File Name: origin and development of macroeconomics .zip
- History of macroeconomic thought
- State history and economic development: evidence from six millennia
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History of macroeconomic thought
Macroeconomic theory has its origins in the study of business cycles and monetary theory. John Maynard Keynes attacked some of these "classical" theories and produced a general theory that described the whole economy in terms of aggregates rather than individual, microeconomic parts. Attempting to explain unemployment and recessions , he noticed the tendency for people and businesses to hoard cash and avoid investment during a recession. He argued that this invalidated the assumptions of classical economists who thought that markets always clear , leaving no surplus of goods and no willing labor left idle. The generation of economists that followed Keynes synthesized his theory with neoclassical microeconomics to form the neoclassical synthesis. Although Keynesian theory originally omitted an explanation of price levels and inflation , later Keynesians adopted the Phillips curve to model price-level changes. Some Keynesians opposed the synthesis method of combining Keynes's theory with an equilibrium system and advocated disequilibrium models instead.
The presence of a state is one of the most reliable historical predictors of social and economic development. In this article, we complete the coding of an extant indicator of state presence from BCE forward for almost all but the smallest countries of the world today. We outline a theoretical framework where accumulated state experience increases aggregate productivity in individual countries but where newer or relatively inexperienced states can reach a higher productivity maximum by learning from the experience of older states. The predicted pattern of comparative development is tested in an empirical analysis where we introduce our extended state history variable. Our key finding is that the current level of economic development across countries has a hump-shaped relationship with accumulated state history.
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Kevin D. History of Political Economy 1 November ; 41 4 : — Sign In or Create an Account. Advanced Search. User Tools. Sign In. Skip Nav Destination Article Navigation.
Macroeconomics grew out of two long-standing traditions: business cycle analysis from Jevons and Juglar to Mitchell, and monetary theory, building on the work of.
State history and economic development: evidence from six millennia
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