Neoclassical synthesis

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perspective. Since macroeconomics emerged as a distinct field of study, how to reconcile these two economic visions—one founded on Adam Smith's invisible hand and Alfred Marshall's supply and demand curves, the other on Keynes's analysis of an economy suffering from insufficient aggregate demand—has been a profound, nagging question. The 'neoclassical-Keynesian synthesis,' as it is frequently referred to, was supposed to have reconciled these ideas by early Keynesians like Samuelson, Modigliani, and Tobin. These economists thought that while the Keynesian description of the invisible hand may paralyze it in the short run was true, the classical theory of Smith and Marshall was correct in the long run.

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synthesis, the economy operates according to the principles of neoclassical economics in the long run, but in the short run, Keynesian policies can be effective in stimulating economic growth and reducing unemployment. The synthesis also emphasized the importance of monetary policy in controlling inflation and maintaining economic stability. Overall, the neoclassical synthesis was a significant development in the field of macroeconomics, as it brought together two previously competing schools of thought and created a more comprehensive theory of the economy.

3521: 5465: 3485: 3510: 808: 1071:(1937), is a tool for analysis that aims to condense a complex text like the GT into a straightforward model of three markets, one of which is residual. The LM curve depicts the equilibrium in the money market and uses output as an exogenous variable, while the IS curve portrays equilibrium in the goods market using the interest rate as an exogenous variable. Output and interest rate are determined by the junction of the IS and LM. 1171:(1952) each made a unique contribution from the perspective of an inventory to the theory of money demand. These theories assume that money serves primarily as a means of trade and that bonds serve as a store of value. According to this hypothesis, families decide how to allocate their wealth by holding some in cash and some in various assets that generate interest. This choice is based on risk, performance, and liquidity. 820: 1519:

to include shocks, empirics exposed the main flaw that lay in the core of the theory: the asymmetry of considering individual agents as highly rational but markets as inefficient (particularly labour markets). R. Lucas and T. Sargent highly criticized the theory, claiming that predictions were widely incorrect, and "that the doctrine on which they were based was fundamentally flawed is now a simple matter of fact".

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countries should produce mainly goods and services in which they have apparent advantage against other countries (they can produce at a lower cost) and then trade with other countries goods and services that they are not capable of producing at such a productive level. If all countries involved followed this theory, it will lead to a more efficient allocation of resources and increased output and welfare.

1331:, the market economy, based on the reasons described by J. Keynes, cannot provide full employment on its own. But if monetary and fiscal policy is used to tackle underemployment, it will put the economy on a trajectory that applies the principles of classical equilibrium analysis to explain relative prices and resource allocation. The broader neo-Keynesian intellectual program would eventually produce 1406: 1327:. According to Samuelson, the neoclassical synthesis should have become a new general economic theory, that could unite positive aspects of previous economic research and become a consensus, over which all members of the economic community believed that the active fiscal and monetary interventions can be used for stabilizing economy and ensuring full employment. Following 1471: 1612:. Firms will then hire additional workers until they get to the point where marginal product of labor is at the same or lower values than the wage rate. From this idea, the firm will maximize their profit. For this reason, when the demand for goods and services increases, or increase in productivity happens, we will also acknowledge an increase in the 1564:

demand in the short run. This leads to an impact on the level of output and employment in the economy.It also acknowledges that government spending or changes in money supply will not have in a long run any impact on real economic variables like employment and output, because prices and wages will shift to restore equilibrium.

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As the scientific success of the neoclassical synthesis was largely due to its empirical success, this stagflation led to a collapse of the consensus around the neoclassical synthesis and it was attacked for its inability to explain events. Although neoclassical synthesis models were further expanded

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model, an individual plans a steady level of consumption in relation to permanent income, which is defined as the average of current income and future income that the agent anticipates receiving over the course of his lifetime. Despite the uncertainty surrounding future income, the model includes the

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puts special attention on how income changes over the course of an agent's life. The person wants to maintain a steady level of consumption, therefore while he is young and has a low income, he typically borrows because he anticipates having larger wages during his productive era of life. The person

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could explain the short-term consequences of both economic disruptions and policy changes, before prices and wages had much time to react. The 'neoclassical synthesis' allowed postwar Keynesians to maintain that there was no fundamental incompatibility between microeconomic and macroeconomic theory.

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or efficiency wages, which may prevent the labor market from reaching equilibrium even in longer period of time. In these situations, government can help, specifically their policies that try to promote competition, information dissemination, flexibility. These three policies may help to facilitate

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Through the 1950s, moderate degrees of government-led demand in industrial development and use of fiscal and monetary counter-cyclical policies continued and reached a peak in the "go go" 1960s, where it seemed to many neo-Keynesians that prosperity was now permanent. By the beginning of 1970s, the

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as relating to short-run fluctuations and general equilibrium theory as applying to long-run difficulties where adjustment problems could be safely neglected because wages were widely believed to be less than totally flexible in the short term. The "neoclassical synthesis" is the name given to this

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to stimulate economic activity and reduce unemployment. However, neoclassical economists argued that Keynesian policies could lead to inflation and other economic problems. They believed that markets would eventually adjust to restore equilibrium, and that government intervention could disrupt this

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Neoclassical synthesis suggests that in the long run, free trade would be beneficial for most of the countries. It has a simple reasoning such that it allows resources to be allocated more efficiently, therefore it leads to countries having higher productivity and innovation. It also suggests that

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In the area of macroeconomic policy, particularly monetary and fiscal policy, is where the application of neoclassical synthesis has been the most apparent. It argues that changes in money supply through monetary policy or government spending and taxation through fiscal policy can affect aggregate

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concepts. Thus, most models of neoclassical synthesis have been labelled as "pragmatic macroeconomics". Neo-Keynesians generally looked at labor contracts as sources of wage stickiness to generate equilibrium models of unemployment. Their efforts resulted in the development of the IS–LM model and

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The neoclassical synthesis has been called out in recent years by many scholars for not taking into consideration issues such as income inequality, environmental sustainability, and the distributional effects of globalization. Research shows that the whole theory emphasis on efficiency gains may

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The neoclassical synthesis is a macroeconomic theory that emerged in the mid-20th century, combining the ideas of neoclassical economics with Keynesian economics. The synthesis was an attempt to reconcile the apparent differences between the two schools of thought and create a more comprehensive

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Families must "trade-off" between the return they miss out on and the costs of selling other assets to get the money they need for their transactions. The process of exchanging money for bonds and vice versa is permanent and creates transaction costs. Over the course of a particular period, the

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In the short run, it may cause that some workers and industries will experience dislocation and hardship as a result of increased competition from foreign firms. This situation could lead to workers losing their jobs and decrease in wages for certain industries, particularly those that are not

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that has put the Keynesian theory into the more traditional terms of a simplified general equilibrium model with three markets: goods, money, and financial assets. This work marked the beginning of neo-Keynesian macroeconomics. Later, in the 1940s–1950s, the ideas of J. Hicks were supported by

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developed the neoclassical synthesis, which attempted to reconcile these two schools of thought. The neoclassical synthesis emphasized the role of market forces in the economy, while also acknowledging the need for government intervention in certain circumstances. According to the neoclassical

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Stagflation meant that both expansionary (anti-recession) and contractionary (anti-inflation) policies had to be applied simultaneously, a clear impossibility. This produced a "policy bind" and the collapse of the neoclassical-Keynesian consensus on the economy, leading to the development of

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All of these quotes point to the same conclusion: the concern of the neoclassical synthesis is the relationship between the short and long periods, the first of which is the area of study of Keynesian theory because it is characterized by stickiness and market non-clearing, and the latter by

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competitive globally. To minimalize these issues, the neoclassical synthesis suggests that governments could assist affected industries and workers with helpful policies. One of them is income support that would help the workers to face the salary reduction or retraining programs. In the

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There was still a gap after the IS-LM-Phillips curve model became widely accepted as the unit of analysis in macroeconomic theory: putting numbers on variables like the marginal propensity to consume, the propensity to invest, or the sensitivity of money demand to interest rates, so that

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It was maintained that the traditional theory of general competitive equilibrium, once wages and prices had sufficiently had time to adjust to clear markets, would accurately describe the determination of prices and quantities in the long run. At the same time, it was suggested that the

1160:. If it is higher than 1, their replacement cost is larger than their stock price on the financial market. In order for the business to profitably raise its investment, shares may be issued. Other insights into financial markets have been developed using Tobin's theory as a foundation. 1454:

in 1944 elaborated on J. Hicks publication, expanding the IS-LM scheme by incorporating the labor market into the model. P. Samuelson coined the term "neoclassical synthesis" in 1955 and put much effort into building and promoting the theory, in particular through his influential book

