AA<>B@5=85 ?@54?>GB5=85 ;8:284=>AB8 (A?@>A =0 45=L38 7028A8B >B C@>2=O ?@>F5=B=KE AB02>:) 8, 2>-2B>@KE, <0AHB01K A15@565=89 >?@545;ONBAO ;8HL @07<5@0<8 4>E>40 (2 C@02=5=88 <C;LB8?;8:0B>@0 =5 D83C@8@C5B 7028A8<>ABL A15@565=89 >B C@>2=O ?@>F5=B0). !E5<0 %8:A0 2 =5:>B>@KE A;CG0OE 4>AB@0820;0 B5 ;>38G5A:85 A2O78, :>B>@K5 =5 1K;8 @0728BK C 59=A0 2 O2=>9 D>@<5; 1;03>40@O MB><C C40;>AL 1>;55 =03;O4=> ?@54AB028BL >4=C 87 206=59H8E 8459, A>45@602H8EAO 2 1I59 B5>@88 70=OB>AB8, ?@>F5=B0 8 45=53.  ?8AL<5 %8:AC 59=A A>>1I8;, GB> =0H5; AB0BLN 2 6C@=0;5 "-:>=><5B@8:0" >G5=L 8=B5@5A=>9 8 GB> C =53> ?> ACI5AB2C =5B :0:8E-;81> >A>1KE :@8B8G5A:8E 70<5G0=89[ J. M. Keynes. Collected Writings, vol. XIV. London, 1973, P. 79.]. > =0AB>OI53> 2@5<5=8 70?04=K5 02B>@K ?@>4>;60NB ?@52>7=>A8BL AE5<C %8:A0 :0: :;0AA8G5A:89 >1@075F G5B:>3> 2K45;5=8O 3;02=>9 ;8=88 2 A;>6=>< ;018@8=B5 B5>@5B8G5A:8E @0AAC645=89, A>45@60I8EAO 2 1I59 B5>@88 70=OB>AB8, ?@>F5=B0 8 45=53 [48= 87 M:>=><8AB>2 A;54CNI53> ?>:>;5=8O B0: D>@<C;8@C5B A2>8 2?5G0B;5=8O ?> ?>2>4C AB0BL8 %8:A0: 070;>AL =525@>OB=K<, GB> A;>6=K5 ?@>1;5<K 1I59 B5>@88 70=OB>AB8, ?@>F5=B0 8 45=53 <>3CB 1KBL 87;>65=K 2 AB>;L ?@>AB>9 D>@<5 8 AB>;L 1KAB@> ?>A;5 B>3>, :0: MB0 :=830 1K;0 >?C1;8:>20=0 (. Parkin. Modern Macroeconomics. Scarborough (Ontario), 1982, p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iAks. A Contribution to the Theory of the Trade Cycle, p. 1. ]. "0:8< >1@07><, :0: 1K ?>4@07C<520;>AL, GB> E8:A80=A:0O :>=F5?F8O F8:;0 ?>A;C68B 40;L=59H8< @0728B85< :59=A80=A:>3> ?>4E>40 : 0=0;87C =5CAB>9G82>AB8, 2=CB@5==5 ?@8ACI59 :0?8B0;8AB8G5A:>9 M:>=><8:5.  MB>9 A2O78 <>6=> 2A?><=8BL 8 > B><, :0:CN 206=CN @>;L 2 AE5<0E F8:;8G5A:>3> @0728B8O %8:A0 83@05B ?>B>;>:, :>B>@K9 59=A =07K205B ?>;=>9 70=OB>ABLN [Ibid., p. 83.]. 4=0:> ?> <5@5 @0728B8O ?>A;52>5==>9 8=D;OF88, ?> <5@5 B>3>, :0: ?@56=55 2>AB>@65==>5 >B=>H5=85 : 1I59 B5>@88 70=OB>AB8, ?@>F5=B0 8 45=53 59=A0 2 70?04=>9 M:>=><8G5A:>9 ;8B5@0BC@5 AB0;> CABC?0BL <5AB> >AB>@>6=K< :@8B8G5A:8< 70<5G0=8O<, ?>AB5?5==> AB0;0 <5=OBLAO 8 ?>78F8O %8:A0. > A2845B5;LAB2C A0<>3> %8:A0, >= >A>7=0; =5>1E>48<>ABL =>2>3> ?>4E>40 : ?>ABC;0B0< 1I59 B5>@88 2> 2@5<O ?>43>B>2:8 : 2K?CA:C A2>59 :=838 0?8B0; 8 2@5<O (1965).  ACI5AB25==>< A<5I5=88 0:F5=B>2 2 E8:A>2>9 >F5=:5 :59=A80=A:>9 B5>@88 <>3;> A2845B5;LAB2>20BL 8 A>45@60=85 @8B8G5A:8E >G5@:>2 45=56=>9 B5>@88, 2KH54H8E 2 A25B 2 1967 3. &5=B@0;L=>5 <5AB> 2 :=835 70=8<05B :C@A ;5:F89 ?> <>=5B0@8ABA:>9 B5>@88, ?@>G8B0==KE 2 1966 3. 2 >=4>=A:>9 H:>;5 M:>=><8:8. A>1>5 2=8<0=85 2 =8E C45;O5BAO B5>@88 45=53 59=A0 [=0;87 :59=A80=A:>9 :>=F5?F88 A>45@68BAO 8 2 4@C38E >G5@:0E.  ?@548A;>288 %8:A >B<5B05B, GB> 8<O 59=A0 <>6=> 2AB@5B8BL 2 :064>< >G5@:5, A>45@60I5<AO 2 MB>9 :=835 (J. Hicks. Critical Essays on Monetary Theory. Oxford, 1967, p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iAks. Critical Essays on Monetary Theory, p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bin. Liquidity Preference as a Behavior Toward Risk. - Review of Economic Studies, February 1958; H. Markovitz, Portfolio Selection. New York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liquidity pressure effect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icks. Critical Essays on Monetary Theory, p. 169. ]. ?C1;8:>202 2 1974 3. F8:; ;5:F89, ?@>G8B0==KE 2 %5;LA8=:8, %8:A 40; A2>59 =>2>9 :=835 :@0A=>@5G82>5 =0720=85 @878A 2 @0728B88 :59=A80=A:>9 M:>=><8G5A:>9 B5>@88. 45AL 2=>2L AB028BAO 2>?@>A > B><, GB> ?>;8B8:0, =0?@02;5==0O =0 AB8<C;8@>20=85 M:>=><8G5A:>3> @>AB0, =0 >?@545;5==>< MB0?5 =587156=> 2545B : CA:>@5==><C @0728B8N 8=D;OF88.  @8B8G5A:8E >G5@:0E 45=56=>9 B5>@88 %8:A 5I5 8<5=>20; B0:CN ?>;8B8:C ?A524>:59=A80=A:>9, 0 ?@028B5;LAB20, CABC?0NI85 B@51>20=8O< 1>;LH8=AB20 =0A5;5=8O >1 C25;8G5=88 A>F80;L=KE 2K?;0B, =07K20; A;01K<8 8 =5@5H8B5;L=K<8 [Ibid., p. 171.] .  1974 3. %8:A C65 =07K205B B0:CN ?>;8B8:C :59=A80=A:>9; >= >B<5G05B, GB> A :>=F0 60-E 3>4>2 MB0 ?>;8B8:0 2<5AB> B>3>, GB>1K >15A?5G820BL @50;L=>5 ?@>42865=85 2?5@54, 8;8 M:>=><8G5A:89 @>AB, GB> >=0, :0: :070;>AL, 8 45;0;0 AB>;L 4>;3>5 2@5<O, AB0;0 ?@>AB> ?>@>640BL 8=D;OF8N. !>740;>AL 2?5G0B;5=85, GB> GB>-B> ?>H;> 2 =5?@028;L=>< =0?@02;5=88 [J HiAks The Crisis in Keynesian Economics. Oxford, 197;>, p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icks. The Crisis in Keynesian Economics, p. 6-7. ]. 45AL 65 %8:A >B<5G0; ?CB0=8FC 8 ?@>B82>@5G82>ABL CB25@645=89, A>45@60I8EAO 2 1I59 B5>@88 70=OB>AB8, ?@>F5=B0 8 45=53.  :=835 @878A 2 @0728B88 :59=A80=A:>9 M:>=><8G5A:>9 B5>@88 :@8B8G5A:>5 >B=>H5=85 %8:A0 : B5>@88 59=A0 ?>;CG8;>, ?>60;C9, =081>;55 @0725@=CBK5 D>@<K.  2A5 65 02B>@0 MB>9 @01>BK =8:0: =5;L7O >B=5AB8 : G8A;C A:>;L:>-=81C4L ?>A;54>20B5;L=KE :@8B8:>2 59=A0. !:>@55, @5GL <>65B 84B8 > ?>?KB:0E A>E@0=8BL A8;L=> ?>H0B=C2H85AO B5>@5B8G5A:85 :>=AB@C:F88, ?>65@B2>202 ?@8 MB>< =5:>B>@K<8 =081>;55 >48>7=K<8 ?>;>65=8O<8 1I59 B5>@88.... ! :>=F0 60-E 3>4>2 2 70?04=>9 ;8B5@0BC@5 AB0;8 ?>O2;OBLAO @01>BK, AB02OI85 A2>59 F5;LN >B45;8BL A:><?@><5B8@>202HCN A51O :59=A80=A:CN :>=F5?F8N >B O:>1K A>E@0=ONI59 A2>5 =0CG=>5 7=0G5=85 B5>@88 59=A0 [081>;LHCN 8725AB=>ABL ?>;CG8;0 8740==0O B0:65 2 :AD>@45 <>=>3@0D8O: A. Leij>nhufvud. On Keynesian Economics and the Economics of Keynes. Oxford, 1968. @8B8G5A:89 0=0;87 =5>:59=A80=AB20 A>45@68BAO 2 :=.: . A04G0O. >=A5@20B87< ?@>B82 @5D>@<87<0. ., 1984, 3;. 3. ]. =830 @878A 2 @0728B88 :59=A80=A:>9 M:>=><8G5A:>9 B5>@88, ?> ACI5AB2C, ?@8<K:05B : MB>9 3@C??5 @01>B. %8:A, :>B>@>3> 0=3;89A:89 M:>=><8AB 6. (M:; >4=064K =0720; 25;8:8< B5E=>;>3>< 2 >1;0AB8 ?>;8B8G5A:>9 M:>=><88 [G Shackle The Years of Higs Theory. Invention and Tradition in Economic Thought. 1928-1939. Cambridge, 1967, p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iAks. The Crisis in Keynesian Economics, p. 29.]. 5@2>9 2 G8A;5 B0:8E ?