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Hoover, Kevin D. - Center for the History of Political Economy - 2012

The potted histories of macroeconomics textbooks are typically Keynes-centric. Keynes is credited with founding … classical macroeconomics) to Keynes. The real story is more complicated and involves at least two distinct threads. Keynes was … central. Keynes’s vision of macroeconomics is better described as “medical.” It is based in human psychology and individual …

Persistent link: https://www.econbiz.de/10010711156

From Long-Run Utopia to Technical Expertise: Solow's Growth Model as a Multipurpose Design

Halsmayer, Verena - Center for the History of Political Economy - 2014

Combining concrete policy-oriented modeling strategies of World War II with what was received as traditional neoclassical theory, in 1956 Robert Solow constructed a simple, clean, and smooth-functioning “design” model that served many different purposes. As a working object it enabled...

Persistent link: https://www.econbiz.de/10010878263

The Genesis of Samuelson and Solow's Price-Inflation Phillips Curve

Hoover, Kevin D. - Center for the History of Political Economy - 2014

Samuelson and Solow in their 1960 paper in the American Economic Review: Papers and Proceedings were among the first economists to engage with Phillips’ famous unemployment/wage-inflation analysis, now referred to as the Phillips curve. They addressed the question of the relevance of...

Persistent link: https://www.econbiz.de/10010887051

Solow’s Harrod: Transforming Cyclical Dynamics into a Model of Long-run Growth

Halsmayer, Verena; Hoover, Kevin D. - Center for the History of Political Economy - 2013

Modern growth theory derives mostly from Robert Solow’s “A Contribution to the Theory of Economic Growth” (1956). Solow’s own interpretation locates the origins of his “Contribution” in his view that the growth model of Roy Harrod implied a tendency toward progressive collapse of the...

Persistent link: https://www.econbiz.de/10010671579

James Tobin and Modern Monetary Theory

Dimand, Robert W. - Center for the History of Political Economy - 2014

This paper examines the relationship of the monetary economics of James Tobin to modern monetary theory, which has diverged in many ways from the directions taken by Tobin and his associates (for example, moving away from multi-asset models of financial market equilibrium and from monetary...

Persistent link: https://www.econbiz.de/10010764308

Managing the Loss: How Pigou Arrived at the Pigou Effect

Takami, Norikazu - Center for the History of Political Economy - 2011

The Pigou effect was conceived to counter Keynes’s argument that a competitive economy could remain in the state of … high unemployment. Before he introduced this idea, Pigou had debated with Keynes the same question of whether an economy …

Persistent link: https://www.econbiz.de/10010720644

Was Harrod Right?

Hoover, Kevin D. - Center for the History of Political Economy - 2012

Persistent link: https://www.econbiz.de/10010720649

The Monetary Economy and the Economic Crisis

Laidler, David - Center for the History of Political Economy - 2011

analysis. Keynes's economics, far from being an aberration in the otherwise orderly evolution of modern macroeconomics from … trading at "false" prices, a phenomenon ruled out by assumption in dynamic general equilibrium models. Not only Keynes …

Persistent link: https://www.econbiz.de/10010720652

MIT's Openness to Jewish Economists

Weintraub, E. Roy - Center for the History of Political Economy

MIT emerged from “nowhere” in the 1930s to its place as one of the three or four most important sites for economic research by the mid-1950s. A conference held at Duke University in April 2013 examined how this occurred. In this paper the author argues that the immediate postwar period saw a...

Persistent link: https://www.econbiz.de/10010701101

In the Kingdom of Solovia: The Rise of Growth Economics at MIT, 1956-1970

Boianovsky, Mauro; Hoover, Kevin D. - Center for the History of Political Economy

From its flow tide, fueled by the Cold War, to its ebbing with the anti-growth movement and the economic crises of the early 1970s, the “growthmen” of MIT stood at the center of the dominant field in macroeconomics. The history of MIT growth economics is traced from Solow’s seminal...

Persistent link: https://www.econbiz.de/10010701103