1627:. Nonetheless, the exact opposite can happen, resulting in workers choosing to work less and consume more leisure. From all these relations, we can conclude that the supply of labor is related to the wage rate in a positive manner, but negatively for the opportunity of leisure. 1630:

In conclusion, the neoclassical synthesis argues that over time in a competitive labor market, wages and employment levels will simply adjust to reach their equilibrium. Only problem this faces is that in short run there might be some issues connected to minimal wage law,

1467:"), that reconciled the competing economics of J.M. Keynes and neoclassical school by placing the neoclassical theory of price and income formation in the context of market competition with Keynesian macroeconomics as a theory of government intervention. 1382:

Implication of very active interventionist state: besides the Keynesian macro-economic policy and traditional regulatory and antitrust activities in troublesome areas of industrial organization, it also implies active state participation in areas of

1490:(1949), the clarification of the role of the rigidity of nominal wages in the Keynesian model in the work of F. Modigliani (1944), the identification of the importance of the wealth effects and the role of public debt in the work of 951:

and low level of inflation via the measures suggested by the school. The result would be a series of new ideas to bring tools to macroeconomic analysis that would be capable of explaining the economic events of the 1970s. Subsequent

1230:"dis-saves" when he reaches old age and his income is below his level of consumption expenditures. It is necessary to presuppose the presence of a sophisticated financial system with open access for this system to function. 1030:

had significant advancements between 1940 and 1970; as a result, Blanchard refers to this time as the "golden age" of macroeconomics. Major strides have also been achieved in the analysis of the three behavior

1601:, neoclassical synthesis focuses on employment levels and how the wages are determined in a competitive labor market. According to this theory, the determination of wages is the intersection of the demand and 1003:

and the neoclassical general equilibrium theory could be seen as true, albeit incomplete, descriptions of economic reality. It was created, among others, in the first decade following Keynes' writing, by

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An economic management is considered as a search for the appropriate mix of monetary and fiscal policies, with relative weight of them being based on the relative elasticities of the IS and LM curves.

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Dynamic theories: price adjustments toward equilibrium after shocks realization, with prices moving in the direction of excess demand functions proportionally to the functions' magnitudes.

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macroeconomic forecasts could be made or economic policy combinations could be simulated. In other words, they needed to test the key theories deduced from the models. In the early 1950s,

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family spends a certain amount of money for its expenses. When it runs out, it returns to the bank for an equivalent amount. The demand for money increases as the price rises.

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rates drive increased nominal salaries, which are linked to rising prices since they represent the labor costs of the average business. The idea of expectations on the

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can be replaced by a model of explicit nominal price and wage-setting with saving most of the traditional results, these two schools would come together to create the

1214:(1954, 1963), with the theory of consumption based on the life cycle hypothesis, represented a significant advance in the study of the determinants of consumption. 1024:

flexibility and market clearing. Here, in contrast to Samuelson's statements, the focus is more on theoretical advancements than on a consensus regarding policy.

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rate was also introduced as wage negotiations between employers and employees take into consideration agents' inflation expectations. Finally, the idea of the "

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of leisure and the wage rate. When there is an increase in wage rate, it implies that workers are willing to do more work and it ends by them entering the

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book "Understanding Global Trade", he helps root out this problem and overall issues regarding neoclassical synthesis and its application on global trade.

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overlook these critical problems and scholars ask for more detailed and nuanced approach to understanding how globalization and trade truly works.

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research program formulated after WWII was generally completed, and the neoclassical synthesis had proved to be very successful. However, with the

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work on balance-of-payments crises is one of the examples how the neoclassical synthesis has been applied to finance and international trade.

1047:. In an additional effort to quantify the hypotheses derived from theoretical models, macro-econometric models were created. In addition, the 999:, and particularly in America, the "neoclassical synthesis" became the dominant viewpoint. The neoclassical synthesis suggested that both the 1306:(investment saving–liquidity preference money supply) first presented by John Hicks in a 1937 article. It continued with adaptations of the 1241:

provided the framework for synthesizing a host of economic ideas present between 1900 and 1940 and that synthesis bears his name, known as

1156:(the stock market). The business can determine the ideal time to issue shares to finance a new investment project by keeping an eye on the 964:

foundations, incorporating traditionally Keynesian and neoclassical characteristics respectively. These schools eventually came to form a "

1113:, made it possible to ascertain the macroeconomist's primary interest variables: output, employment, interest rates, and inflation rates. 1102:

and the idea that it may temporarily lower unemployment at the expense of higher inflation prevailed in the Keynesian analysis framework.

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Following the emergence of the new Keynesian school in the 1970s, neo-Keynesians have sometimes been referred to as "Old-Keynesians".

912:(1948), who dominated economics in the post-war period and formed the mainstream of macroeconomic thought in the 1950s, 60s, and 70s. 2864: 4669: 1245:. The first generation of neo-Keynesians was focused on unifying the ideas into workable paradigms, combining them with ideas from 947:

cast doubt on neo-Keynesian conceptions of monetary theory. The conditions of the period proved the impossibility of maintaining

5016: 4791: 384: 160: 1729: 1515:": high and rising unemployment, coupled with high and rising inflation, contradicting the Phillips curve's normal behaviour. 1344:

Firms and individuals are considered as largely rational, and their behavior can be studied by standard microeconomic methods.

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The interpretation of J. Keynes suggested by neoclassical synthesis economists is based on the mixture of basic features of

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There is no automatic labor market equilibrium condition implied, but this equilibrium can be achieved through appropriate

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The existence of an inverse link between the growth rate of nominal wages and the unemployment rate was also discovered by

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On the other hand, talking about supply of labor. This variable is determined by tradeoff between two variables: the

1078:(1958)as an empirical regularity. Later, it was discovered that this association was caused by the fact that reduced 1482:

Many breakthroughs in the development of neoclassical synthesis had happened by the 1950s, with the creation of the

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The specifics of how one got from the Keynesian short run to the "classical" long run were not really worked out.

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model of markets to Keynesian theory. It represents incentives and costs as playing a pervasive role in shaping

4070: 3394: 3048: 2889: 1375:: prices adjust to excess demand or supply along the lines of the dynamic processes of adjustment suggested by 5404: 5209: 5006: 4040: 4030: 3723: 3001: 2857: 1126: 567: 374: 4251: 2595: 5492: 5142: 5130: 4662: 4190: 4163: 3342: 3252: 1645: 1524: 1087: 1075: 957: 506: 494: 5028: 4857: 4781: 4709: 4617: 4598: 4175: 4020: 3986: 3971: 3950: 3945: 2894: 396: 226: 150: 78: 1350:

still matter; they are perceived as the main source of movements in aggregate demand through investment.

5152: 5135: 5011: 4592: 4168: 3858: 3848: 1650: 1544: 1418: 1122: 968:", analogous to the neoclassical one, that currently underpins the mainstream of macroeconomic theory. 965: 516: 499: 379: 20: 1459:, first published in 1948. One of the main contributions of P. Samuelson made in the first edition of 935:

A series of developments occurred that shook the neoclassical synthesis in the 1970s as the advent of

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The term "neoclassical synthesis" appears to be coined by Paul Samuelson in his influential textbook

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An important role is devoted to the empirical studies of the impact of different economic policies.

977: 590: 555: 391: 4326: 2101:"I Discovered the Phillips Curve: "A Statistical Relation between Unemployment and Price Changes"" 5468: 5202: 5118: 5113: 5081: 4655: 4276: 4110: 4100: 4090: 4080: 3818: 3808: 3768: 3758: 3631: 3552: 3520: 3299: 3187: 3082: 1528: 1347: 1261:

Static theories: equilibrium is described as a result of actions of rational price-taking agents;

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of individual demand, which isolates how prices (as costs) and income affect quantity demanded.