@>1;5< >= =07K205B =0;8G85 A>>B25BAB2CNI8E 70?0A>2 AK@LO 8 <0B5@80;>2.  CA;>28OE 45?@5AA82=>9 M:>=><8:8 30-E 3>4>2 B0:85 70?0AK 4>AB830;8 >3@><=KE @07<5@>2, GB> 8 >15A?5G820;> 2>7<>6=>AB8 4;O AB8<C;8@>20=8O M:>=><8:8 A ?><>ILN 1N465B=>9 ?>;8B8:8 (4;O B>3>, GB>1K <5E0=87< <C;LB8?;8:0B>@0 <>3 459AB2>20BL ?@8 ?>AB>O==KE F5=0E, B@51CNBAO, :0: =0?><8=05B %8:A, 871KB>G=K5 70?0AK).  ?@>B82=>< A;CG05 <C;LB8?;8:0B82=>5 @0AH8@5=85 A?@>A0 =587156=> 4>;6=> ?>2;5GL 70 A>1>9 ?>2KH5=85 F5=. @54?>;>65=85 > =587<5==> AB018;L=>< C@>2=5 F5=, >1KG=> D83C@8@CNI55 2 B@048F8>==>< 87;>65=88 :59=A80=A:8E <>45;59, %8:A >B25@305B :0: =54>?CAB8<>5 C?@>I5=85. <5AB5 A B5< >= >B:07K205BAO 8 >B ?@54?>;>65=8O > ?@545;L=>9 381:>AB8 F5=, AG8B0O 53> 5I5 <5=55 @50;8AB8G=K<.  @57C;LB0B5 A2>8E @0AAC645=89 >= 2=>2L ?@8E>48B : 42CEA5:B>@=>9 <>45;8, >4=0:> 2 >B;8G85 >B AE5<K, ?@54AB02;5==>9 2 :=835 -:>=><8G5A:85 ?5@A?5:B82K, %8:A =5 A2O7K205B 745AL 381:85 F5=K ;8HL A ?5@28G=K< A5:B>@>< M:>=><8:8. >A:>;L:C 107>9 =5381:8E F5= O2;ONBAO =>@<0;L=K5 (AB0=40@B=K5) 8745@6:8, F8:;8G5A:>5 274>@>60=85 ?5@28G=KE <0B5@80;>2 2;5G5B 70 A>1>9, ?> A;>20< 02B>@0, A@02=8B5;L=> =51>;LH>9 @>AB F5= =0 3>B>2CN ?@>4C:F8N. 0;L=59H55 @0AH8@5=85 A?@>A0 <>65B A>?@>2>640BLAO ?045=85< 70?0A>2 =865 =>@<0;L=>3> C@>2=O 8 1KAB@K< =0@0AB0=85< 8=D;OF8>==KE ?@>F5AA>2.  B@0:B>2:5 %8:A>< B5>@88 45=53 59=A0 O2=> >ICI05BAO 2;8O=85 @01>BK 59>=EC2C40: :0: 8 ?>A;54=89, %8:A ?>;0305B, GB> 59=A0, 25@>OB=>, A;54C5B AG8B0BL <>=5B0@8AB>< 2 =5:>B>@><, 25@>OB=> 25AL<0 C7:><, A<KA;5 MB>3> A;>20 [Ibid., p. 31-32.]. 4=0:> ?>A;54>20B5;8 59=A0 1K;8 ?@0:B8G5A:8 548=>4CH=K 2 A2>5< >B@8F0=88 @>;8 45=56=>-:@548B=>9 ?>;8B8:8.  B0:>9 A8BC0F88 548=AB25==K< 8=AB@C<5=B>< ?@028B5;LAB25==>3> <0:@>M:>=><8G5A:>3> @53C;8@>20=8O >AB020;AO ;8HL 3>AC40@AB25==K9 1N465B, 8 :59=A80=AB2> ?@0:B8G5A:8 ?@52@0B8;>AL 2 D8A:0;87<. 725AB=>, GB> 2 1I59 B5>@88 70=OB>AB8, ?@>F5=B0 8 45=53 59=A =5 2:;NG0; AAC4=K9 ?@>F5=B 2 G8A;> 206=59H8E ?5@5<5==KE, 2;8ONI8E =0 ?>2545=85 G0AB=KE 8=25AB8F89. 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A>15==> <=>3> 154AB289 :0?8B0;8AB8G5A:>9 M:>=><8:5 =5A5B, ?> CB25@645=8N 59=A0, G@57<5@=>5 ?@54?>GB5=85 ;8:284=>AB8. %8:A =5 >A?0@8205B MB>3>, => @57>==> 70<5G05B, GB> 8 1KAB@>5 @0728B85 8=D;OF88, AB@5<8B5;L=> ?>68@0NI55 ;8:284=K5 @575@2K, =5 AC;8B =8G53> E>@>H53>. >MB><C ?@>3@0<<K E>7O9AB25==>3> AB8<C;8@>20=8O, ?> <=5=8N :@8B8:0 59=A0, 4>;6=K 1KBL 4>AB0B>G=> >A<>B@8B5;L=K<8. %8:A 2AOG5A:8 AB@5<8BAO >B<56520BLAO >B ?>;CG82H8E A:0=40;L=CN 8725AB=>ABL 2KA:07K20=89 59=A0, - 2KA:07K20=89, A>3;0A=> :>B>@K< A>>@C65=85 ?8@0<84, 75<;5B@OA5=8O, 4065 2>9=K <>3CB ?>A;C68BL AB8<C;>< : C25;8G5=8N 1>30BAB20... [6. . 59=A. 1I0O B5>@8O 70=OB>AB8, ?@>F5=B0 8 45=53, A. 196.] . %8:A >B<5G05B, GB> ?>4>1=K5 @0AAC645=8O <>3CB D83C@8@>20BL ;8HL 2 B0:>9 <0:@>M:>=><8G5A:>9 B5>@88, :>B>@0O @0AA<0B@8205B A0<K9 :>@>B:89 ?@><56CB>: 2@5<5=8 [!<.: J. Hicks. The Crisis in Keynesian Economics, p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icks. The Crisis in Keynesian Economics, p. 84.]. =830 %8:A0 ?><8<> 2>;8 55 02B>@0 A2845B5;LAB2>20;0 > :@878A5 :59=A80=A:>9 :>=F5?F88 - A0<>< A5@L57=>< :@878A5 A> 2@5<5=8 55 2>7=8:=>25=8O.  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enger. The Theory of Value. Albuquerque (N. 5E.), 1985, p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eb35u. Theory of Value. New York, 195.9) 8;8 : ?>?C;O@=K< @01>B0<, ?>A2OI5==K< ?@>1;5<0< AB>8<>AB8 (A<., =0?@8<5@: . Allingham. Value. London, 1983). ]. <5==> B0:, ?> ACI5AB2C, 8 B@0:BC5BAO ?>=OB85 AB>8<>AB8 2 AB0BL5 %8:A0 8 ;;5=0 I5 @07 > B5>@88 AB>8<>AB8, >?C1;8:>20==>9 2. 6C@=0;5 -:>=><8:0 2 1934 3. [ J. Hicks, R. Alien. A Beconsideration of the Theory of Value. - Economica, February 1934; May 1934.]  ?5@2>9 G0AB8 MB>9 AB0BL8, =0?8A0==>9 %8:A><, ?@54?@8=8<0;0AL ?>?KB:0 ?5@5A<>B@5BL ?@56=85 D>@<C;8@>2:8 B5>@88 ?>;57=>AB8 8 A8AB5<0B8G5A:8 87;>68BL =5:>B>@K5 A>>B=>H5=8O <564C 4>E>4><, A?@>A>< 8 F5=0<8, @0AA<0B@8205<K5 2 <8:@>M:>=><8G5A:>9 B5>@88. >4@>1=> B5 65 8458 %8:A @0728205B 2 :=835 !B>8<>ABL 8 :0?8B0;. B?@02=K< ?C=:B>< A2>53> 8AA;54>20=8O - 2 ?>;=>< A>>B25BAB288 A B@048F8O<8 :5<1@846A:>9 H:>;K - %8:c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icks. A Revision of Demand Theory. Oxford, 1956, p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lutsky. Kritik des Bohm-Bawerkschen Wertbegriffs und seiner Lehre von der MeBbarteit des Wertes. - Schmollers /ahr-bach fur Gesetzgebang. VerwaUung und Vokwirtschaft im Deatschen Reiche, 1927, H. 4, S. 38.], A2O702 MBC DC=:F8N A 42865=85< F5= 8 45=56=KE 4>E>4>2. 5@2>9 65@B2>9 ?5@5E>40 : >@48=0;87<C 4>;6=0, >B<5G05BAO 2 :=835 !B>8<>ABL 8 :0?8B0;, AB0BL A0<0 ?@545;L=0O ?>;57=>ABL. >=5F ?@545;L=>9 ?>;57=>AB8? - B0:>9 2>?@>A 1K; 2K=5A5= 2 703>;>2>: AB0BL8, ?><5I5==>9 70 3>4 4> 2KE>40 2 A25B :=838 %8:A0 > 6C@=0;5 "-:>=><8:0". 2B>@ AB0BL8 . 5@=0@45;;8 ?KB0;AO A?0AB8 :0B53>@8N ?@545;L=>9 ?>;57=>AB8, ?@8402 59 =5A:>;L:> 8=>5 B>;:>20=85. A;54 70 MB8< 2 6C@=0;5 ?>O28;0AL 70<5B:0 . !0<CM;LA>=0, A>45@602H0O :@8B8G5A:89 0=0;87 MB8E ?>?KB>:. 0<5B:0 :>=G0;0AL B0::  O >G5=L >?0A0NAL, GB> >B25B =0 2>?@>A, ?>AB02;5==K9 3>A?>48=>< 5@=0@45;;8, 3;0A8B: "0" [ . Samuelson. The End of Marginal Utility: A Note on Dr. Bernardelli's Article. - Economica, February 1939, p. 87.].  A2>8E @0AAC645=8OE %8:A =0<5@5==> C:;>=O5BAO >B ?@O<>3> 8A?>;L7>20=8O DC=:F88 ?>;57=>AB8, 45<>=AB@8@CO 2>7<>6=>ABL ?>AB@>5=8O B5>@88 @K=>G=>3> @02=>25A8O 157 MB>9 :0B53>@88. ;O B5>@88 A>2A5< =5 157@07;8G5= 2>?@>A > B><, A>45@68B ;8 >=0 =5=C6=K5 :0B53>@88. @8ACBAB285 2 B5>@88 M;5<5=B>2, =5 8<5NI8E >B=>H5=8O : @0AA<0B@8205<>9 ?@>1;5<5, ;8HL 70B5<=O5B ACBL 45;0, - G8B05< <K 2 :=835. 040G8, 2K428305<K5 %8:A>< 2 :=835 !B>8<>ABL 8 :0?8B0;, >E20BK20NB 3>@074> 1>;55 C7:CN AD5@C B5>@5B8G5A:>3> 0=0;870, G5< @8=F8?K ?