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This book follows the intellectual path of Franco Modigliani, Nobel
Prize winner and one of the most influential Keynesian economists
of the twentieth century, tracing his development and examining the
impact of his research. The book begins with Modigliani's early
work as a young law student in 1930s Italy and traces his
development through his emigration to the US, his introduction to
Keynes' General Theory at the New School, and his seminal 1944
article on Keynesian and classical economics. The book also
examines Modigliani's pioneering theory of savings: the life-cycle
hypothesis (with Richard Brumberg), and the Modigliani-Miller
theorem, a cornerstone of modern theory of finance. The book argues
that although Modigliani is placed amongst the most prominent
Keynesian economists, his connections with Keynesian theory are of
secondary importance until the beginning of the 1960s when he
joined MIT. This is the first book to place Modigliani's thought in
its proper historical context, showing how it related to wider
economic concerns and examining the social and political
implications of his work. It will be of interest to scholars in the
history of economic thought, and especially post-war American
Keynesian economics.
This book follows the intellectual path of Franco Modigliani, Nobel
Prize winner and one of the most influential Keynesian economists
of the twentieth century, tracing his development and examining the
impact of his research. The book begins with Modigliani's early
work as a young law student in 1930s Italy and traces his
development through his emigration to the US, his introduction to
Keynes' General Theory at the New School, and his seminal 1944
article on Keynesian and classical economics. The book also
examines Modigliani's pioneering theory of savings: the life-cycle
hypothesis (with Richard Brumberg), and the Modigliani-Miller
theorem, a cornerstone of modern theory of finance. The book argues
that although Modigliani is placed amongst the most prominent
Keynesian economists, his connections with Keynesian theory are of
secondary importance until the beginning of the 1960s when he
joined MIT. This is the first book to place Modigliani's thought in
its proper historical context, showing how it related to wider
economic concerns and examining the social and political
implications of his work. It will be of interest to scholars in the
history of economic thought, and especially post-war American
Keynesian economics.
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