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Between Pigou and Keynes : champernowne on employment and expectations

Boianovsky, Mauro - 2017

The paper investigates Champernowne's 1936 attempt to sort out the debate between Pigou (1933) and Keynes (1936) about … employment determination. Champernowne agreed with Keynes that workers can only bargain for a money-wage, but argued that, to the …

Persistent link: https://www.econbiz.de/10011760014

Man and machine in macroeconomics

Hoover, Kevin D. - 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/10011708002

The genesis of Samuelson and Solow's price-inflation Phillips Curve

Hoover, Kevin D. - 2014 - Rev.

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

Evsey Domar and Russia

Boianovsky, Mauro - 2021

The paper discusses Evsey Domar's role as a link between economics in the West and in Russia. The Russian heritage he brought with him from Harbin (Manchuria) to the US consisted of an interest in socialism and Russian history. He paid close attention to the 1947 Varga controversy in the USSR....

Persistent link: https://www.econbiz.de/10012515223

Lucas' expectational equilibrium, price rigidity, and descriptive realism

Boianovsky, Mauro - 2021 - This version, September 2021

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

Domar, expectations, and growth stabilization

Boianovsky, Mauro - 2020 - First preliminary draft, August 2020

Evsey Domar put forward in a couple of articles in the 1940s a "guaranteed income growth proposal." For the first time in macroeconomics, economic policy was supposed to work merely through the impact of its announcement on expectations. He claimed that optimistic expectations of income growth...

Persistent link: https://www.econbiz.de/10012257524

Managing the loss : how Pigou arrived at the Pigou effect

Takami, Norikazu - 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/10011642553

Beyond capital fundamentalism : Harrod, Domar and the history of development economics

Boianovsky, Mauro - 2015 - Second draft (December 2015)

The origins of "capital fundamentalism' - the notion that physical capital accumulation is the primary determinant of economic growth - have been often ascribed to H arrod's and Domar's proposition that the rate of growth is the product of the saving rate and of the output-capital ratio. I t is...

Persistent link: https://www.econbiz.de/10011600579

Modeling economic growth : Domar on moving equilibrium

Boianovsky, Mauro - 2015 - Sixth draft (November 2016)

The paper investigates Evsey's Domar's introduction of the rate of growth as a variable in economics in the 1940s and 1950s . Domar investigated the nature of what he called the "moving equilibrium" of ec onomic processes with infinite duration. Reactions to Domar' s approach at the time brought...

Persistent link: https://www.econbiz.de/10011600630

A review of James Forder's "Macroeconomics and the Phillips curve myth"

Hoover, Kevin D. - 2015

Persistent link: https://www.econbiz.de/10011602776