>;8B8G5A:>9 M:>=><88 0@H0;;0. ;02=0O F5;L 8AA;54>20=8O A>AB>8B, :0: ?8H5B 02B>@, 2 B><, GB>1K 2K25AB8 70:>= @K=>G=>3> ?>2545=8O, B. 5. 70:>=, >?@545;ONI89 @50:F8N ?>B@518B5;O =0 87<5=5=85 @K=>G=KE CA;>289. =0;878@CO E0@0:B5@8AB8:8 :@82KE A?@>A0, %8:A 2KO2;O5B =5@50;8AB8G=>ABL 8AE>4=KE ?>ABC;0B>2 0@H0;;0: =5B@C4=> ?>:070BL, =0?@8<5@, GB> ?@54?>;>65=85 > =587<5==>9 ?@545;L=>9 ?>;57=>AB8 45=53 D0:B8G5A:8 @02=>A8;L=> CB25@645=8N > B><, GB> 87<5=5=85 4>E>40 ?>B@518B5;O =5 >:07K205B 2;8O=8O =0 @07<5@K A?@>A0, ?@54JO2;O5<>3> MB8< ?>B@518B5;5<, =0 ;N1K5 B>20@K (A<. 3;. II). "I0B5;L=> 871530O A:><?@><5B8@>20==KE 02AB@89A:>9 H:>;>9 >1I5B5>@5B8G5A:8E ?>AB@>5=89, 02B>@ !B>8<>AB8 8 :0?8B0;0 A A0<>3> =0G0;0 2K428305B 2 F5=B@ A2>53> 8AA;54>20=8O 1>;55 >?@545;5==K5 8 G5B:85 @K=>G=K5 :0B53>@88 - :>;8G5AB2> ?>:C?05<>3> B>20@0, 53> F5=0, 4>E>4 ?>:C?0B5;O 8 B. ?. 7CG5=85 ?>2545=8O 87>;8@>20==>3> ?>B@518B5;O-MB>, :0: >15I05B 02B>@, ;8HL ?5@2K9 H03 : 87CG5=8N A?@>A0, ?@54JO2;O5<>3> A>2>:C?=>ABLN ?>:C?0B5;59.  E>45 ?>A;54CNI53> 87;>65=8O, >4=0:>, MB0 45:;0@0F8O =5 =0E>48B ?>4B25@645=8O: ?@54?>;0305BAO, ?> ACI5AB2C, GB> 03@538@>20=85 A2>48BAO : <5E0=8G5A:><C AC<<8@>20=8N 40==KE, >B=>AOI8EAO : 8=48284C0;L=K< ?>B@518B5;O<, 0 @07;8G=K5 2708<>459AB28O <564C =8<8 (MDD5:B 45<>=AB@0F88 8 B. ?.) ?@>AB> =5 @0AA<0B@820NBAO. 0 8 A0< A?>A>1, A ?><>ILN :>B>@>3> >?@545;ONBAO A:;>==>AB8 ?>B@518B5;59, ?@54AB02;O5BAO =5 A;8H:>< @50;8AB8G=K<: 4;O :064>3> B>20@0 70405BAO A5<59AB2> :@82KE, :>B>@>5 <>65B E0@0:B5@87>20BL ?@545;L=K5 =>@<K 70<5I5=8O ?> >B=>H5=8N : ;N1><C 4@C3><C B>20@C. >MB><C, =5A<>B@O =0 2A5 CA8;8O %8:A0, ?KB0NI53>AO ?@840BL A2>5<C 0=0;87C 1>;LHCN :>=:@5B=>ABL, B5A=59 A2O70BL 53> A 2>7<>6=K<8 AB0B8AB8G5A:8<8 8AA;54>20=8O<8, ?>B@518B5;59, :0: >= 8 A0< ?@87=020; 2?>A;54AB288, =8:0: =5;L7O AG8B0BL @50;L=K<8 (E>BO G0AB> >=8 <>3CB 2K3;O45BL :0: @50;L=K5 ;N48). -B>,-?> A;>20< %8:A0, - =5 682K5 ;N48, 0 8450;L=K5 >1@07K [J. Hicks. Wealth and Welfare. Collected Essays on Economic Theory. Vol. 1. Cambridge (Mass.), 1981, p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dgeworth. Mathematical Psychics. London, 1881, p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isser. Intermediate Price Theory. New York, 1981, p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price-consumption curve) 8 >B 4>E>40 (income-consumption curve). >=D83C@0F8O MB8E :@82KE 70405BAO CA;>28O<8 @02=>25A8O - B>G:0<8, 2 :>B>@KE :064K9 @07 1N465B=K5 ;8=88 :0A0NBAO A>>B25BAB2CNI8E :@82KE 157@07;8G8O. @82K5 7028A8<>AB8 ?>B@51;5=8O >B F5= 8 4>E>40 4>;6=K, ?> 70<KA;C 02B>@0, 2K?>;=OBL @>;L =5:>53> <>AB0, A>548=ONI53> :0@BK 157@07;8G8O A 0=0;87>< :>=:@5B=KE A2>9AB2 @K=>G=>3> A?@>A0. 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MB><C 5I5 4>102;O5BAO ?@54?>;>65=85 > B><, GB>, =0G8=0O A =5:>B>@>3> <><5=B0, A@54=85 8745@6:8 4>;6=K >1=0@C68BL B5=45=F8N : C25;8G5=8N. 708<>459AB285 <564C A:;04K20NI8<AO @K=>G=K< A?@>A>< 8 ?@54;>65=85< B>20@>2 =587156=> 2;5G5B 70 A>1>9 87<5=5=8O 2 AB@C:BC@5 F5= (GB> >7=0G05B, ?@8 ?@>G8E @02=KE CA;>28OE, 87<5=5=85 C3;0 =0:;>=0 :0A0B5;L=>9 : :@82K< 157@07;8G8O), 0 MB> 2 A2>N >G5@54L >?@545;O5B ?5@5E>4 : =>2K< A>>B=>H5=8O< :0: 2 AD5@5 ?>B@518B5;LA:>3> A?@>A0, B0: 8 2 AD5@5 ?@>872>4AB20. @>F5AA MB>B 1C45B ?@>4>;60BLAO 4> B5E ?>@, ?>:0 =5 CAB0=>28BAO @02=>25A=0O AB@C:BC@0 F5=. 06=CN @>;L 2 @01>B0E !B>8<>ABL 8 :0?8B0; 8 I5 @07 > B5>@88 A?@>A0 83@05B B5>@5B8G5A:89 0=0;87 ?@8=F8?>2 ?5@5E>40 >B 8=48284C0;L=KE 25;8G8= : 03@530B=K< AB0B8AB8G5A:8< ?>:070B5;O<. %8:A 2K25;, 2 G0AB=>AB8, A;54CNI55 A>>B=>H5=85: 5A;8 F5=K =0 @O4 @07=>@>4=KE B>20@>2 <5=ONBAO 2 >48=0:>2>9 ?@>?>@F88 (8=0G5 3>2>@O, 5A;8 8E >B=>A8B5;L=K5 F5=K ?@>4>;60NB A>E@0=OBL ?@56=85 7=0G5=8O), A>2>:C?=K9 A?@>A =0 MB8 B>20@K A D>@<0;L=>9 B>G:8 7@5=8O >1;0405B B5<8 65 A2>9AB20<8, :0:85 ?@8ACI8 A?@>AC =0 ;N1>9 87 B>20@>2, 2E>4OI8E 2 @0AA<0B@8205<K9 =01>@. . !0<CM;LA>= 2 A=>20=8OE M:>=><8G5A:>3> 0=0;870 AG8B05B MB>B 2K2>4 A0<K< 206=K< B5>@5B8G5A:8< @57C;LB0B><, A>45@60I8<AO 2 :=835 !B>8<>ABL 8 :0?8B0; [ . Samu51s>n. Foundations of Economic Analysis, New York, 1976, p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ergson. A Note on Consumer's Surplus.- Journal of Economic Literature, March 1975, p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icks. Rehabilitation of Consumer's Surplus. -Review of Economic Studies, February 1941; J. Hicks. Consumer's Surplus and Index-Numbers. - Review of Economic Studies, October 1942; J. Hicks. Four Consumer's Surpluses. - Review of Economic Studies. Winter 1943.].  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"0:, ?@8 ?5@5E>45 : =>2>9 A8BC0F88 ?>B@518B5;LA:89 87;8H5: <>65B C<5=LH8BLAO 8;8 C25;8G8BLAO; 25;8G8=0 A>>B25BAB2CNI59 ?>B5@8 (8;8 4>?>;=8B5;L=>9 2K3>4K) 87<5@O5BAO A ?><>ILN 45=56=>9 :><?5=A0F88. %8:A80=A:89 ?>4E>4 : >?@545;5=8N ?>B@518B5;LA:>3> 87;8H:0 H8@>:> 8A?>;L7C5BAO 2 A>2@5<5==KE 8AA;54>20=8OE, >A=>20==KE =0 A>?>AB02;5=88 70B@0B 8 @57C;LB0B>2 (cost-benefit analysis). >=OB85 ?>B@518B5;LA:>3> 87;8H:0 D83C@8@C5B B0:65 2 B5>@88 3>AC40@AB25==KE D8=0=A>2, =0?@8<5@ ?@8 @0AA<>B@5=88 ?@>1;5< =0;>3>2>3> >1;>65=8O: %8:A 4>:07K20;, GB> :>A25==K5 =0;>38 (0:F87K) ?@8 ?@>G8E @02=KE CA;>28OE =0=>AOB 1>;LH89 CI5@1 8E @50;L=K< ?;0B5;LI8:0<, G5< M:2820;5=B=0O AC<<0 ?@O<>3> ?>4>E>4=>3> =0;>30, ?>A:>;L:C :>A25==K5 =0;>38 : B><C 65 ?>3;>I0NB G0ABL ?>B@518B5;LA:>3> 87;8H:0. %8:AC C40;>AL >A2>1>48BL :0B53>@8N ?>B@518B5;LA:>3> 87;8H:0 >B =5?>A@54AB25==>9 A2O78 A :0@48=0;8ABA:8< 87<5@5=85< ?>;57=>AB8 8 ?@54;>68BL <5B>4K 45=56=>9 >F5=:8 MB>9 25;8G8=K. 4=0:> ?> A59 45=L :>=F5?F8O 87<5@5=8O ?>B@518B5;LA:>3> 87;8H:0 ?@>4>;605B >AB020BLAO 4>2>;L=> 7K1:>9 2 B5>@5B8G5A:>< >B=>H5=88 8 =54>AB0B>G=> >?5@015;L=>9 4;O B>3>, GB>1K 55 <>6=> 1K;> 8A?>;L7>20BL 2 ?@0:B8G5A:8E @0AG5B0E. !0<> 8AE>4=>5 >?@545;5=85 ?>B@518B5;LA:>3> 87;8H:0 G@572KG09=> AB0B8G=>: ?