Showing 1 - 10 of 118
It is generally accepted that F.A. Hayek gave up the business cycle as an object of theoretical investigation following the publication of 1941's The Pure Theory of Capital. The present paper aims to cast a shade of doubt upon this received view. Many of Hayek's philosophical writings bear...
Persistent link: https://www.econbiz.de/10011706943
My paper reconstructs the path of German economist Friedrich A. Lutz (1901−1975) to American economics. The correspondence with his former teacherWalter Eucken, the founder of the Freiburg School, constitutes a crucial and yet unexplored source for the paper. Through Lutz's case, I demonstrate...
Persistent link: https://www.econbiz.de/10012522554
Samuelson kept optimization-based problems separated from macroeconomic dynamics in his Foundations, where dynamics were defined in terms of difference and differential equations. Despite some criticism of his "correspondence principle" of stability analysis by D.F. Gordon, D. Patinkin and...
Persistent link: https://www.econbiz.de/10012003226
A.W.H. Phillips is little known to the economics profession today, except at the creator of the Phillips curve. Bollard's engaging biography tells the story of a provincial New Zealander and practical engineer, who emerges as a hero in World War II, and plots a spectacular rise from 3rd class...
Persistent link: https://www.econbiz.de/10011610247
Through this paper I try to join the lively debate around mainstream economics with a view to calling attention to some methodological aspects. It is aimed at outlining an interpretation based on Max Weber's traditional neoclassical methodology that can help us to find the adequate territory of...
Persistent link: https://www.econbiz.de/10011609829
Robert Lucas’ 1972 article on the neutrality of money represented the first effective challenge to Samuelson’s neoclassical synthesis methodological separation between static microeconomic optimization and macroeconomic dynamics. Lucas rejected disequilibrium price dynamics, as expressed by...
Persistent link: https://www.econbiz.de/10012622345
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 Phillips's...
Persistent link: https://www.econbiz.de/10010510926
The paper investigates the role played by Friedman’s interpretation of the Brazilian inflation in his 1967 formulation of the natural rate hypothesis and in his 1976 discussion of indexation and other institutional arrangements in the face of chronic inflation. It is argued that, as an...
Persistent link: https://www.econbiz.de/10011890130
Solow has repeatedly called for the development of models that combine equilibrium and out-of equilibrium outcomes or what he called a macroeconomics of the medium-run. This paper recounts the history of Solow's different attempts to address this issue. It starts in early 1950s when Solow...
Persistent link: https://www.econbiz.de/10011706942
I examine John Maynard Keynes' struggle with the doctrine of the classical forced saving during the period 1924-1936 from when he worked on A Treatise on Money to the completion of his General Theory. The forced saving notion has been developed as a key mechanism of how monetary expansion...
Persistent link: https://www.econbiz.de/10011707330