1140:(1969) is exceptional in the study of factors influencing investment because it popularized the 5451: 5185: 4991: 4986: 4971: 4938: 4796: 4446: 4291: 4151: 4050: 4013: 3763: 3703: 3678: 3648: 3621: 3409: 3129: 2957: 1353:

Prices and wages do not adjust quickly to clear markets; thus, markets cannot be considered as

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Much of neo-Keynesian economic theory was developed by leaders of economic profession, such as

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http://scholar.harvard.edu/files/mankiw/files/macroeconomist_as_scientist.pdf?m=1360042085

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believed that this variable was only associated with current income, the developments of

1199: 1000: 880: 760: 637: 472: 434: 175: 138: 5244: 4226: 3658: 2771: 1815: 1724:

Modigliani, Franco (1944). Liquidity preference and the theory of interest and money,"

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Blanchard, Olivier Jean (1991), Eatwell, John; Milgate, Murray; Newman, Peter (eds.),

984:, and Michael Woodford's writings, are presented here for the reader's consideration: 5446: 5434: 5379: 5219: 5214: 4928: 4852: 4476: 4451: 4361: 4241: 4129: 3932: 3868: 3833: 3823: 3693: 3374: 3369: 3357: 3352: 3224: 3214: 3134: 3077: 3021: 2747: 2726: 2696: 2647: 2623: 2609: 2565: 2524: 2489: 2479: 2446: 2411: 2364: 2303: 2253: 2249: 2219: 2172: 2132: 2120: 2064: 1887: 1831: 1451: 1443: 1307: 1277: 1226: 1211: 905: 787: 775: 732: 577: 572: 296: 221: 5294: 4401: 2237: 1899: 1257:

started the program of neoclassical synthesis, outlining two main objects of study:

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http://www.richmondfed.org/publications/research/working_papers/1998/pdf/wp98-5.pdf

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Hicks, J. R. (1937). "Mr. Keynes and the “Classics”; A Suggested Interpretation,"

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The Keynesian school of economics had gained widespread acceptance during the

617: 5481: 5364: 5349: 5324: 5309: 5304: 5299: 5274: 5269: 4918: 4879: 4776: 4516: 4506: 4481: 4421: 4416: 4411: 4391: 4381: 4351: 4341: 4246: 4146: 4119: 3883: 3465: 3421: 3384: 3314: 3289: 3199: 3097: 3043: 3038: 2651: 2415: 2223: 2176: 2124: 1891: 1602: 1598: 1491: 1365: 1149: 961: 876: 717: 702: 677: 662: 657: 652: 627: 622: 286: 248: 145: 2392:"Wage Flexibility and the Stability Arguments of the Neoclassical Synthesis" 1867: 5384: 5329: 5289: 5061: 4933: 4899: 4889: 4847: 4724: 4719: 4546: 4491: 4386: 4376: 4371: 4296: 4141: 3666: 3594: 3264: 3204: 2952: 2910: 2473: 2289: 1883: 1632: 1613: 1574: 1495: 1487: 1293: 1281: 1157: 1095: 1079: 928: 812: 737: 682: 642: 429: 301: 268: 258: 216: 93: 88: 2299: 2200:"Tests of the Life Cycle Hypothesis of Savings: Comments and Suggestions1" 5389: 4884: 4869: 4521: 4511: 4301: 4180: 4124: 3599: 3416: 3304: 3229: 3146: 3065: 3058: 2915: 2204:

Bulletin of the Oxford University Institute of Economics & Statistics

1961:. Federal Reserve Bank of Richmond. Working papers. June 1997. No. 98–5. 1712: 1624: 1512: 1303: 1289: 1164: 1137: 1048: 981: 936: 742: 253: 238: 1222:

development of expectations as a crucial component for its application.

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After the Revolution: Paul Samuelson and the textbook Keynesian model

2641: 2325:(1937). "Mr. Keynes and the 'Classics': A Suggested Interpretation," 2152: 1192: 1178: 1091: 1083: 872: 770: 612: 243: 128: 83: 2597:

The Age of Fragmentation: A History of Contemporary Economic Thought

2478:. Murray Milgate, Peter Newman. London: Palgrave Macmillan Limited. 2168: 2100: 1999: 1511:

and the economic problems of the 1970s, many economies experienced "

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The development of the neoclassical synthesis started in 1937 with

1148:. The q's Tobin ratio measures the difference between the value of 1141: 1051:

was created at the same time to explore the factors that influence

3509: 2842: 2355:, Berlin, Heidelberg: Springer Berlin Heidelberg, pp. 61–80, 2056: 1498:

clarification of the structure of the macroeconomic model (1956).

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at replacement cost and the cost of acquiring the company on the

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Modern Macroeconomics: Its Origin, Development and Current State

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The New Neoclassical Synthesis and The Role of Monetary Policy

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is used to analyze the effect of demand shocks on the economy.

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Extensive use of mathematics as a tool for economic analysis.

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and other versions of Keynesian macroeconomics in the 1960s.

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idea, which is based on the expected present value of future

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Convergence in Macroeconomics: Elements of the New Synthesis

1553: 2772:"Neoclassical Economics: What It Is and Why It's Important" 927:

In the 1950s and 1960s, economists like Paul Samuelson and

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The Economics of Keynes: A new guide to the General Theory

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De Vroey, Michel; Duarte, Pedro Garcia (January 1, 2013).

1296:. The process began soon after the publication of Keynes' 971: 3033: 2153:"The Interest-Elasticity of Transactions Demand For Cash" 1379:

in «Foundations of Economic Analysis» (Samuelson, 1947).

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Chapter 1. Snowdon, Brian and Vane, Howard R., (2005).

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In parallel, significant advancements in the theory of

19:

For the contemporary consensus in macroeconomics, see

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Krugman, Paul (1983). "Balance-of-payments crises".

2049:"Inflexible Relative Prices and Price Level Inertia" 2023:"In Search of Lost Time: The Neoclassical Synthesis" 1868:"In search of lost time: the neoclassical synthesis" 1547:

that forms the basis of mainstream economics today.

886:

The General Theory of Employment, Interest and Money

2556:, London: Palgrave Macmillan UK, pp. 205–241, 2198:MODIGLIANI, FRANCO; ANDO, ALBERT K. (May 1, 2009). 1923:

