A British economist and one of the notable economists of the 20th century. Hicks received the 1972 Nobel Memorial Prize in Economics along with American economist Kenneth Arrow for developing the general equilibrium theory and welfare theory. During his career, he also conducted research on monetary policy, international trade, and development economics. He wrote the book Value and Capital in 1939 which focused on value theory and general equilibrium theory. He was also noted for contributing to the IS/LM model which identifies the connection between interest rates and real output, which was utilize to make subsequent models of aggregate demand and supply.