@8 87<5=5=88 F5= 8 4>E>4>2 =587156=> 2>7=8:05B, :0: >B<5G0; %8:A, ?@>1;5<0 @073@0=8G5=8O @07;8G=KE 87<5@5=89 ?>B@518B5;LA:>3> 87;8H:0 [%8:A 8A?>;L7C5B 4;O 87<5@5=8O G5BK@5 25;8G8=K (87<5=5=8O 4>E>40): AC<<K, :><?5=A8@CNI85 87<5=5=85 :>;8G5AB20 B>20@0 8 53> F5=K, M:2820;5=BK MB8E 87<5=5=89 (A<.: 1. 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Economic Theory in Retrospect. London, 1964, p. 350).]. 0728B85 8AA;54>20=89 =0 1075 :@82KE 157@07;8G8O 2 @01>B0E !;CF:>3>-%8:A0-;;5=0, ?>-2848<><C, ?>4B25@48;>, GB> ?A8E>;>38O 2>>1I5 =5 <>65B ?><>GL A>25@H5=AB2>20=8N 0??0@0B0 M:>=><8G5A:>9 B5>@88 8;8 <>65B A>459AB2>20BL MB><C ;8HL 2 25AL<0 <0;>9 AB5?5=8,-:>=AB0B8@C5B 0<5@8:0=A:89 M:>=><8AB -. >CBA [A. Coats. Economics and Psychology. - Method and Appraisal in Economics. Cambridge, 1976, p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t3>tz. The Empirical Implications of a Utility Tree. - Econometrica. April 1957, p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Cambridge, 1976, p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rrow, F. Hah n. General Competitive Analysis. San Francisco, 1971, p. 262, 322. -B0 >F5=:0, :0: >B<5G0;>AL 2KH5, >B@065=0 8 2 @5H5=88 > ?@8AC645=88 %8:AC >15;52A:>9 ?@5<88 ?> M:>=><8:5. ]. <5AB5 A B5< 2=8<0B5;L=K9 G8B0B5;L :=838 !B>8<>ABL 8 :0?8B0;, 157CA;>2=>, 70<5B8B 8 =5:>B>@K5 >A>15==>AB8 B@0:B>2:8 >1I53> @02=>25A8O, >B;8G0NI85 02B>@0 :=838 >B 53> <=>3>G8A;5==KE ?>A;54>20B5;59. B<5G0O =54>AB0B>G=>ABL <0@H0;;>2A:>3> 0=0;870 A?@>A0, :>B>@K9 >?8@0;AO =0 AE5<K G0AB8G=>3> @02=>25A8O, %8:A C:07K205B =0 =5>1E>48<>ABL CG5B0 2708<>A2O759 <564C >B45;L=K<8 M:>=><8G5A:8<8 ?@>F5AA0<8. @>1;5<0< >1I53> @02=>25A8O 02B>@ ?>A2OI05B 25AL 2B>@>9 @0745; :=838 !B>8<>ABL 8 :0?8B0;, : MB8< 2>?@>A0< >= =5>4=>:@0B=> 2>72@0I05BAO 8 2 ?>A;54CNI5< 87;>65=88 (=0?@8<5@, 2 3;. 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"5>@88 M:>=><8G5A:>3> @02=>25A8O. ., 1973.]. !><=5=8O %8:A0 ?>@>645=K :@09=5 01AB@0:B=K< E0@0:B5@>< B0:8E @0AAC645=89, 8E =54>AB0B>G=>9 @50;8AB8G=>ABLN. @C385 M:>=><8ABK <5=55 G5AB>;N182K 2 B5>@5B8G5A:>< >B=>H5=88, => >=8 ?> :@09=59 <5@5 ?@54;030NB =0< @57C;LB0BK, :>B>@K5 <>6=> 8A?>;L7>20BL ?@8 @5H5=88 =0ACI=KE ?@>1;5<, - A0@:0AB8G5A:8 70<5G05B %8:A. @><5 B>3>, AE5<K 0;L@0A0 :06CBAO 0=3;89A:><C M:>=><8ABC G@572KG09=> AB0B8G=K<8, >=8 =5 <>3CB 40BL ?@54AB02;5=8O > B><, GB> ?@>87>945B A E>7O9AB25==>9 A8AB5<>9 2 B>< A;CG05, 5A;8 87<5=OBAO CA;>28O ?@>872>4AB20 8;8 AB@C:BC@0 A?@>A0. 7CG0O A8AB5<C >1I53> @02=>25A8O, %8:A AB@5<8BAO 2K45;8BL ?@5645 2A53> ?@>1;5<K CAB>9G82>AB8 @0AA<0B@8205<>9 M:>=><8G5A:>9 AB@C:BC@K. 7<5=5=8O 2 A8AB5<5 F5=, ?> 53> <=5=8N, 4>;6=K >?@545;OBLAO CA;>28O<8 AB018;L=>3> @02=>25A8O 2A59 A8AB5<K.  :=835  HYPERLINK "http://www.ek-lit.agava.ru/hikssod.htm" \t "hs" !B>8<>ABL 8 :0?8B0; AD>@<C;8@>20= @O4 CA;>289, E0@0:B5@87CNI8E AB018;L=>ABL @02=>25A8O (A<. <0B5<0B8G5A:>5 ?@8;>65=85 : 3;020< V-VIII). 4=0:> 2 :=835 >BACBAB2CNB G5B:> AD>@<C;8@>20==K5 ?@54?>;>65=8O >B=>A8B5;L=> 48=0<8G5A:8E ?@>F5AA>2, :>B>@K5 <>3CB 8<5BL <5AB> 2 @0AA<0B@8205<>9 A8AB5<5. A:>@5 ?>A;5 2KE>40 2 A25B ?5@2>3> 8740=8O @01>BK  HYPERLINK "http://www.ek-lit.agava.ru/hikssod.htm" \t "hs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amuelson. The Stability of Equilibrium: Comparative Statics and Dynamics. - Econometrtca, April 1941; P. Samuelson. The Stability of Equilibrium: Linear and Non-linear Systems.- Econometrics, January 1942; P. Samuelson. The Relation Between Hicksian Stability and True Dynamic Stability. - Econometrica, June 1944.]. > 2B>@>< 8740=88 :=838  HYPERLINK "http://www.ek-lit.agava.ru/hikssod.htm" \t "hs" !B>8<>ABL 8 :0?8B0; (8 2> <=>38E ?>A;54CNI8E @01>B0E) %8:A ?@87=0; A?@0254;82>ABL :@8B8G5A:8E 70<5G0=89 !0<CM;LA>=0. > @07;8G8O 2 E0@0:B5@8AB8:5 CA;>289 CAB>9G82>AB8 0=3;89A:89 M:>=><8AB A2O7K205B ?@5645 2A53> A @07;8G=>9 E0@0:B5@8AB8:>9 D0:B>@>2, 2K7K20NI8E 87<5=5=8O 2 E>7O9AB25==>9 A8AB5<5. "0:, 7028A8<>ABL F5= >B 871KB>G=>3> A?@>A0, D83C@8@CNI0O 2 48=0<8G=>9 <>45;8 !0<CM;LA>=0, =>A8B, ?> A;>20< %8:A0, <5E0=8G=K9 E0@0:B5@; 3>@074> 1>;55 ACI5AB25==>9 02B>@C  HYPERLINK "http://www.ek-lit.agava.ru/hikssod.htm" \t "hs" !B>8<>AB8 8 :0?8B0;a ?@54AB02;O5BAO @>;L >6840=89, ?@5645 2A53> >6840=89 F5=, 2 @0728B88 E>7O9AB25==KE ?@>F5AA>2. >4E>4 %8:A0 : 0=0;87C CA;>289 AB018;L=>AB8, ?>-2848<><C, >1;040; >?@545;5==K<8 4>AB>8=AB20<8; 2?>A;54AB288 >= AB0; H8@>:> 8A?>;L7>20BLAO ?@8 A@02=8B5;L=>9 E0@0:B5@8AB8:5 @07;8G=KE @02=>25A=KE A8BC0F89 [!<., =0?@8<5@: . Arrow, F. Hahn. General Competitive Analysis. San Francisco, 1971, Chapter 10. ]. !?5F80;8ABK 2 >1;0AB8 <0B5<0B8G5A:>9 M:>=><88 ?@54;>68;8 1>;55 AB@>3CN D>@<C;8@>2:C CA;>289 AB018;L=>AB8 8 4;O <>45;8, =5?>A@54AB25==> @0AA<0B@8205<>9 2 :=835  HYPERLINK "http://www.ek-lit.agava.ru/hikssod.htm" \t "hs" !B>8<>ABL 8 :0?8B0;. 8A:CAA8O >1 CA;>28OE AB018;L=>AB8 ?>AB5?5==> ?@8>1@5B0;0 2A5 1>;55 B5E=8G=K9 E0@0:B5@, @0AH8@OO AD5@C 01AB@0:B=>-;>38G5A:8E 8=B5;;5:BC0;L=KE 83@. "0:, 0=0;878@CO CA;>28O @02=>25A8O 2 AB@>3> E8:A80=A:>9 A8AB5<5, 0<5@8:0=A:89 M:>=><8AB . 0:D0445= >B<5G0;, GB> ?@54?>;0305<0O AE5<0 42865=8O >B >4=>3> 2@5<5==>3> @02=>25A8O : 4@C3><C =5 <>65B 2A5@L57 @0AA<0B@820BLAO :0: M<?8@8G5A:0O <>45;L ?>2545=8O F5= [D. McFadden. On Hicksian Stability. - Value, Capital and Growth. Papers in Honor of Sir John Hicks. Edinburgh, 1968, p. 348. ]. > <5@5 @0725@BK20=8O MB>9 48A:CAA88 ?>78F8O %8:A0 AB0=>28;0AL 2A5 1>;55 >BGC645==>9. = 2A5 G0I5 2>72@0I0;AO : 2>?@>AC > B><, GB> E0@0:B5@8AB8:8 AB018;L=>AB8 2 @0AA<0B@8205<KE <>45;OE >1I53> @02=>25A8O, :0: ?@028;>, >:07K20NBAO =54>AB0B>G=> @50;8AB8G=K<8. 725AB=>, =0?@8<5@, GB> =8 ACI5AB2>20=85 @02=>25A8O, =8 42865=85 A8AB5<K ?> =0?@02;5=8N : =5<C =5 <>3CB 30@0=B8@>20BL B>3>, GB> A8AB5<0 ?@845B 2 B>G:C @02=>25A8O.  A0<>< 1;03>?@8OB=>< A;CG05, :>340 A8AB5<0 =5C:;>==> ?