This book assesses major schools of thought in macroeconomic theory between the Great Depression and the Long Recession, focusing on their analysis of cycles, crises and macro-policy. It explores the road from the dominance of Keynesian ideas to those of New Classical Macroeconomics (NCM) toward...

This paper traces the evolution of John Maynard Keynes’s theory of the business cycle from his early writings in 1913 to his policy prescriptions for the control of fluctuations in the early 1940s. The paper identifies six different “theories” of business fluctuations. With different...

Introduction -- From "just a simple farm-boy" to the Ivy League -- Foundations -- Building a Reputation at Minnesota -- Hansen and the New Deal Policies -- In the Service of the State: Unemployment Insurance, the Federal Reserve, & the Employment Act -- Later Trade Cycle Theory: Technical...