http://www.columbia.edu/~mw2230/Convergence_AEJ.pdf

1822:, London: Palgrave Macmillan UK, pp. 504–510, 2679:Lucas, Robert; Sargent, Thomas (August 29, 1997), 1953: 1951: 1928: 1692:. "The Macroeconomist as Scientist and Engineer". 1179:Macroeconomic principles underlying microeconomics 960:economists strived to provide macroeconomics with 2515:, London: Palgrave Macmillan UK, pp. 30–48, 2437:, London: Palgrave Macmillan UK, pp. 30–48, 2390:Flaschel, Peter; Franke, Reiner (February 1996). 5479: 1463:was the 45-degree diagram (frequently known as " 2238:"Utility Analysis and the Consumption Function" 2021:de Vroey, Michel; Duarte, Pedro Garcia (2013). 1948: 2389: 2197: 2020: 1913: 1911: 1909: 1865: 1195:preference were made in specialized journals. 4663: 3553: 2858: 2746:. Edward Elgar Publishing. pp. 2–3, 31. 1558: 844: 2678: 2664:: CS1 maint: multiple names: authors list ( 1981: 1939:The Macroeconomist as Scientist and Engineer 2594:Roncaglia, Alessandro (November 30, 2019). 1906: 1105:These fundamental tools, which combine the 919:, as governments used deficit spending and 4670: 4656: 3560: 3546: 2865: 2851: 2600:(1 ed.). Cambridge University Press. 1567: 851: 837: 2593: 2506: 2428: 2242:The Collected Papers of Franco Modigliani 2046: 1813: 1750: 1554:Application of the neoclassical synthesis 1426:other formal modelling of Keynes' ideas. 1058: 1982:Howitt, Peter; McAfee, Randolph (1987). 1469: 1404: 1049:Solow neoclassical economic growth model 871:is an academic movement and paradigm in 2810: 2788: 2549: 2471: 1957:Goodfriend, Marvin and King, Robert G. 1762:The History of Economic Thought Website 972:Emergence of the neoclassical synthesis 5480: 4792:Measures of national income and output 2830: 2769: 2509:"The Neoclassical Synthesis in Crisis" 2431:"The Neoclassical Synthesis in Crisis" 2353:Macroeconomic Policy and Public Choice 2346: 2287: 2157:The Review of Economics and Statistics 2146: 2144: 2142: 2098: 1758:"The Neoclassical-Keynesian Synthesis" 1314:. An immediate example of this is the 1163:However, in the area of money demand, 976:Several of these accounts, taken from 161:Measures of national income and output 16:Postwar academic movement in economics 4651: 3541: 2846: 2826: 2824: 2822: 2806: 2804: 2765: 2763: 2741: 2635: 2633: 2589: 2587: 2291:Keynes and the Neoclassical Synthesis 2283: 2281: 2279: 2277: 2275: 2216:10.1111/j.1468-0084.1957.mp19002002.x 2150: 2042: 2040: 1809: 1807: 1805: 1803: 1698:. Vol. 20, No. 4 (Fall, 2006), p. 35. 3496: 1861: 1859: 1857: 1855: 1853: 1801: 1799: 1797: 1795: 1793: 1791: 1789: 1787: 1785: 1783: 1695:The Journal of Economic Perspectives 1685: 1683: 1608:The demand of labor is derived from 1531:. Through the work of those such as 1233: 1133:were the first to create this task. 875:that worked towards reconciling the 3637:Agent-based computational economics 2872: 2139: 1098:were seen as passing trends. Thus, 13: 4677: 2819: 2801: 2791:Journal of International Economics 2760: 2630: 2584: 2553:Why Economics is not yet a Science 2408:10.1111/j.1467-999X.1996.tb00384.x 2272: 2037: 1872:The B.E. Journal of Macroeconomics 1539:(1980), who demonstrated that the 1338: 900:It was formulated most notably by 14: 5504: 2835:. South-Western Cengage Learning. 2770:Kenton, Will (January 14, 2023). 2288:Togati, Dario (August 20, 1998). 1850: 1780: 1680: 5464: 5463: 4095:neoclassical–Keynesian synthesis 3519: 3508: 3495: 3484: 3483: 2681:"After Keynesian macroeconomics" 2507:Stanfield, James Ronald (1995), 2429:Stanfield, James Ronald (1995), 2047:Blanchard, Olivier (June 1983). 1764:. The New School. Archived from 1715:–159. Retrieved 17 January 2022. 1663:History of macroeconomic thought 1592: 869:neoclassical–Keynesian synthesis 818: 806: 47: 3438:List of social science journals 2782: 2735: 2715: 2672: 2543: 2500: 2465: 2422: 2383: 2340: 2316: 2230: 2191: 2092: 2014: 1975: 1210:based in permanent income, and 5425:Publications in macroeconomics 3395:Science and technology studies 2639: 2250:10.7551/mitpress/1923.003.0004 2027:B.E. Journal of Macroeconomics 1984:"Costly Search and Recruiting" 1735: 1718: 1701: 1400: 766:Publications in macroeconomics 1: 5405:Critique of political economy 4031:Critique of political economy 3567: 2099:Fisher, Irving (March 1973). 1988:International Economic Review 1732:. Retrieved January 17, 2021. 1225:In his application proposal, 1043:—that were the basis for the 2833:Principles of Microeconomics 2513:Economics, Power and Culture 2435:Economics, Power and Culture 2151:Tobin, James (August 1956). 2105:Journal of Political Economy 1828:10.1007/978-1-349-21315-3_66 1646:New classical macroeconomics 1636:wage and adjust employment. 1525:new classical macroeconomics 1387:, social costs and benefits. 1088:natural rate of unemployment 987:It seemed logical to regard 865:neoclassical synthesis (NCS) 7: 2815:. Harvard University Press. 2725:. Edward Elgar Publishing, 2562:10.1007/978-1-349-17352-5_9 2550:Eichner, Alfred S. (1983), 2521:10.1007/978-1-349-23712-8_3 2443:10.1007/978-1-349-23712-8_3 2361:10.1007/978-3-642-60564-2_4 1639: 10: 5509: 5153:New neoclassical synthesis 5136:Real business-cycle theory 4169:Real business-cycle theory 2813:Understanding Global Trade 2693:10.4324/9780203443965.ch11 1741:Samuelson, Paul A. (1948) 1651:New neoclassical synthesis 1559:Monetary and fiscal policy 1545:new neoclassical synthesis 1419:general equilibrium theory 1123:University of Pennsylvania 966:new neoclassical synthesis 897:theory of macroeconomics. 517:New neoclassical synthesis 500:Real business-cycle theory 21:New neoclassical synthesis 18: 5461: 5411: 5399: 5233: 5167: 5100: 5091: 5053: 4948: 4910: 4685: 4609: 4567: 4209: 3943: 3692: 3657: 3575: 3479: 3446: 3430: 3177: 2903: 2880: 2811:Helpman, Elhanan (2011). 2606:10.1017/9781108777766.007 1610:marginal product of labor 1501: 1433:publication of the paper 5158:Saltwater and freshwater 2831:Mankiw, Gregory (2017). 2349:"Short-Run Macro Models" 1816:"Neoclassical Synthesis" 1673: 1437:, where he proposed the 1413:in the U.S. in the 1960s 522:Saltwater and freshwater 5082:International economics 5007:Overlapping generations 3809:Industrial organization 3632:Computational economics 3083:international relations 2685:A Macroeconomics Reader 2244:, The MIT Press, 2005, 1568:Trade and globalization 1486:by J. Hicks (1937) and 1435:Mr. Keynes and Classics 450:International economics 375:Overlapping generations 5488:Neoclassical economics 5452:Mathematical economics 5186:Modern monetary theory 4939:Universal basic income 4014:Modern monetary theory 3679:Experimental economics 3649:Pluralism in economics 3622:Mathematical economics 3410:Quantum social science 2475:The World of Economics 2472:Eatwell, John (1991). 