@81;8605BAO : B>G:5 @02=>25A8O 8 ;8HL A:>@>ABL B0:>3> 42865=8O =525;8:0, <>6=>, :>=5G=>, ?@54?>;>68BL, GB> ?@8 A>E@0=5=88 2A5E >AB0;L=KE ?0@0<5B@>2 =587<5==K<8 (:>;8G5AB2> 8<5NI8EAO @5AC@A>2, ?@54?>GB5=8O ?>B@518B5;59 8 B. 4.) A8AB5<0 2 :>=F5 :>=F>2 4>;6=0 1K;0 1K ?@89B8 : @02=>25A8N, => ?>4>1=K5 <>45;8, 8A:;NG0NI85 :0:85-;81> ACI5AB25==K5 87<5=5=8O =0 ?@>BO65=88 4;8B5;L=>3> 2@5<5=8, :0: 2?>A;54AB288 70<5B8; A0< %8:A, 2@O4 ;8 <>3CB ?@54AB02;OBL ACI5AB25==K9 8=B5@5A [J. Hicks. 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B> 2@5<O :>340 %8:A 3>B>28; : 2KE>4C A2>N :=83C, :0?8B0;8AB8G5A:0O M:>=><8:0, 5I5 =5 >?@0282H0OAO >B C40@>2 5;8:>9 45?@5AA88, >:07K20;0AL =0 ?>@>35 =>2>3> F8:;8G5A:>3> :@878A0.  ?>4>1=KE CA;>28OE 2A5 @0AAC645=8O >1 CAB>9G82>AB8 E>7O9AB25==>3> @02=>25A8O >A>15==> ?;>E> C2O7K20;8AL A @50;L=K<8 ?@>1;5<0<8 @0728B8O :0?8B0;8AB8G5A:>9 M:>=><8:8 [@8<5G0B5;L=>, GB> 6. . 59=A 2 ?8AL<5 : %8:AC 87;030; A2>N B>G:C 7@5=8O =0 >1I55 @02=>25A85 A;54CNI8< >1@07><: C4C =045OBLAO, GB> :>340-=81C4L AC<5N C1548BL 0A: 20;L@0A>2A:0O B5>@8O 8 ?>4>1=K5 AE5<K 3@0=8G0B A ?>;=>9 15AA<KA;8F59 (?8B. ?>: R. Glower. Reflection on the Keynesian Perplex. - Zeitschrift far Nationalokonomie, 1975, N 1, S. 4-5).]. 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"0:CN C3@>7C ?>@>640NB, ?> <=5=8N %8:A0, ?@5645 2A53> 8=48284C0;L=K5 >6840=8O CG0AB=8:>2 E>7O9AB25==>3> ?@>F5AA0, 8E =5=0456=>ABL 8 =5A>3;0A>20==>ABL <564C A>1>9. 45AL <K AB0;:8205<AO A >4=8< 87 <><5=B>2, 2 :>B>@KE =081>;55 =03;O4=> 2KO2;O5BAO @>4AB2> B5>@88 %8:A0 A ?@54H5AB2CNI8<8 ?>AB@>5=8O<8 AC1J5:B82=>9 H:>;K.  45;> =5 B>;L:> 2 B><, GB> 2 >1>8E A;CG0OE CA8;5==> 0:F5=B8@C5BAO @>;L 8=48284C0;L=KE >6840=89 2 DC=:F8>=8@>20=88 E>7O9AB25==>3> ?@>F5AA0; MB8 >6840=8O >:07K20NBAO :0: 1K ?@82=5A5==K<8 872=5, >=8 <>3CB 2KB5:0BL 87 >A>15==>AB59 8=48284C0;L=>9 ?A8E>;>388 8 B5<?5@0<5=B0 CG0AB=8:>2 E>7O9AB25==>3> ?@>F5AA0 [ ?>A;54CNI89 ?5@8>4 MB0 ;8=8O @0AAC645=89 ?>;CG8;0 40;L=59H55 8=B5=A82=>5 @0728B85 2 1C@6C07=>9 ?>;8B8G5A:>9 M:>=><88; 4>AB0B>G=> =0?><=8BL 2 MB>9 A2O78 > B5>@8OE 040?B82=KE 8 @0F8>=0;L=KE >6840=89 - :@8B8G5A:89 0=0;87 MB8E :>=F5?F89 A>45@68BAO 2 :=.: @8B8:0 1C@6C07=KE B5>@89 . @>1;5<K "A<5H0==>9 M:>=><8:8" . ., 1984, 3;. 11.].  :0G5AB25 E0@0:B5@8AB8:8 8=48284C0;L=KE ?@>3=>7>2 02B>@ ?@54;0305B 8A?>;L7>20BL :>MDD8F85=B M;0AB8G=>AB8 F5=>2KE >6840=89. -B>B :>MDD8F85=B 8AG8A;O5BAO :0: A>>B=>H5=85 <564C 8725AB=K<8 : =0AB>OI5<C <><5=BC (D0:B8G5A:8<8) 87<5=5=8O<8 F5= 8 >68405<K< 87<5=5=85< F5= 2 ?>A;54CNI89 ?5@8>4. =K<8 A;>20<8, 5A;8 ?@54?@8=8<0B5;L ?>;0305B, GB> 2 ?@54AB>OI89 ?5@8>4 F5=K 1C4CB <5=OBLAO 2 B>< 65 =0?@02;5=88 8 B>G=> B0:8<8 65 B5<?0<8, GB> 8 2 ?@>H;><, M;0AB8G=>ABL >6840=89 @02=0 548=8F5. A;8 65, A:065<, ?@54?>;0305BAO, GB> F5=K 1C4CB ?>2KH0BLAO 1>;55 2KA>:8<8 B5<?0<8, G5< 2 8AB5:H89 ?5@8>4, :>MDD8F85=B M;0AB8G=>AB8, ?> >?@545;5=8N, ?@52KH05B 548=8FC.  ?>A;54CNI89 ?5@8>4 E0@0:B5@8AB8:8 M;0AB8G=>AB8 >6840=89 H8@>:> 8A?>;L7>20;8AL 2 @01>B0E, ?>A2OI5==KE ?@>1;5<0< >1I53> @02=>25A8O [!<., =0?@8<5@: F. Hahn. Equilibrium and Macroeconomics. Oxford, 1984, p. 94.]. 0 ?@>BO65=88 2A59 :=838  HYPERLINK "http://www.ek-lit.agava.ru/hikssod.htm" \t "hs" !B>8<>ABL 8 :0?8B0; 02B>@ =0?@O65==> AB@5<8BAO ?@5>4>;5BL AB0B8G=>ABL M;5<5=B0@=KE AE5< E>7O9AB25==>3> @02=>25A8O, 3>A?>4AB2>202H8E 2 >@B>4>:A0;L=>9 =5>:;0AA8G5A:>9 B5>@88. "@5BLN 8 G5B25@BCN G0AB8 @01>BK %8:A A?5F80;L=> ?>A2OB8; ?@>1;5<0< M:>=><8G5A:>9 48=0<8:8. ?>A;54AB288 >= E0@0:B5@87>20; :=83C  HYPERLINK "http://www.ek-lit.agava.ru/hikssod.htm" \t "hs" !B>8<>ABL 8 :0?8B0; :0: ?>?KB:C ?5@51@>A8BL <>AB >B AB0B8G=>9 =5>:;0AA8G5A:>9 A8AB5<K : 48=0<8G5A:8< <>45;O< [!<.: The Economics of John Hicks. Oxford, 1984, p. 286.]. >;L 3;02=>3> 48=0<878@CNI53> M;5<5=B0 ?@8 MB>< >B2>48;0AL 8=48284C0;L=K< >6840=8O< CG0AB=8:>2 E>7O9AB25==>3> ?@>F5AA0, GB> =587156=> ?>@>640;> @O4 A5@L57=KE ?@>1;5<. 3@0=8G8<AO ;8HL >4=8< ?@8<5@><. ;O B>3>, GB>1K :0:-B> 70<:=CBL :>=AB@C8@C5<CN B5>@5B8G5A:CN A8AB5<C, 02B>@ 4>;65= 4>?CAB8BL 2;8O=85 B5:CI8E >?5@0F89 =0 >6840=8O: @57C;LB0BK B0:>3> 2>7459AB28O, ?> <=5=8N %8:A0, =5 <>3CB 1KBL >B45;5=K A;8H:>< 1>;LH8< ?@><56CB:>< 2@5<5=8 >B 8<?C;LA0, ?>1C482H53> : ?5@5A<>B@C >6840=89.  @57C;LB0B5 2>7=8:05B AE5<0, :>B>@CN 2 ;CGH5< A;CG05 A;54C5B ?@87=0BL =54>AB0B>G=> >?@545;5==>9. >340 =0 ?@>BO65=88 548=8G=>3> ?5@8>40 (=545;8) A8AB5<0 ?@8E>48B 2 @02=>25A85, 87<5=5=8O F5= 4>;6=K ?>2;5GL 70 A>1>9 =>2K5 >6840=8O, 0 ?>A;54=85 1C4CB >:07K20BL >1@0B=>5 2;8O=85 =0 ?@>F5AAK D>@<8@>20=8O F5=. <5==> MB>B ?@85<, MB0 C;>2:0, :>B>@CN =52>7<>6=> >1>A=>20BL, >1@CH8;8 48=0<8G5A:CN B5>@8N 2 :=835  HYPERLINK "http://www.ek-lit.agava.ru/hikssod.htm" \t "hs" !B>8<>ABL 8 :0?8B0;. <5==> MB> 2>72@0I0;> 0=0;87 2A?OBL : AB0B8:5 8, A;54>20B5;L=>, 2 =0?@02;5=88 =5>:;0AA8G5A:>9 B5>@88, - 2?>A;54AB288 ?8A0; %8:A [J. HiAks. Economic Perspectives, p. VII.] . #AB>9G82>ABL, ?> <=5=8N %8:A0, ?@8ACI0 ;8HL AB0B8G5A:8< <>45;O< M:>=><8:8 - <>45;O<, :>B>@K5 =5 ?@8=8<0NB 2 @0AG5B >6840=89 CG0AB=8:>2 E>7O9AB25==>3> ?@>F5AA0 (8<5==> CG5B >6840=89, ?> <=5=8N 02B>@0 :=838  HYPERLINK "http://www.ek-lit.agava.ru/hikssod.htm" \t "hs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ins>n. Economic Heresies. Some Old-Fashioned Questions in Economic Theory. New York, 1971, p. 98).].  2A5 65 G5@57 2AN :=83C ?@>E>48B B578A > =5CAB>9G82>AB8, 2=CB@5==5 ?@8ACI59 :0?8B0;8AB8G5A:>9 M:>=><8:5 ?> A0<>9 55 ?@8@>45, GB> 4> 8725AB=>9 AB5?5=8 A1;860;>  HYPERLINK "http://www.ek-lit.agava.ru/hikssod.htm" \t "hs" !B>8<>ABL 8 :0?8B0; A 2KH54H59 B@5<O 3>40<8 @0=LH5  HYPERLINK "http://www.ek-lit.agava.ru/keynsod.htm" \t "keyn" 1I59 B5>@859 70=OB>AB8, ?@>F5=B0 8 45=53 59=A0 [?