On the occasion of the centennial of his mentor Alvin Hansen, Paul Samuelson published in 1988 a modified version of his seminal 1939 multiplier-accelerator model with the specific aim to address aspects of Hansen's secular stagnation hypothesis. The "Keynes-Hansen-Samuelson" model (or KHS, as...

The paper presents a survey of the complex relation between the production of primary commodities and economic growth throughout the history of economic thought. Some of the main topics investigated are: the apparent contrast between the theoretical advantages of natural wealth and the...

Lewis argued that his 1954 model of economic development in a dual economy was based on the classical framework originally advanced by Smith, Malthus, Ricardo and Marx. The present paper provides a detailed investigation of how Lewis adopted and adapted classical concepts such as...

Lewis claimed that his 1954 model of economic development in a dual economy was based on the classical framework originally advanced by Smith, Malthus, Ricardo and Marx. The present paper provides a detailed investigation of how Lewis adopted and adapted classical concepts such as...

Knut Wicksell's concept of the natural (or neutral) rate of interest, introduced between the end of the 19th and beginning of the 20th centuries, has played an important role in modern monetary macroeconomics, especially after the development of inflation targeting policy in the 1990s. More...

Don Patinkin regarded himself a Keynesian economist, in the sense that he did not believe that the automatic market mechanism of price change efficiently leads the economy to its full-employment path. In his 1956 Money, Interest and Prices Patinkin advanced an interpretation of Keynesian...