2347:Kiefer, David (1997), 2111:(2, Part 1): 496–502. 2080:Cite journal requires 1941:. May 2006. p. 14–15. 1884:10.1515/bejm-2012-0078 1820:The World of Economics 1479: 1414: 1059:Empirical developments 891:neoclassical economics 793:Mathematical economics 544:Modern monetary theory 307:Universal basic income 5280:Wesley Clair Mitchell 5255:Thomas Robert Malthus 5077:Development economics 3447:Other categorizations 3300:International studies 3285:History of technology 3220:Communication studies 3103:public administration 2300:10.4324/9780203217122 1473: 1408: 1208:theory of consumption 633:Wesley Clair Mitchell 608:Thomas Robert Malthus 445:Development economics 5002:Ramsey–Cass–Koopmans 4841:Liquidity preference 3888:Social choice theory 3644:Behavioral economics 3627:Complexity economics 3280:Historical sociology 2742:Hayes, M.G. (2008). 1668:Mainstream economics 1249:and the writings of 370:Ramsey–Cass–Koopmans 210:Liquidity preference 5493:Keynesian economics 5420:Macroeconomic model 5285:John Maynard Keynes 5067:Economic statistics 5012:General equilibrium 3972:American (National) 3672:Economic statistics 3460:Geisteswissenschaft 3454:Behavioral sciences 3380:Political sociology 3295:Information science 3240:Development studies 2640:A., Pearce, Kerry. 1917:Woodford, Michael. 1371:The implication of 1247:classical economics 1243:Keynesian economics 1239:John Maynard Keynes 1090:" was adopted, and 881:John Maynard Keynes 825:Business portal 761:Macroeconomic model 638:John Maynard Keynes 435:Economic statistics 380:General equilibrium 5360:Edward C. Prescott 5072:Monetary economics 3515:Society portal 3002:auxiliary sciences 1968:2014-09-04 at the 1690:Mankiw, N. Gregory 1480: 1415: 1280:, Paul Samuelson, 1111:the Phillips curve 1010:Paul A. Samuelson. 949:sustainable growth 713:Edward C. Prescott 440:Monetary economics 5475: 5474: 5447:Political economy 5390:N. Gregory Mankiw 5380:Thomas J. Sargent 5229: 5228: 5220:Market monetarism 5024:Endogenous growth 4853:National accounts 4645: 4644: 4176:New institutional 3535: 3534: 3375:Political economy 3370:Political ecology 3225:Community studies 3215:Cognitive science 3178:Interdisciplinary 3078:Political science 2753:978-1-84844-056-2 2702:978-0-415-15715-5 2615:978-1-108-77776-6 2571:978-0-333-36143-6 2530:978-1-349-23714-2 2485:978-1-349-21315-3 2452:978-1-349-23714-2 2370:978-3-540-64872-7 2309:978-0-429-22982-4 2051:. Cambridge, MA. 1937:Mankiw, N. Greg. 1837:978-0-333-55177-6 1597:When it comes to 1509:oil shock of 1973 1308:supply and demand 1278:Franco Modigliani 1234:Main contributors 1206:(1957), with the 982:N. Gregory Mankiw 906:Franco Modigliani 861: 860: 788:Political economy 743:N. Gregory Mankiw 733:Thomas J. Sargent 578:Market monetarism 392:Endogenous growth 222:National accounts 5500: 5467: 5466: 5370:William Nordhaus 5355:Robert Lucas Jr. 5245:François Quesnay 5098: 5097: 4865:Nominal rigidity 4836:Demand for money 4814:Microfoundations 4750:Financial crisis 4730:Effective demand 4700:Aggregate supply 4695:Aggregate demand 4672: 4665: 4658: 4649: 4648: 3849:Natural resource 3684:Economic history 3610:Mechanism design 3562: 3555: 3548: 3539: 3538: 3523: 3513: 3512: 3499: 3498: 3487: 3486: 3390:Regional science 3235:Cultural studies 3210:Business studies 2867: 2860: 2853: 2844: 2843: 2837: 2836: 2828: 2817: 2816: 2808: 2799: 2798: 2786: 2780: 2779: 2767: 2758: 2757: 2739: 2733: 2719: 2713: 2712: 2711: 2709: 2676: 2670: 2669: 2663: 2655: 2637: 2628: 2627: 2591: 2582: 2581: 2580: 2578: 2547: 2541: 2540: 2539: 2537: 2504: 2498: 2497: 2469: 2463: 2462: 2461: 2459: 2426: 2420: 2419: 2387: 2381: 2380: 2379: 2377: 2344: 2338: 2320: 2314: 2313: 2285: 2270: 2269: 2268: 2266: 2234: 2228: 2227: 2195: 2189: 2188: 2148: 2137: 2136: 2096: 2090: 2089: 2083: 2078: 2076: 2068: 2044: 2035: 2034: 2018: 2012: 2011: 1979: 1973: 1955: 1946: 1935: 1926: 1921:. January 2008. 1915: 1904: 1903: 1863: 1848: 1847: 1846: 1844: 1811: 1778: 1777: 1775: 1773: 1754: 1748: 1739: 1733: 1722: 1716: 1705: 1699: 1687: 1621:opportunity cost 1616:and a pay rise. 1614:demand for labor 1529:new Keynesianism 1154:financial market 1100:aggregate demand 1001:Keynesian theory 997:Great Depression 989:Keynesian theory 939:and the work of 917:Great Depression 853: 846: 839: 823: 822: 813:Money portal 811: 810: 809: 723:William Nordhaus 708:Robert Lucas Jr. 598:François Quesnay 234:Nominal rigidity 205:Demand for money 183:Microfoundations 119:Financial crisis 99:Effective demand 69:Aggregate supply 64:Aggregate demand 51: 28: 27: 5508: 5507: 5503: 5502: 5501: 5499: 5498: 5497: 5478: 5477: 5476: 5471: 5457: 5456: 5455: 5407: 5395: 5394: 5393: 5375:Joseph Stiglitz 5335:Milton Friedman 5315:Friedrich Hayek 5236:macroeconomists 5225: 5224: 5223: 5163: 5162: 5161: 5087: 5086: 5085: 5049: 5048: 5047: 5034:Mundell–Fleming 5029:Matching theory 4967:Keynesian cross 4944: 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1838: 1812: 1781: 1771: 1769: 1768:on June 5, 2002 1756: 1755: 1751: 1740: 1736: 1723: 1719: 1706: 1702: 1688: 1681: 1676: 1642: 1595: 1570: 1561: 1556: 1504: 1465:Keynesian cross 1403: 1385:market failures 1341: 1339:Main provisions 1316:consumer theory 1312:decision making 1251:Alfred Marshall 1236: 1181: 1146:capital profits 1061: 1053:economic growth 1017:Keynesian model 974: 945:Milton Friedman 921:monetary policy 857: 817: 807: 805: 798: 797: 756: 748: 747: 728:Joseph Stiglitz 688:Milton Friedman 668:Friedrich Hayek 593: 583: 582: 465: 455: 454: 425: 417: 416: 402:Mundell–Fleming 397:Matching theory 335:Keynesian cross 320: 312: 311: 282: 274: 273: 59: 24: 17: 12: 11: 5: 5506: 5496: 5495: 5490: 5473: 5472: 5462: 5459: 5458: 5454: 5449: 5444: 5442:Microeconomics 5439: 5438: 5437: 5427: 5422: 5417: 5416: 5415: 5413: 5409: 5408: 5403: 5401: 5397: 5396: 5392: 5387: 5382: 5377: 5372: 5367: 5362: 5357: 5352: 5347: 5345:Lawrence Klein 5342: 5340:Paul Samuelson 5337: 5332: 5327: 5322: 5317: 5312: 5307: 5302: 5297: 5295:Michał Kalecki 5292: 5287: 5282: 5277: 5272: 5267: 5262: 5257: 5252: 5247: 5242: 5241: 5240: 5238: 5231: 5230: 5227: 5226: 5222: 5217: 5212: 5210:Disequilibrium 5207: 5206: 5205: 5198:Post-Keynesian 5195: 5190: 5189: 5188: 5178: 5173: 5172: 5171: 5169: 5165: 5164: 5160: 5155: 5150: 5145: 5140: 5139: 5138: 5128: 5123: 5122: 5121: 5116: 5106: 5105: 5104: 5102: 5095: 5089: 5088: 5084: 5079: 5074: 5069: 5064: 5059: 5058: 5057: 5055: 5054:Related fields 5051: 5050: 5046: 5041: 5036: 5031: 5026: 5021: 5020: 5019: 5009: 5004: 4999: 4994: 4989: 4984: 4982:Phillips curve 4979: 4974: 4969: 4964: 4959: 4954: 4953: 4952: 4950: 4946: 4945: 4941: 4936: 4931: 4926: 4921: 4916: 4915: 4914: 4912: 4908: 4907: 4903: 4902: 4897: 4892: 4887: 4882: 4877: 4872: 4867: 4862: 4861: 4860: 4850: 4845: 4844: 4843: 4833: 4831:Money creation 