>A;54AB288 %8:A ?8A0; > B><, GB> <>=>3@0D8O  HYPERLINK "http://www.ek-lit.agava.ru/hikssod.htm" \t "hs" !B>8<>ABL 8 :0?8B0; 3>B>28;0AL : ?C1;8:0F88 2 B>B ?5@8>4 (1937-1938 33.), :>340 >= <=>3> ?8A0; > =>2>9 :=835 59=A0; 8 AB@C:BC@0 <>45;59 @02=>25A8O 2 @01>B5  HYPERLINK "http://www.ek-lit.agava.ru/hikssod.htm" \t "hs" !B>8<>ABL 8 :0?8B0; =5A5B >?@545;5==K9 >B?5G0B>: @0AAC645=89, A>45@602H8EAO 2  HYPERLINK "http://www.ek-lit.agava.ru/keynsod.htm" \t "keyn" 1I59 B5>@88 (3. Hicks. Methods of Dynamic Economics, p. 68-69). ]. !E>4=>9 >:07K20;0AL 8 B@0:B>2:0 ?@8G8= =5AB018;L=>AB8 :0?8B0;8AB8G5A:>9 M:>=><8:8. > <=5=8N %8:A0, 8AB>G=8: MB>9 =5AB018;L=>AB8 :@>5BAO 2 AD5@5 >1@0I5=8O, ?@5645 2A53> 2 DC=:F8>=8@>20=88 45=56=>3> @K=:0. 5CAB>9G82>ABL - ?@>AB> A2>9AB2> 45=53 8 F5==KE 1C<03 - MB8E =5C:;N68E (awkward) ?@54<5B>2, :>B>@K5 B@51CNBAO =0< =5 A0<8 ?> A515, 0 ;8HL :0: A@54AB2> ?>:C?:8 B>20@>2 2 ?>A;54CNI89 ?5@8>4.  4@C3>< <5AB5, ?5@5G8A;OO 2>7<>6=K5 ?@8G8=K =0@CH5=8O E>7O9AB25==>3> @02=>25A8O, >= C?><8=05B, ?@0240, =5A>3;0A>20==>ABL ?;0=>2 ?@54?@8=8<0B5;59 8 ?>B@518B5;59, >4=0:> >A=>2=>5 2=8<0=85 2 :=835  HYPERLINK "http://www.ek-lit.agava.ru/hikssod.htm" \t "hs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icks. Economic Perspectives, p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http://www.ek-lit.agava.ru/hikssod.htm" \t "hs" !B>8<>ABL 8 :0?8B0; >= AB>;L =5;5?> ?@5C25;8G820; @>;L ?>ABC;0B0 A>25@H5==>9 :>=:C@5=F88, <564C B5< :0: 4;O =5D8=0=A>2>3> A5:B>@0 M:>=><8:8 B8?8G=K, A:>@55, @K=:8, E0@0:B5@87CNI85AO 3>A?>4AB2>< =5A>25@H5==>9 :>=:C@5=F88.  ?@54?>;>65=85 > A>25@H5==>9 M;0AB8G=>AB8 F5=, AB>;L H8@>:> 8A?>;L7CNI55AO 2 :=835  HYPERLINK "http://www.ek-lit.agava.ru/hikssod.htm" \t "hs" !B>8<>ABL 8 :0?8B0;, 02B>@ :=838 ?@87=0; 2?>A;54AB288 A>25@H5==> =5@50;8AB8G=K<. 5@5A<>B@ MB8E ?>ABC;0B>2 ?>1C48; %8:A0 ?>-=>2><C 273;O=CBL 8 =0 ?@>1;5<K >1I53> @02=>25A8O.  1976 3. >= >B<5G0;, GB> B>G:0 7@5=8O, 2KA:070==0O 2 :=835  HYPERLINK "http://www.ek-lit.agava.ru/hikssod.htm" \t "hs" !B>8<>ABL 8 :0?8B0;, <>65B 1KBL =0720=0 =5>20;L@0A80=A:>9. 564C B5< ?@54?>;>65=8O > @K=>G=KE AB@C:BC@0E, :>B>@K5 2 A2>5 2@5<O 8A?>;L7>20; 0;L@0A, B5?5@L ?@54AB02;ONBAO %8:AC =5 A;8H:>< @50;8AB8G=K<8.  5A;8 =5B :0:8E-;81> A2845B5;LAB2 B>3>, GB> 459AB28B5;L=> ACI5AB2>20;8 @K=:8, DC=:F8>=8@>202H85 B0:8< >1@07><, 8 0;L@0A 2?>;=5 <>3 7=0BL > =8E, B> >AB05BAO ?@54?>;>68BL, GB> >= ?@>AB> 87>1@5; B0:CN @K=>G=CN AB@C:BC@C A?5F80;L=>, 4;O B>3> GB>1K >15A?5G8BL B5< A0<K< "?@028;L=K9" >B25B [The Economics of John Hicks, p. 277.].  @01>B5 0?8B0; 8 M:>=><8G5A:89 @>AB (8 >A>15==> 2 5B>40E 48=0<8G5A:>9 M:>=><8:8) %8:A 2KA:07K205B :@8B8G5A:85 70<5G0=8O ?> ?>2>4C <>45;59 >1I53> @02=>25A8O, AG8B0O 8E A;8H:>< <0B5@80;8AB8G=K<8, ?>A:>;L:C 2A5 459AB28O CG0AB=8:>2 E>7O9AB25==>3> ?@>F5AA0 65AB:> 45B5@<8=8@>20=K 2=5H=8<8 @K=>G=K<8 A8;0<8. >;LH89 8=B5@5A, ?> 53> <=5=8N, 4>;65= ?@54AB02;OBL 0=0;87 =5@02=>25A=KE A8BC0F89, :>340 =5:>B>@K5 ?5@5<5==K5 <>3CB ?@>4>;68B5;L=>5 2@5<O >B:;>=OBLAO >B 65;0B5;L=>3> C@>2=O; B0:CN A8BC0F8N %8:A G0I5 2A53> A2O7K205B A =54>AB0B>G=>9 ?>4286=>ABLN F5=.  @01>B5 0?8B0; 8 M:>=><8G5A:89 @>AB %8:A 2?5@2K5 ?@54;>68; 42CEA5:B>@=CN <>45;L, 2 :>B>@>9 ?@54CA<0B@8205BAO 2708<>459AB285 <564C @K=:0<8 @07;8G=>3> B8?0. 0 =5:>B>@KE @K=:0E F5=K >1;040NB 4>AB0B>G=>9 381:>ABLN (flexprice markets), B>340 :0: =0 4@C38E @K=:0E F5=K 2 3>@074> <5=LH59 AB5?5=8 @5038@CNB =0 B5:CI85 87<5=5=8O A?@>A0 (fixprice markets).  ?>A;54=5< A;CG05 87<5=5=8O F5= >B@060NB ?@5645 2A53> 2;8O=85 2=5H=8E (M:7>35==KE) 8<?C;LA>2 [!<.: J. Hicks. Capital and Growth. Oxford, 1985, Ch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iAks. Causality in Economics, p. 79.]. =0;8B8G5A:89 0??0@0B B5>@88 >1I53> @02=>25A8O =5 A>45@68B - 8 =5 <>65B A>45@60BL - 8=D>@<0F8N > 42865=88 :0:8E-;81> 4>E>4>2, =5 A>2?040NI8E A F5=0<8 :>=:C@5=B=>3> @02=>25A8O. >;55 B>3>, 2 AE5<0E >1I53> @02=>25A8O ?@>872>4AB2> 2>>1I5 CB@0G8205B A?5F8D8G5A:8 :0?8B0;8AB8G5A:85 G5@BK: 2 A>>B25BAB288 A B@048F8>==K<8 ?@8=F8?0<8 <0@68=0;8ABA:>9 :>=F5?F88 2 @02=>25A=>9 A8BC0F88 ?@>AB> 8A:;NG05BAO ACI5AB2>20=85 ?@54?@8=8<0B5;LA:>3> 4>E>40, ?@8A208205<>3> ?@><KH;5==K< :0?8B0;><. 081>;55 206=K< 70:;NG5=85< M:>=><8G5A:>9 48=0<8:8, :0: ?8H5B %8:A 2  HYPERLINK "http://www.ek-lit.agava.ru/hiks020.htm" \t "h20" 3;. XX :=838 !B>8<>ABL 8 :0?8B0;, O2;O5BAO A;54CNI89 2K2>4: 5A;8 M;0AB8G=>ABL. 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C18=>2. 0B5<0B8G5A:0O B5>@8O M:>=><8G5A:>9 48=0<8:8 8 @02=>25A8O. .. 1973; . >;:>=A:89. >45;L >?B8<0;L=>3> ?;0=8@>20=8O 2708<>A2O78 M:>=><8G5A:8E ?>:070B5;59. ., 1967; . >;B5@>28G. -DD5:B82=K9 @02=>25A=K9 @>AB ?@8 ?5@5<5==>< 48A:>=B5.-0B5<0B8G5A:0O M:>=><8:0 8 M:AB@5<0;L=K5 7040G8. .. 1984; . 0=8;>2. 520;L@0A>2> @02=>25A85 8 >1>1I5==0O ;5<<0 59;0.- "0< 65.] I5 @07 > B5>@88 A?@>A0. >4E>4, @0728BK9 %8:A>< 2 @01>B5  HYPERLINK "http://www.ek-lit.agava.ru/hikssod.htm" \t "hs" !B>8<>ABL 8 :0?8B0;, A>E@0=O; 2 :0G5AB25 206=59H59 ?@54?>AK;:8 B578A > <0:A8<870F88 :064K< ?>B@518B5;5< DC=:F88 ?>;57=>AB8. > >AB020;AO >B:@KBK< 2>?@>A > B><, 2 :0:>9 <5@5 @50;L=K5 459AB28O CG0AB=8:>2 E>7O9AB25==>3> ?@>F5AA0 A>>B25BAB2CNB MB8< ?@54?>;>65=8O< [ CA?5E5, :>B>@K9, :070;>AL, A>45@60; 0=0;87 =0 >A=>25 :@82KE 157@07;8G8O, 1K;>, >4=0:>, =5GB> 8;;N7>@=>5... ;02=0O B@C4=>ABL 70:;NG0;0AL :0: @07 2 B><, :0: 8=B5@?@5B8@>20BL 0:A8><C G5;>25: <0:A8<878@C5B ?>;57=>ABL. (I. Little. A Critique of Welfare Economics. Oxford, 1957, p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indifferent positions). 4=8< 87 D0:B>@>2, ?>1C482H8E %8:A0 : ?5@5A<>B@C ?@56=8E 273;O4>2, O28;>AL, ?>-2848<><C, @0A?@>AB@0=5=85 2 ?5@2>5 ?>A;52>5==>5 45AOB8;5B85 B5>@88 2KO2;5==KE ?@54?>GB5=89 [!<., =0?@8<5@: . Samuelson. Consumption Theory in Terms of Revealed Preference.-Economica, July 1943; H. Houthakker. Revealed Preference and Utility Function. - Economica, May, 1950. @8B8G5A:89 0=0;87 B5>@88 2KO2;5==KE ?@54?>GB5=89 A>45@68BAO 2 :=.: . >7;>20, . -=B>2. "5>@8O F5=K. ., 1972, 3;. 