Austrian economist Ludwig Mises’s central role in the socialist calculation debates has been consensually acknowledged since the early 1920s. Yet, only recently, Nemeth, O’Neill, Uebel, and others have drawn particular attention to Mises’s pertinent encounter with one of the most colorful...

Translation of old economic doctrines into new technical frameworks led the profession to lose a valid theory of monetary non-neutrality. The theory relates to how additional money diffuses through the economy after entering at different points. Diffusion takes time, redistributes resources, and...

During the late-1940s and the early-1950s Milton Friedman favored a rule under which fiscal policy would be used to generate changes in the money supply with the aim of stabilizing output at full employment. He believed that the economy is inherently unstable because of endogenous movements in...

Robert W. Clower's article "A Reconsideration of the Microfoundations of Monetary Theory" (1967) deeply influenced the course of modern monetary economics. On the one hand, it revealed the deadlocks of Don Patinkin's project to integrate monetary and Walrasian value theory. On the other hand, it...

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...

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...

Oskar Lange's 1938 article "The Rate of Interest and the Optimum Propensity to Consume", is usually associated with the original IS-LM approach of the late 1930s. However, Lange's article was not only an attempt to illuminate Keynes's main innovations but the first part of a wide project that...

This draft chapter for the Elgar International Handbook on Teaching and Learning Economics is intended to give advice to instructors who might be teaching a history of economic thought course to undergraduates for the first time or who have perhaps been teaching for a while but would like to...

The work of Raúl Prebisch is typically summarized by two of his important contributions to development economics: the center-periphery paradigm together with his diagnosis of Latin America's development struggles. Recent investigations have, however, shed light on the nature of Prebisch's early...

This paper discusses the similarities and differences in the plurality of practices regarding the use of interviews by historians of economics - i.e., either the use of someone else's interviews as sources or the use of interviews conducted by the historian for her or his work.