4828: 4827: 4826: 4816: 4811: 4810: 4809: 4804: 4799: 4789: 4787:Liquidity trap 4784: 4779: 4774: 4773: 4772: 4767: 4757: 4752: 4747: 4746: 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4038: 4033: 4028: 4023: 4018: 4017: 4016: 4006: 4001: 3996: 3991: 3990: 3989: 3979: 3974: 3969: 3964: 3958: 3956: 3944: 3941: 3940: 3936: 3935: 3930: 3925: 3920: 3915: 3910: 3905: 3900: 3895: 3890: 3881: 3876: 3871: 3866: 3861: 3856: 3854:Organizational 3851: 3846: 3841: 3836: 3831: 3826: 3821: 3816: 3811: 3806: 3801: 3796: 3791: 3786: 3781: 3776: 3771: 3766: 3761: 3756: 3751: 3746: 3741: 3736: 3731: 3726: 3721: 3716: 3711: 3706: 3700: 3699: 3698: 3696: 3690: 3689: 3687: 3686: 3681: 3676: 3675: 3674: 3663: 3661: 3655: 3654: 3652: 3651: 3646: 3641: 3640: 3639: 3629: 3624: 3619: 3617:Macroeconomics 3614: 3613: 3612: 3607: 3602: 3597: 3592: 3585:Microeconomics 3581: 3579: 3573: 3572: 3565: 3564: 3557: 3550: 3542: 3533: 3532: 3530: 3529: 3517: 3505: 3493: 3480: 3477: 3476: 3474: 3473: 3468: 3463: 3456: 3450: 3448: 3444: 3443: 3441: 3440: 3434: 3432: 3428: 3427: 3425: 3424: 3419: 3414: 3413: 3412: 3407: 3397: 3392: 3387: 3382: 3377: 3372: 3367: 3366: 3365: 3360: 3355: 3347: 3346: 3345: 3343:social science 3340: 3335: 3330: 3325: 3317: 3312: 3307: 3302: 3297: 3292: 3287: 3282: 3277: 3275:Global studies 3272: 3270:Gender studies 3267: 3262: 3261: 3260: 3255: 3253:social science 3249:Environmental 3247: 3242: 3237: 3232: 3227: 3222: 3217: 3212: 3207: 3202: 3197: 3196: 3195: 3190: 3181: 3179: 3175: 3174: 3172: 3171: 3170: 3169: 3164: 3159: 3154: 3149: 3139: 3138: 3137: 3132: 3127: 3122: 3117: 3107: 3106: 3105: 3100: 3095: 3090: 3085: 3075: 3074: 3073: 3063: 3062: 3061: 3056: 3051: 3046: 3041: 3031: 3030: 3029: 3024: 3019: 3014: 3009: 3004: 2999: 2989: 2988: 2987: 2982: 2977: 2972: 2962: 2961: 2960: 2955: 2950: 2948:macroeconomics 2945: 2943:microeconomics 2935: 2934: 2933: 2928: 2923: 2918: 2907: 2905: 2901: 2900: 2898: 2897: 2892: 2887: 2881: 2878: 2877: 2870: 2869: 2862: 2855: 2847: 2839: 2838: 2818: 2800: 2781: 2759: 2752: 2734: 2714: 2701: 2671: 2629: 2614: 2583: 2570: 2542: 2529: 2499: 2484: 2464: 2451: 2421: 2396:Metroeconomica 2382: 2369: 2339: 2315: 2308: 2271: 2258: 2229: 2190: 2163:(3): 241–247. 2138: 2117:10.1086/260048 2091: 2082:|journal= 2036: 2013: 1974: 1947: 1927: 1905: 1849: 1836: 1779: 1749: 1734: 1717: 1700: 1678: 1677: 1675: 1672: 1671: 1670: 1665: 1659: 1658: 1654: 1653: 1648: 1641: 1638: 1594: 1591: 1569: 1566: 1560: 1557: 1555: 1552: 1503: 1500: 1448:Paul Samuelson 1411:Phillips curve 1402: 1399: 1398: 1397: 1394: 1391: 1388: 1380: 1377:Paul Samuelson 1369: 1358: 1351: 1348:Animal spirits 1345: 1340: 1337: 1299:General Theory 1286:Lawrence Klein 1274:Maurice Allais 1266: 1265: 1262: 1255:Paul Samuelson 1235: 1232: 1180: 1177: 1060: 1057: 1028:Macroeconomics 973: 970: 910:Paul Samuelson 859: 858: 856: 855: 848: 841: 833: 830: 829: 828: 827: 815: 800: 799: 796: 795: 790: 785: 783:Microeconomics 780: 779: 778: 768: 763: 757: 754: 753: 750: 749: 746: 745: 740: 735: 730: 725: 720: 715: 710: 705: 700: 698:Lawrence Klein 695: 693:Paul Samuelson 690: 685: 680: 675: 670: 665: 660: 655: 650: 648:Michał Kalecki 645: 640: 635: 630: 625: 620: 615: 610: 605: 600: 594: 589: 588: 585: 584: 581: 580: 575: 570: 568:Disequilibrium 565: 564: 563: 556:Post-Keynesian 553: 548: 547: 546: 536: 525: 524: 519: 514: 509: 504: 503: 502: 492: 487: 486: 485: 480: 466: 461: 460: 457: 456: 453: 452: 447: 442: 437: 432: 426: 424:Related fields 423: 422: 419: 418: 415: 414: 409: 404: 399: 394: 389: 388: 387: 377: 372: 367: 362: 357: 352: 350:Phillips curve 347: 342: 337: 332: 327: 321: 318: 317: 314: 313: 310: 309: 304: 299: 294: 289: 283: 280: 279: 276: 275: 272: 271: 266: 261: 256: 251: 246: 241: 236: 231: 230: 229: 219: 214: 213: 212: 202: 200:Money creation 197: 196: 195: 185: 180: 179: 178: 173: 168: 158: 156:Liquidity trap 153: 148: 143: 142: 141: 136: 126: 121: 116: 115: 114: 109: 101: 96: 91: 86: 81: 76: 74:Business cycle 71: 66: 60: 58:Basic concepts 57: 56: 53: 52: 44: 43: 41:Macroeconomics 37: 36: 15: 9: 6: 4: 3: 2: 5505: 5494: 5491: 5489: 5486: 5485: 5483: 5470: 5460: 5453: 5450: 5448: 5445: 5443: 5440: 5436: 5433: 5432: 5431: 5428: 5426: 5423: 5421: 5418: 5414: 5410: 5406: 5402: 5398: 5391: 5388: 5386: 5383: 5381: 5378: 5376: 5373: 5371: 5368: 5366: 5365:Peter Diamond 5363: 5361: 5358: 5356: 5353: 5351: 5350:Edmund Phelps 5348: 5346: 5343: 5341: 5338: 5336: 5333: 5331: 5328: 5326: 5325:Richard Stone 5323: 5321: 5318: 5316: 5313: 5311: 5310:Joan Robinson 5308: 5306: 5305:Simon Kuznets 5303: 5301: 5300:Gunnar Myrdal 5298: 5296: 5293: 5291: 5288: 5286: 5283: 5281: 5278: 5276: 5275:Irving Fisher 5273: 5271: 5270:Knut Wicksell 5268: 5266: 5263: 5261: 5258: 5256: 5253: 5251: 5248: 5246: 5243: 5239: 5237: 5232: 5221: 5218: 5216: 5213: 5211: 5208: 5204: 5201: 5200: 5199: 5196: 5194: 5191: 5187: 5184: 5183: 5182: 5179: 5177: 5174: 5170: 5166: 5159: 5156: 5154: 5151: 5149: 5146: 5144: 5141: 5137: 5134: 5133: 5132: 5131:New classical 5129: 5127: 5124: 5120: 5117: 5115: 5112: 5111: 5110: 5107: 5103: 5099: 5096: 5094: 5090: 5083: 5080: 5078: 5075: 5073: 5070: 5068: 5065: 5063: 5060: 5056: 5052: 5045: 5042: 5040: 5037: 5035: 5032: 5030: 5027: 5025: 5022: 5018: 5015: 5014: 5013: 5010: 5008: 5005: 5003: 5000: 4998: 4995: 4993: 4990: 4988: 4985: 4983: 4980: 4978: 4975: 4973: 4970: 4968: 4965: 4963: 4960: 4958: 4955: 4951: 4947: 4940: 4937: 4935: 4932: 4930: 4927: 4925: 4922: 4920: 4917: 4913: 4909: 4901: 4898: 4896: 4893: 4891: 4888: 4886: 4883: 4881: 4880:Shrinkflation 4878: 4876: 4873: 4871: 4868: 4866: 4863: 4859: 4856: 4855: 4854: 4851: 4849: 4846: 4842: 4839: 4838: 4837: 4834: 4832: 4829: 4825: 4822: 4821: 4820: 4817: 4815: 4812: 4808: 4805: 4803: 4800: 4798: 4795: 4794: 4793: 4790: 4788: 4785: 4783: 4780: 4778: 4777:Interest rate 4775: 4771: 4768: 4766: 4763: 4762: 4761: 4758: 4756: 4753: 4751: 4748: 4744: 4741: 4739: 4736: 4735: 4734:Expectations 4733: 4731: 4728: 4726: 4723: 4721: 4718: 4716: 4713: 4711: 4708: 4706: 4703: 4701: 4698: 4696: 4693: 4692: 4688: 4684: 4680: 4673: 4668: 4666: 4661: 4659: 4654: 4653: 4650: 4639: 4636: 4634: 4631: 4629: 4626: 4624: 4621: 4619: 4616: 4614: 4611: 4608: 4600: 4597: 4594: 4590: 4587: 4585: 4582: 4580: 4577: 4576: 4572: 4570: 4566: 4560: 4559: 4555: 4553: 4550: 4548: 4545: 4543: 4540: 4538: 4535: 4533: 4530: 4528: 4525: 4523: 4520: 4518: 4515: 4513: 4510: 4508: 4505: 4503: 4500: 4498: 4495: 4493: 4490: 4488: 4485: 4483: 4480: 4478: 4475: 4473: 4470: 4468: 4465: 4463: 4460: 4458: 4455: 4453: 4450: 4448: 4445: 4443: 4440: 4438: 4435: 4433: 4430: 4428: 4425: 4423: 4420: 4418: 4415: 4413: 4410: 4408: 4405: 4403: 4400: 4398: 4395: 4393: 4390: 4388: 4385: 4383: 4380: 4378: 4375: 4373: 4370: 4368: 4365: 4363: 4360: 4358: 4355: 