3.]. ;8O=85 MB>9 B5>@88 A:070;>AL, 2 G0AB=>AB8, 2 B><, GB> 2 :=835 5@5A<>B@ B5>@88 A?@>A0 02B>@ 45;05B 7=0G8B5;L=> <5=LH89 C?>@ =0 >B=>H5=85 157@07;8G8O 8 C45;O5B >A=>2=>5 2=8<0=85 2KO2;5=8N 8=48284C0;L=>9 H:>;K ?@54?>GB5=89 8 0=0;87C CA;>289 =5?@>B82>@5G82>AB8 ?@54?>GB5=89. 4=0:> %8:A0 =5 C2;5:0; ;>38:>-<0B5<0B8G5A:89 0=0;87 2>7<>6=>AB8 C?>@O4>G5=8O ?@54?>GB5=89, :>B>@><C 2 B5 3>4K >B2>48;>AL B0: <=>3> <5AB0 =0 AB@0=8F0E 70?04=KE M:>=><8G5A:8E 6C@=0;>2 8 :=83. &5=B@0;L=>5 <5AB> 2 =>2>9 :=835 > A?@>A5 70=8<0; A;54CNI89 2>?@>A: :0: <>3CB 1KBL 2K@065=K 8=48284C0;L=K5 >F5=:8, ?@>O2;ONI85AO 2 =01;N405<KE D0:B0E @K=>G=>3> ?@54?>GB5=8O?  :=835 5@5A<>B@ B5>@88 A?@>A0 C65 =5 8A?>;L7CNBAO =5?@5@K2=K5 :@82K5 157@07;8G8O. 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A Revision of Demand Theory, p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http://www.ek-lit.agava.ru/mahl100.htm" \t "mahl" $. 0E;C? [The American Economic Review, March, 1957, p. 133. ]. -2>;NF8O B5>@88 A?@>A0 >B AB0BL8 %8:A0 8 ;;5=0 : @01>B5 I5 @07 > B5>@88 A?@>A0 A>?@>2>640;0AL ACI5AB25==K< 87<5;LG0=85< @0AA<0B@8205<KE ?@>1;5< 8 >1J548=5=85< 8E @50;L=>3> A>45@60=8O. %8B@>C<=K< A?>A>1>< 87 A;>2 A>740NBAO 2KA>:85 2>74CH=K5 70<:8, :;04:0 87 A;>2 ?@>G=> A:@5?;O5BAO F5<5=B>< ;>38:8, 8 2A5 65 =8 >4=0 8AB8=0 =5 ?>A5;8BAO 745AL [". !03l1Cle. Sartor Resartus. London, 1858, p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A>>B25BAB288 A <0@H0;;>2A:>9 B@048F859 B5>@8O :0?8B0;0 %8:A0 ?>;=>ABLN A2>48BAO : M;5<5=B0@=K< <8:@>M:>=><8G5A:8< @0AAC645=8O<: 0=0;87 ACI=>AB8 :0?8B0;0 8 ?@>1;5<0 53> DC=:F8>=8@>20=8O >3@0=8G8205BAO E0@0:B5@8AB8:>9 45OB5;L=>AB8 D8@<K, AB@5<OI59AO : <0:A8<870F88 A2>53> 4>E>40. <5==> @01>B0 AM@0 6>=0 %8:A0  HYPERLINK "http://www.ek-lit.agava.ru/hikssod.htm" \t "hs" !B>8<>ABL 8 :0?8B0; =0CG8;0 =0A G5B:> D>@<C;8@>20BL B5>@8N :0?8B0;0 :0: ?@>1;5<C >?B8<870F88 4;O D8@<K, - ?8H5B . -@@>C [. Arrow. Optimal Capital Policy with Irreversible Investment. Value, Capital and Growth. Papers in Honour of Sir John. Hicks. Edinburgh, 1968, p. 1. ]. =830 %8:A0 :0: 1K @0AG8AB8;0 ?CBL 4;O 15AG8A;5==>3> <=>65AB20 B5>@5B8G5A:8E <>45;59, 2 :>B>@KE ?@>F5AAK =0:>?;5=8O :0?8B0;0 ?@>AB> A2>4OBAO : 2K1>@C >?B8<0;L=>3>, A B>G:8 7@5=8O :0?8B0;8AB8G5A:>9 D8@<K, 8=25AB8F8>==>3> ?@>5:B0 [!<., =0?@8<5@: . Slow. Capital Theory and the Rate of Return. Amsterdam, 1964; L. Pasinetti. 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HYPERLINK "http://www.ek-lit.agava.ru/hiks009.htm" \t "h9" 3;. IX).  40;L=59H5< 87;>65=88, >4=0:>, G0I5 2A53> 2AB@5G0NBAO B5>@5B8G5A:85 :>=AB@C:F88, B0:65 >A=>20==K5 =0 ?@8=F8?5 ?@545;L=>9 ?@>872>48B5;L=>AB8; >B AE5< ;0@:0 >=8 >B;8G0NBAO ;8HL B5<, GB> 2 =8E 4>?>;=8B5;L=> 2:;NG5=K >6840=8O ?@54?@8=8<0B5;59. KH5 C65 >B<5G0;0AL >A>10O @>;L, >B2>48<0O 2 M:>=><8G5A:>9 B5>@88 %8:A0 >6840=8O< CG0AB=8:>2 E>7O9AB25==>3> ?@>F5AA0. #G5B MB8E >6840=89 ?>72>;O5B, ?> <=5=8N 02B>@0 :=838  HYPERLINK "http://www.ek-lit.agava.ru/hikssod.htm" \t "hs" !B>8<>ABL 8 :0?8B0;, 70;>68BL >A=>2K >1I59 48=0<8G5A:>9 B5>@88. 8HL G5@57 <=>3> ;5B >= ?@87=05B, GB> AE5<K, @0AA<0B@8202H85AO 2 MB>9 :=835, =0 A0<>< 45;5 =>A8;8 =5 48=0<8G5A:89, 0 :2078-AB0B8G=K9 E0@0:B5@ [!<.: J. Hicks. 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http://www.ek-lit.agava.ru/saysod.htm" \t "say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icks. Capital and Time. Oxford, 1973, p. 177).] . "5< A0<K< 2K2>48BAO A>25@H5==> =5A>>1@07=>5, => E0@0:B5@8AB8:5 . 0@:A0, >B=>H5=85 <564C ?>B@518B5;L=>9 AB>8<>ABLN, 25ILN, A >4=>9 AB>@>=K, 8 >?@545;5==K< >1I5AB25==K< ?@>872>4AB25==K< >B=>H5=85<, ?@8102>G=>9 AB>8<>ABLN - A 4@C3>9 [!<.: . 0@:A 8 $. -=35;LA. !>G., B. 25, G. II. A. 384. ]. 57 >B25B0 >AB05BAO 8 2>?@>A > B><, ?>G5<C A>1AB25==>ABL =0 :0?8B0; A0<0 ?> A515 <>65B A;C68BL 4>AB0B>G=K< CA;>285<, >15A?5G820NI8< ?>AB>O==K9 ?@8B>: 4>E>4>2. #:070==>5 >1AB>OB5;LAB2>, ?> A?@0254;82><C 70<5G0=8N  HYPERLINK "http://www.ek-lit.agava.ru/shumsod.htm" \t "shum" . (C<?5B5@0, ;8H05B C1548B5;L=>AB8 2A5 B5>@88,-:0: ?@8<8B82=K5, B0: 8 1>;55 @0D8=8@>20==K5, - :>B>@K5 2K2>4OB ?@>F5=B B>;L:> 87 ?@>872>48B5;L=>AB8 :0?8B0;0 [J. Schumpeter. History of Economic Analysis. New York, 1954, p. 656.]. ;8O=85 F5= 8 ?@>F5=B=KE AB02>: =0 42865=85 :0?8B0;0. 06=>5 <5AB> 2 B5>@88 :0?8B0;0 %8:A0 70=8<05B 0=0;87 2;8O=8O, :>B>@>5 >:07K20NB =0 >?5@0F88 :0?8B0;8AB>2 87<5=5=8O F5? 8 ?@>F5=B=KE AB02>:. @8 MB>< @O4 ?@82>48<KE 2 :=835 AC645=89 =>A8B 4>2>;L=> >G5284=K9 E0@0:B5@ 8 2@O4 ;8 B@51C5B 4;O >1>A=>20=8O 87KA:0==KE B5>@5B8G5A:8E AE5<. -B> >B=>A8BAO, =0?@8<5@, : B578AC, A>3;0A=> :>B>@><C CAB>9G82K5 87<5=5=8O F5= 8 ?@>F5=B=KE AB02>: A B5G5=85< 2@5<5=8 1C4CB >:07K20BL 1>;LH5 (G5< 2 ?5@2K9 <><5=B) 2>7459AB285 =0 >?5@0F88 :0?8B0;8AB8G5A:8E D8@<. A>15==> 1>;LH>9 8=B5@5A, A B>G:8 7@5=8O %8:A0, ?@54AB02;O5B 2>?@>A > 2;8O=88 @K=>G=>9 =>@<K ?@>F5=B0 ?0 ?@>4>;68B5;L=>ABL ?@>872>4AB25==>3> ?5@8>40: : MB><C 2>?@>AC >= 2>72@0I05BAO 8 2 ?>A;54CNI8E @01>B0E - 0?8B0; 8 M:>=><8G5A:89 @>AB (1965) 8 0?8B0; 8 2@5<O (1973). %0@0:B5@87CO 87;>65==CN  HYPERLINK "http://www.ek-lit.agava.ru/bbsod.htm" \t "bb" 5<-025@:>< :>=F5?F8N :0?8B0;0 :0: A;8H:>< C?@>I5==CN, ?@8<5=8<CN ;8HL 2 8A:;NG8B5;L=KE A;CG0OE, %8:A 2848B A2>N 7040GC 2 B><, GB>1K ?@>45<>=AB@8@>20BL =5A>>1@07=>AB8, A>45@60I85AO 2 MB>9 B5>@88.  :=835  HYPERLINK "http://www.ek-lit.agava.ru/hikssod.htm" \t "hs" !B>8<>ABL 8 :0?8B0; >= ?>:07K205B, =0?@8<5@, GB> 87<5=5=85 @K=>G=KE ?@>F5=B=KE AB02>:, 2>?@5:8 CB25@645=8O< ?@54AB028B5;59 02AB@89A:>9 H:>;K, =5 <>65B >:070BL =5?>A@54AB25==>3> 2;8O=8O =0 ?@>4>;68B5;L=>ABL ?@8<5=O5<KE ?@>872>4AB25==KE ?@>F5AA>2 (8;8 B5E=8G5A:85 E0@0:B5@8AB8:8 >1>@C4>20=8O) [ ?>A;54CNI8E @01>B0E %8:A A:;>=O;AO : B><C, GB>1K 2>>1I5 8A:;NG8BL 87 B5>@5B8G5A:>3> 0=0;870 ?>=OB85 ?5@8>4 ?