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Modeling Economic Instability - A History of Early Macroeconomics (Hardcover, 1st ed. 2022)
Loot Price: R3,049
Discovery Miles 30 490
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Modeling Economic Instability - A History of Early Macroeconomics (Hardcover, 1st ed. 2022)
Series: Springer Studies in the History of Economic Thought
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Total price: R3,069
Discovery Miles: 30 690
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This book offers a fresh perspective on the early history of
macroeconomics, by examining the macro-dynamic models developed
from the late 1920s to the late 1940s, and their treatment of
economic instability. It first explores the differences and
similarities between the early mathematical business cycle models
developed by Ragnar Frisch, Michal Kalecki, Jan Tinbergen and
others, which were presented at meetings of the Econometric Society
and discussed in private correspondence. By doing so, it
demonstrates the diversity of models representing economic
phenomena and especially economic crises and instability. Jan
Tinbergen emerged as one of the most original and pivotal
economists of this period, before becoming a leader of the
macro-econometric movement, a role for which he is better known.
His emphasis on economic policy was later mirrored in the United
States in Paul Samuelson's early work on business cycles analysis,
which, drawing on Alvin Hansen, aimed at interpreting the 1937-1938
recession. The authors then show that the subsequent shift in
Samuelson's approach, from the study of business cycle trajectories
to the comparison of equilibrium points, provided a response to the
econometricians' critique of early Keynesian models. In the early
1940s, Samuelson was able to link together the tools that had been
developed by the econometricians and the economic content that was
at the heart of the so-called Keynesian revolution. The problem
then shifted from business cycle trajectories to the disequilibrium
between economic aggregates, and the issues raised by the global
stability of full employment equilibrium. This was addressed by
Oskar Lange, who presented an analysis of market coordination
failures, and Lawrence Klein, Samuelson's first PhD student, who
pursued empirical work in this direction. The book highlights the
various visions and approaches that were embedded in these
macro-dynamic models, and that their originality is of interest to
today's model builders as well as to students and anyone interested
in how new economic ideas come to be developed.
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