4353: 4350: 4348: 4345: 4343: 4340: 4338: 4335: 4333: 4330: 4328: 4325: 4323: 4320: 4318: 4315: 4313: 4310: 4308: 4305: 4303: 4300: 4298: 4295: 4293: 4290: 4288: 4285: 4283: 4280: 4278: 4275: 4273: 4270: 4268: 4265: 4263: 4260: 4258: 4255: 4253: 4250: 4248: 4245: 4243: 4240: 4238: 4235: 4233: 4230: 4228: 4225: 4223: 4222:de Mandeville 4220: 4219: 4217: 4213: 4208: 4202: 4199: 4197: 4194: 4192: 4189: 4187: 4184: 4182: 4179: 4177: 4174: 4170: 4167: 4166: 4165: 4164:New classical 4162: 4158: 4155: 4154: 4153: 4150: 4148: 4145: 4143: 4140: 4136: 4133: 4132: 4131: 4128: 4126: 4123: 4121: 4120:Malthusianism 4118: 4112: 4109: 4108: 4107: 4104: 4102: 4099: 4096: 4092: 4089: 4088: 4087: 4084: 4082: 4081:Institutional 4079: 4077: 4074: 4072: 4069: 4067: 4064: 4062: 4059: 4057: 4054: 4052: 4049: 4047: 4044: 4042: 4039: 4037: 4034: 4032: 4029: 4027: 4024: 4022: 4019: 4015: 4012: 4011: 4010: 4007: 4005: 4002: 4000: 3997: 3995: 3992: 3988: 3985: 3984: 3983: 3980: 3978: 3975: 3973: 3970: 3968: 3965: 3963: 3960: 3959: 3957: 3952: 3947: 3942: 3934: 3931: 3929: 3926: 3924: 3921: 3919: 3916: 3914: 3911: 3909: 3906: 3904: 3901: 3899: 3896: 3894: 3891: 3889: 3885: 3884:Public choice 3882: 3880: 3877: 3875: 3872: 3870: 3867: 3865: 3862: 3860: 3859:Participation 3857: 3855: 3852: 3850: 3847: 3845: 3842: 3840: 3837: 3835: 3832: 3830: 3827: 3825: 3822: 3820: 3819:Institutional 3817: 3815: 3812: 3810: 3807: 3805: 3802: 3800: 3797: 3795: 3792: 3790: 3787: 3785: 3782: 3780: 3777: 3775: 3772: 3770: 3769:Expeditionary 3767: 3765: 3762: 3760: 3759:Environmental 3757: 3755: 3752: 3750: 3747: 3745: 3742: 3740: 3737: 3735: 3732: 3730: 3727: 3725: 3722: 3720: 3717: 3715: 3712: 3710: 3707: 3705: 3702: 3701: 3697: 3695: 3691: 3685: 3682: 3680: 3677: 3673: 3670: 3669: 3668: 3665: 3664: 3662: 3660: 3656: 3650: 3647: 3645: 3642: 3638: 3635: 3634: 3633: 3630: 3628: 3625: 3623: 3620: 3618: 3615: 3611: 3608: 3606: 3603: 3601: 3598: 3596: 3593: 3591: 3588: 3587: 3586: 3583: 3582: 3580: 3578: 3574: 3570: 3563: 3558: 3556: 3551: 3549: 3544: 3543: 3540: 3528: 3527: 3522: 3518: 3516: 3511: 3506: 3504: 3503: 3494: 3492: 3491: 3482: 3481: 3478: 3472: 3469: 3467: 3466:Human science 3464: 3462: 3461: 3457: 3455: 3452: 3451: 3449: 3445: 3439: 3436: 3435: 3433: 3429: 3423: 3422:Vegan studies 3420: 3418: 3415: 3411: 3408: 3406: 3403: 3402: 3401: 3398: 3396: 3393: 3391: 3388: 3386: 3385:Public health 3383: 3381: 3378: 3376: 3373: 3371: 3368: 3364: 3361: 3359: 3356: 3354: 3351: 3350: 3348: 3344: 3341: 3339: 3336: 3334: 3331: 3329: 3326: 3324: 3321: 3320: 3319:Philosophies 3318: 3316: 3315:Media studies 3313: 3311: 3308: 3306: 3303: 3301: 3298: 3296: 3293: 3291: 3290:Human ecology 3288: 3286: 3283: 3281: 3278: 3276: 3273: 3271: 3268: 3266: 3263: 3259: 3256: 3254: 3251: 3250: 3248: 3246: 3243: 3241: 3238: 3236: 3233: 3231: 3228: 3226: 3223: 3221: 3218: 3216: 3213: 3211: 3208: 3206: 3203: 3201: 3200:Anthrozoology 3198: 3194: 3191: 3189: 3186: 3185: 3183: 3182: 3180: 3176: 3168: 3165: 3163: 3160: 3158: 3155: 3153: 3150: 3148: 3145: 3144: 3143: 3140: 3136: 3133: 3131: 3128: 3126: 3125:developmental 3123: 3121: 3118: 3116: 3113: 3112: 3111: 3108: 3104: 3101: 3099: 3098:public policy 3096: 3094: 3091: 3089: 3086: 3084: 3081: 3080: 3079: 3076: 3072: 3069: 3068: 3067: 3064: 3060: 3057: 3055: 3052: 3050: 3049:legal systems 3047: 3045: 3044:legal history 3042: 3040: 3039:jurisprudence 3037: 3036: 3035: 3032: 3028: 3025: 3023: 3020: 3018: 3015: 3013: 3010: 3008: 3005: 3003: 3000: 2998: 2995: 2994: 2993: 2990: 2986: 2983: 2981: 2978: 2976: 2973: 2971: 2968: 2967: 2966: 2963: 2959: 2956: 2954: 2951: 2949: 2946: 2944: 2941: 2940: 2939: 2936: 2932: 2929: 2927: 2924: 2922: 2919: 2917: 2914: 2913: 2912: 2909: 2908: 2906: 2902: 2896: 2893: 2891: 2888: 2886: 2883: 2882: 2879: 2875: 2868: 2863: 2861: 2856: 2854: 2849: 2848: 2845: 2834: 2827: 2825: 2823: 2814: 2807: 2805: 2796: 2792: 2785: 2777: 2773: 2766: 2764: 2755: 2749: 2745: 2738: 2732: 2731:1-84542-208-2 2728: 2724: 2718: 2704: 2698: 2694: 2690: 2687:, Routledge, 2686: 2682: 2675: 2667: 2661: 2653: 2649: 2645: 2644: 2636: 2634: 2625: 2621: 2617: 2611: 2607: 2603: 2599: 2598: 2590: 2588: 2573: 2567: 2563: 2559: 2555: 2554: 2546: 2532: 2526: 2522: 2518: 2514: 2510: 2503: 2495: 2491: 2487: 2481: 2477: 2476: 2468: 2454: 2448: 2444: 2440: 2436: 2432: 2425: 2417: 2413: 2409: 2405: 2401: 2397: 2393: 2386: 2372: 2366: 2362: 2358: 2354: 2350: 2343: 2336: 2332: 2328: 2324: 2319: 2311: 2305: 2301: 2297: 2294:. Routledge. 2293: 2292: 2284: 2282: 2280: 2278: 2276: 2261: 2259:9780262280051 2255: 2251: 2247: 2243: 2239: 2233: 2225: 2221: 2217: 2213: 2210:(2): 99–124. 2209: 2205: 2201: 2194: 2186: 2182: 2178: 2174: 2170: 2166: 2162: 2158: 2154: 2147: 2145: 2143: 2134: 2130: 2126: 2122: 2118: 2114: 2110: 2106: 2102: 2095: 2087: 2074: 2066: 2062: 2058: 2057:10.3386/w1147 2054: 2050: 2043: 2041: 2033:(1): 965–995. 2032: 2028: 2024: 2017: 2009: 2005: 2001: 1997: 1994:(1): 89–107. 1993: 1989: 1985: 1978: 1971: 1967: 1964: 1960: 1954: 1952: 1944: 1940: 1934: 1932: 1924: 1920: 1914: 1912: 1910: 1901: 1897: 1893: 1889: 1885: 1881: 1877: 1873: 1869: 1862: 1860: 1858: 1856: 1854: 1839: 1833: 1829: 1825: 1821: 1817: 1810: 1808: 1806: 1804: 1802: 1800: 1798: 1796: 1794: 1792: 1790: 1788: 1786: 1784: 1767: 1763: 1759: 1753: 1746: 1745: 1738: 1731: 1727: 1721: 1714: 1710: 1704: 1697: 1696: 1691: 1686: 1684: 1679: 1669: 1666: 1664: 1661: 1660: 1656: 1655: 1652: 1649: 1647: 1644: 1643: 1637: 1634: 1628: 1626: 1622: 1617: 1615: 1611: 1606: 1604: 1600: 1599:labor markets 1593:Labor markets 1590: 1586: 1584: 1578: 1576: 1565: 1551: 1548: 1546: 1542: 1541:Philips curve 1538: 1534: 1530: 1526: 1520: 1516: 1514: 1510: 1499: 1497: 1496:D. Patinkin's 1493: 1489: 1485: 1477: 1472: 1468: 1466: 1462: 1458: 1453: 1452:F. Modigliani 1449: 1445: 1444:F. Modigliani 1440: 1436: 1432: 1427: 1424: 1420: 1412: 1407: 1395: 1392: 1389: 1386: 1381: 1378: 1374: 1370: 1367: 1363: 1359: 1356: 1352: 1349: 1346: 1343: 1342: 1336: 1334: 1330: 1326: 1325: 1319: 1317: 1313: 1309: 1305: 1301: 1300: 1295: 1291: 1287: 1283: 1279: 1275: 1271: 1263: 1260: 1259: 1258: 1256: 1252: 1248: 1244: 1240: 1231: 1228: 1223: 1220: 1217:According to 1215: 1213: 1209: 1205: 1201: 1196: 1194: 1190: 1186: 1176: 1172: 1170: 1166: 1161: 1159: 1155: 1151: 1150:capital stock 1147: 1143: 1139: 1134: 1132: 1128: 1124: 1120: 1114: 1112: 1108: 1103: 1101: 1097: 1093: 1089: 1085: 1081: 1077: 1072: 1070: 1067:, created by 1066: 1056: 1054: 1050: 1046: 1042: 1038: 1034: 1029: 1025: 1021: 1018: 1012: 1011: 1007: 1006:John R. Hicks 1002: 998: 993: 990: 985: 983: 979: 969: 967: 963: 962:microeconomic 959: 958:new classical 955: 954:new Keynesian 950: 946: 942: 938: 933: 930: 925: 922: 918: 913: 911: 907: 903: 898: 894: 892: 888: 887: 882: 878: 