@>872>4AB20 (A<.: J. Hicks. The Austrian Theory of Capital and its Rebirth in Modern Economics. Oxford, 1973). ]. 065 5A;8 A>3;0A8BLAO A ;>38:>9 >A=>2=KE @0AAC645=89  HYPERLINK "http://www.ek-lit.agava.ru/bbsod.htm" \t "bb" 5<-025@:0, 2 459AB28B5;L=>AB8 B0:85 87<5=5=8O <>3CB 70B@>=CBL ?@5645 2A53> <0AHB01K :0?8B0;>2;>65=89, 0 =5 8E B5E=8G5A:85 E0@0:B5@8AB8:8 [ ?>A;54CNI85 3>4K, >4=0:>, %8:A AG5; 70 1;03> C<5@8BL @57:>ABL :@8B8G5A:8E 70<5G0=89 2 04@5A B5>@88 :0?8B0;0  HYPERLINK "http://www.ek-lit.agava.ru/bbsod.htm" \t "bb" 5<-025@:. 5:>B>@K5 ?>;>65=8O MB>9 B5>@88 >= ?KB0;AO A>548=8BL A E0@0:B5@8AB8:>9 8=4CF8@>20==>3> B5E=8G5A:>3> ?@>3@5AA0, > :>B>@>< %8:A ?8A0; 5I5 2 "5>@88 70@01>B=>9 ?;0BK. 7 MB8E @0AAC645=89 A;54>20;>, GB> 87-70 B@51>20=89 @01>G8E 8 2K720==KE MB8<8 B@51>20=8O<8 8=4CF8@>20==KE B5E=8G5A:8E =>2>22545=89 A?@>A =0 B@C4 4>;65= 1C45B 2 4>;3>A@>G=>< ?;0=5 >A>15==> A8;L=> A>:@0B8BLAO (A<., =0?@8<5@: J. Hicks. Methods of Dynamic Economics, p. 154-158).  60-70-E 3>40E %8:A C65 =5 A>18@0;AO 873>=OBL B5>@5B8G5A:85 ?@54AB02;5=8O  HYPERLINK "http://www.ek-lit.agava.ru/bbsod.htm" \t "bb" e<-025@:0; B5?5@L >= ?>;030;, GB> 02AB@89A:0O B5>@8O =5 CH;0 2 ?@>H;>5. =0 =5 B>;L:> >1;0405B ?@>H;K<, 59 ?@54AB>8B 1C4CI55 (J. Hicks. The Austrian Theory of Capital and Its Rebirth in Modern Economics. - Carl Monger and the Austrian School of Economics. Oxford, 1973, p. 206). 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MB>9 AB0BL5 %8:A 4>;65= ?@87=0BL, GB> 2 ?>A;54=55 2@5<O 3>@87>=B D8A:0;L=>9 ?>;8B8:8 70BO38205BAO 3@>7>2K<8 BCG0<8; 45=56=>-:@548B=0O ?>;8B8:0, ?> 53> A;>20<, 3>@074> ;CGH5, G5< 1N465B=0O, ?@8A?>A>1;5=0 4;O B>3>, GB>1K ?5@540BL 2A5< ?@54?@8=8<0B5;O< :0:85-;81> A83=0;K E>7O9AB25==>9 8=D>@<0F88 [!<.: J. Hicks. 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"0: 8;8 8=0G5, 2 MB8E B@C40E =52>7<>6=> =09B8 2A5, G53> 1K =0< E>B5;>AL. 0;L@0A (Elements d'economie politiqae pure, 1874) >3@0=8G8;AO 3;02=K< >1@07>< ?>AB0=>2:>9 ?@>1;5<K. =0G5=85 53> :=838 25AL<0 B>G=> >B@065=> 2 A;54CNI59 F8B0B5 87 @01>BK 0@H0;;0 (:>B>@K9 O2=> 8<5; 2 284C 0;L@0A0): ;02=0O F5;L ?@8<5=5=8O G8AB>9 <0B5<0B8:8 2 M:>=><8G5A:8E 2>?@>A0E, >G5284=>, 70:;NG05BAO 2 B><, GB>1K A 55 ?><>ILN 8AA;54>20B5;L <>3 1KAB@>, :@0B:> 8 B>G=> 70?8AK20BL =5:>B>@K5 A2>8 <KA;8 4;O A0<>3> A51O 8 C4>AB>25@OBLAO 2 =0;8G88 C =53> 4>AB0B>G=KE, 8 B>;L:> 4>AB0B>G=KE, >A=>20=89 4;O A2>8E 2K2>4>2 (B. 5. 2 B><, GB> :>;8G5AB2> 53> C@02=5=89 =5 1>;LH5 8 =5 <5=LH5, G5< :>;8G5AB2> =58725AB=KE) [ HYPERLINK "http://www.ek-lit.agava.ru/marsod.htm" \t "m" . 0@H0;;. @8=F8?K ?>;8B8G5A:>9 M:>=><88. ". I, ., 1984, A. 49-50.].  459AB28B5;L=>, 2 1890 3. B5>@8O >1I53> @02=>25A8O 7=0G8;0 =5 <=>38< 1>;LH5 [4=0:> C65 ?@>AB>9 ?>4AG5B :>;8G5AB20 C@02=5=89 8 =58725AB=KE, ?@>2545==K9 2 A8AB5<0B8G5A:>9 D>@<5, 4020; =5<0;>. !<.  HYPERLINK "http://www.ek-lit.agava.ru/hiks015.htm" \t "h15" G0ABL IV =0AB>OI59 @01>BK, 0 B0:65 <>N AB0BLN Leon Walras. - Econometrica, 1934.]. 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"0:0O A8BC0F8O 8=B@83C5B <0B5<0B8:>2, => 2@O4 ;8 8<55B :0:>5-B> 7=0G5=85 A B>G:8 7@5=8O M:>=><8G5A:>9 B5>@88, ?>A:>;L:C 2A5 2>?@>AK, E>BO 1K 2 <0;59H59 AB5?5=8 A2O70==K5 A =59, <>3CB 3>@074> CA?5H=55 0=0;878@>20BLAO 4@C38<8 <5B>40<8. !<.: 035t>. Manuel..., @. 546-547; Economic mathematique. Encyclopedic des Sciences mathematiques, 1911, p. 597, 614. !@02=8B5;L=> =5402=> ?@>1;5<0 =5@5H05<>AB8 C@02=5=89 ?>;CG8;0 >A25I5=85 2 AB0BL5: N. Georgescu-R>5g5n. The Pure Theory of Consumer-Behaviour. - Q. J. ., August, 1936. ]. 0: 1K B> =8 1K;>, MB0 2>7<>6=>ABL 1K;0 0@5B> C?CI5=0. 5@2K<, :B> 2>A?>;L7>20;AO ?>4>1=>9 2>7<>6=>ABLN, 1K; @CAA:89 M:>=><8AB 8 AB0B8AB8: !;CF:89, >?C1;8:>202H89 2 1915 3. AB0BLN [. Slutsky. Sulla teoria del consumatore. - G. d. ., July 1915. !<. B0:65 AB0BLN: . G. D. Alien. Professor Slutsky's Theory of Consumer Choice. - Review of Economic Studies, 1936. ]2 8B0;LO=A:>< 6C@=0;5 Giornale degli Economisti. 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t =545;L A>25@H5==> >?@545;5==> ?@82>48B (157> 2AO:8E 8A:;NG5=89) : ?>2KH5=8N ?@81K;8, :>B>@CN ?;0=8@C5BAO ?>;CG8BL 2 (t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t =545;L (@5GL 845B > 25;8G8=5, =0 :>B>@CN =C6=> C<5=LH8BL ?>:C?0B5;L=CN A?>A>1=>ABL 45=53, GB>1K A45;0BL A:84:C A MB>9 AC<<K =0 t =545;L) A;54C5B AG8B0BL F5=>9 ?@81K;8, ?>;CG05<>9 2 (t+ 1) =545;N. @8 ?>2KH5=88 MB>9 =>@<K 48A:>=B0 =5>1E>48<> 3>2>@8BL > @>AB5 F5=K A>>B25BAB2CNI59 ?@81K;8. !;54>20B5;L=>, ?>42>4O 8B>3 >1AC645=8N 40==>3> A;CG0O, <>6=> A:070BL, GB> 1C45B =01;N40BLAO C25;8G5=85 ?@81K;8, :>B>@CN ?;0=8@C5BAO ?>;CG8BL 2 (t+ 1) =545;N, 0 B0:65 GB> MB> C25;8G5=85 AB0=5B 2>7<>6=K< 1;03>40@O 70<5I5=8N >1J5<>2 ?@81K;8, ?>;CG05<>9 2 4@C385 =545;8 (?@81K;L, ?>;CG05<0O 2 :0:CN-;81> >4=C =545;N, C25;8G8205BAO 70 AG5B 55 C<5=LH5=8O 2 4@C3CN) [#25;8G5=85 C1KB:>2 =C6=> @0AF5=820BL :0: A>:@0I5=85 ?@81K;8.]. @8 MB>< 2>7<>6=>-B0:8, GB> <564C >1J5<>< ?@81K;8, ?>;CG05<>9 2 (t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">B D0:B, GB> ?5@2K5 8AA;54>20=8O M:>=><8AB>2 2 >1;0AB8 48=0<8:8 ?@>2>48;8AL =0 B0:>9 =5CAB>9G82>9 >A=>25, >1JOA=O5B 2 7=0G8B5;L=>9 G0AB8 =01;N405<CN 2 =K=5H=5< AB>;5B88 ?CB0=8FC 2 >1;0AB8 45=56=>9 B5>@88. 0 A0<>< 45;5 :0: @07 ?5@54 =0G0;>< 25:0 8:A5;;L 2?5@2K5 C:07K20;, GB> 745AL GB>-B> =5 B0: [Goldziws und Guterpreise, 1898. 5@52>4 @01>BK =0 0=3;89A:89 O7K:, A45;0==K9 3-=>< 0=><, >703;02;5= "Interest and Prices". ]. @82545==>5 8:A5;;5< A>?>AB02;5=85 45=56=>9 =>@<K ?@>F5=B0 A 5AB5AB25==>9 =>@<>9, 2K@065==>9 @50;L=K<8 ?>=OB8O<8 (GB> 1K <K =8 4C<0;8 > <8AB8G5A:>< ?@>F5AA5 ?@54>AB02;5=8O 2 4>;3 @50;L=>3> :0?8B0;0 in natura), 2K405B =0<, GB> >= 4C<0; > A;CG05, :>340 M;0AB8G=>ABL >6840=89 @02=0 548=8F5. ;02=K9 4>2>4 8:A5;;O A2>48BAO, =5AB@>3> 3>2>@O, : A;54CNI5<C.  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