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...

The paper investigates Champernowne's 1936 attempt to sort out the debate between Pigou (The theory of unemployment. Macmillan, London, 1933) and Keynes (The general theory of employment, interest and money. Macmillan, London, 1936) about employment determination. Champernowne agreed with Keynes...

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 extent that workers' (adaptive) price...

Erik Lindahl's approach to macroeconomics focused on the non-neutrality of monetary policy (in the short and the long run) and on the denial of the existence of natural rates of interest and unemployment. From the 1920s until his death in 1960, Lindahl advocated the use of norms for monetary...

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...

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 extent that workers' (adaptive) price...