8 Major Criticisms of Hick’s Theory of the Trade Cycle
The following points highlight the eight major criticisms of Hick’s theory of the trade cycle. Some of the criticisms are: 1. Founded on the Acceleration Principle in a Rigid Form 2. Assumption of a Constant Multiplier 3. Invalidity of the 'No Excess-capacity' Assumption 4. A Mechanical Explanation and Others. Hick’s Theory of Trade Cycle Criticism # 1. Founded on the [...]