John Hicks

IS-LM framework; compensating variation.

British economist and Nobel laureate (1972, shared with Kenneth Arrow), associated with Oxford and the London School of Economics. His 1937 paper 'Mr. Keynes and the Classics' gave the IS-LM diagram its canonical form. His 1939 book Value and Capital established Hicksian (compensated) demand and the concept of compensating variation, reshaping welfare economics.