clarifying an aspect of what became known as the aggregation problem. The problem is most acute in measuring the capital stock by its market value for the real-world case of heterogeneous capital goods (for example, steel presses and shovels). He showed that if the price ratios between the goods (equal to their marginal rates of substitution in equilibrium) did not remain constant with additional capital, aggregation of capital-good values would not be a strictly valid measure of the capital stock. He also showed that there was no unambiguous way of measuring the "period of production" (proposed by Böhm-Bawerk) that would in general serve as a measure of the capital stock. From consumer equilibrium for an individual, the book aggregates to market equilibrium across all individuals, producers, and goods. In so doing, Hicks introduced Walrasian general equilibrium theory to an English-speaking audience. This was the first publication to attempt a rigorous statement of stability conditions for general equilibrium. In doing so, Hicks formalised comparative statics. The book synthesises dynamic-adjustment elements from Walras and Wicksell and from Marshall and Keynes. It distinguishes temporary, intermediate, and long-run equilibrium with expectations as to future market conditions affecting behaviour in current markets (Bliss, 1987, pp. 642–43). References J.R. Hicks (1939, 2nd ed. 1946). Value and Capital: An Inquiry into Some Fundamental Principles of Economic Theory. Oxford: Clarendon Press. _ (1932, 1963, 2nd ed.). The Theory of Wages. Macmillan. _ (1959). "A 'Value and Capital' Growth Model," Review of Economic Studies, 26(3), pp. 159–173. _ (1973). "Recollections and Documents," Economica, N.S., 40(157), pp. 2–11. Book reviews of Value and Capital: R. F. Harrod (1939). Economic Journal, 49(194), pp. 294-300. Albert Gailord Hart (1939). Journal of Farm Economics, 21(2), pp.513-515. Oskar Morgenstern (1941). "Professor Hicks on Value and Capital," Journal of Political Economy, 49(3), pp.361-393. Christopher Bliss, [1987] 2008. “Hicks, John Richard (1904–1989)," section 3, Value theory, The New Palgrave: A Dictionary of Economics. Abstract. Michel De Vroey (1999). "J. R. Hicks on Equilibrium and Disequilibrium: Value and Capital Revisited," History of Economics Review, 29(1), pp. 31–44. Meier Kohn (1994) "Value and Exchange," Cato Journal, 24(3). pp. 303–317 on Value and Capital vis-á-vis Paul A. Samuelson (1947), Foundations of Economic Analysis. Lionel W. McKenzie and Stefano Zannigli, ed. (1991). Value and Capital Fifty Years Later, including Roy Radner, "Intertemporal General Equilibrium,", pp. 427–460. Proceedings of a conference held by the International Economic Association at Bologna,Italy. Macmillan. Lloyd