877:macroeconomic 874: 870: 866: 854: 849: 847: 842: 840: 835: 834: 832: 831: 826: 821: 816: 814: 804: 803: 802: 801: 794: 791: 789: 786: 784: 781: 777: 774: 773: 772: 769: 767: 764: 762: 759: 758: 752: 751: 744: 741: 739: 736: 734: 731: 729: 726: 724: 721: 719: 718:Peter Diamond 716: 714: 711: 709: 706: 704: 703:Edmund Phelps 701: 699: 696: 694: 691: 689: 686: 684: 681: 679: 678:Richard Stone 676: 674: 671: 669: 666: 664: 663:Joan Robinson 661: 659: 658:Simon Kuznets 656: 654: 653:Gunnar Myrdal 651: 649: 646: 644: 641: 639: 636: 634: 631: 629: 628:Irving Fisher 626: 624: 623:Knut Wicksell 621: 619: 616: 614: 611: 609: 606: 604: 601: 599: 596: 595: 592: 587: 586: 579: 576: 574: 571: 569: 566: 562: 559: 558: 557: 554: 552: 549: 545: 542: 541: 540: 537: 535: 532: 531: 530: 529: 523: 520: 518: 515: 513: 510: 508: 505: 501: 498: 497: 496: 495:New classical 493: 491: 488: 484: 481: 479: 476: 475: 474: 471: 470: 469: 464: 459: 458: 451: 448: 446: 443: 441: 438: 436: 433: 431: 428: 427: 421: 420: 413: 410: 408: 405: 403: 400: 398: 395: 393: 390: 386: 383: 382: 381: 378: 376: 373: 371: 368: 366: 363: 361: 358: 356: 353: 351: 348: 346: 343: 341: 338: 336: 333: 331: 328: 326: 323: 322: 316: 315: 308: 305: 303: 300: 298: 295: 293: 290: 288: 285: 284: 278: 277: 270: 267: 265: 262: 260: 257: 255: 252: 250: 249:Shrinkflation 247: 245: 242: 240: 237: 235: 232: 228: 225: 224: 223: 220: 218: 215: 211: 208: 207: 206: 203: 201: 198: 194: 191: 190: 189: 186: 184: 181: 177: 174: 172: 169: 167: 164: 163: 162: 159: 157: 154: 152: 149: 147: 146:Interest rate 144: 140: 137: 135: 132: 131: 130: 127: 125: 122: 120: 117: 113: 110: 108: 105: 104: 103:Expectations 102: 100: 97: 95: 92: 90: 87: 85: 82: 80: 77: 75: 72: 70: 67: 65: 62: 61: 55: 54: 50: 46: 45: 42: 39: 38: 34: 30: 29: 26: 22: 5385:Paul Krugman 5330:Hyman Minsky 5290:Alvin Hansen 5062:Econometrics 5039:Overshooting 4992:Harrod–Domar 4987:Arrow–Debreu 4934:Central bank 4900:Unemployment 4890:Supply shock 4848:Money supply 4725:Disinflation 4720:Demand shock 4633:Publications 4589:Publications 4556: 4152:Neoclassical 4142:Mercantilism 4094: 4051:Evolutionary 3913:Sociological 3886: / 3784:Geographical 3764:Evolutionary 3739:Digitization 3704:Agricultural 3667:Econometrics 3595:Price theory 3524: 3500: 3488: 3458: 3265:Food studies 3205:Area studies 2958:mathematical 2953:econometrics 2911:Anthropology 2832: 2812: 2794: 2790: 2784: 2776:Investopedia 2775: 2743: 2737: 2722: 2717: 2706:, retrieved 2684: 2674: 2642: 2596: 2575:, retrieved 2552: 2545: 2534:, retrieved 2512: 2502: 2474: 2467: 2456:, retrieved 2434: 2424: 2399: 2395: 2385: 2374:, retrieved 2352: 2342: 2329:, 5(2), pp. 2327:Econometrica 2326: 2318: 2290: 2263:, retrieved 2241: 2232: 2207: 2203: 2193: 2160: 2156: 2108: 2104: 2094: 2073:cite journal 2030: 2026: 2016: 1991: 1987: 1977: 1958: 1938: 1918: 1875: 1871: 1841:, retrieved 1819: 1770:. Retrieved 1766:the original 1761: 1752: 1743: 1737: 1726:Econometrica 1725: 1720: 1709:Econometrica 1708: 1703: 1693: 1633:labor unions 1629: 1618: 1607: 1603:supply labor 1596: 1587: 1583:Helpman, E.' 1579: 1571: 1562: 1549: 1521: 1517: 1505: 1494:(1951), and 1481: 1460: 1456: 1439:IS-LM scheme 1434: 1428: 1416: 1323: 1320: 1297: 1294:Don Patinkin 1282:Alvin Hansen 1267: 1237: 1224: 1216: 1197: 1182: 1173: 1162: 1136:The work of 1135: 1115: 1104: 1096:unemployment 1080:unemployment 1073: 1062: 1041:money demand 1026: 1022: 1013: 994: 986: 978:Peter Howitt 975: 934: 929:Robert Solow 926: 914: 908:(1944), and 899: 895: 889:(1936) with 884: 883:in his book 868: 864: 862: 738:Paul Krugman 683:Hyman Minsky 643:Alvin Hansen 527: 526: 467: 430:Econometrics 407:Overshooting 360:Harrod–Domar 355:Arrow–Debreu 302:Central bank 269:Unemployment 259:Supply shock 217:Money supply 94:Disinflation 89:Demand shock 25: 5265:Léon Walras 5148:Supply-side 4977:Accelerator 4885:Stagflation 4870:Price level 4765:Demand-pull 4427:von Neumann 4196:Supply-side 4181:Physiocracy 4125:Marginalism 3814:Information 3754:Engineering 3734:Development 3729:Demographic 3600:Game theory 3577:Theoretical 3526:Wikiversity 3417:Social work 3305:Linguistics 3230:Criminology 3147:criminology 3130:personality 3088:comparative 3066:Linguistics 3059:private law 2916:archaeology 2402:(1): 1–18. 2323:Hicks, J.R. 1625:labor force 1535:(1977) and 1513:stagflation 1484:IS-LM model 1476:IS–LM model 1401:Development 1373:tâtonnement 1355:competitive 1304:IS-LM model 1290:James Tobin 1198:Given that 1185:consumption 1167:(1956) and 1109:model with 1065:IS-LM model 1045:IS-LM model 1033:consumption 941:monetarists 937:stagflation 879:thought of 618:Léon Walras 512:Supply-side 345:Accelerator 254:Stagflation 239:Price level 134:Demand-pull 5482:Categories 5320:John Hicks 5250:Adam Smith 5203:Circuitism 5193:Ecological 5181:Chartalism 5126:Monetarism 5101:Mainstream 4997:Solow–Swan 4972:Multiplier 4929:Commercial 4824:Endogenous 4782:Investment 4584:Economists 4457:Schumacher 4362:Schumpeter 4332:von Wieser 4252:von Thünen 4212:Economists 4111:Circuitism 4076:Humanistic 4071:Historical 4046:Ecological 4036:Democratic 4009:Chartalism 3999:Behavioral 3962:Mainstream 3923:Statistics 3918:Solidarity 3839:Managerial 3804:Humanistic 3799:Historical 3744:Ecological 3709:Behavioral 3471:Humanities 3405:historical 3338:psychology 3310:Management 3152:demography 3110:Psychology 3093:philosophy 3054:public law 2985:integrated 2494:1084363299 2333:-159 (via 1431:J. Hicks's 1333:monetarism 1270:John Hicks 1227:Modigliani 1219:Friedman's 1212:Modigliani 1189:investment 1142:"Q Theory" 1127:Modigliani 1092:recessions 1037:investment 1031:functions— 995:After the 902:John Hicks 673:John Hicks 603:Adam Smith 561:Circuitism 551:Ecological 539:Chartalism 490:Monetarism 468:Mainstream 365:Solow–Swan 340:Multiplier 297:Commercial 193:Endogenous 151:Investment 5430:Economics 5260:Karl Marx 5168:Heterodox 5143:Stockholm 5109:Keynesian 4875:Recession 4770:Cost-push 4760:Inflation 4715:Deflation 4502:Greenspan 4467:Samuelson 4447:Galbraith 4417:Tinbergen 4357:von Mises 4352:Heckscher 4312:Edgeworth 4191:Stockholm 4186:Socialist 4086:Keynesian 4066:Happiness 4026:Classical 3987:Mutualism 3982:Anarchist 3967:Heterodox 3864:Personnel 3824:Knowledge 3789:Happiness 3779:Financial 3749:Education 3724:Democracy 3659:Empirical 3569:Economics 3349:Planning 3328:economics 3245:Education 3142:Sociology 3120:cognitive 3071:semiotics 3022:political 2980:technical 2965:Geography 2938:Economics 2660:cite book 2652:849114534 2624:229277539 2416:0026-1386 2265:April 28, 2224:0140-5543 2177:0034-6535 2133:154013344 2125:0022-3808 2065:152418036 1892:1935-1690 1772:April 23, 1744:Economics 1730:pp. 45–88 1575:Krugman's 1533:S.Fischer 1492:L.Metzler 1488:A. 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