Paul Samuelson's ways to macroeconomic dynamics.
Samuelson kept optimisation-based problems separated from macroeconomic dynamics in his Foundations, where dynamics was defined in terms of difference and differential equations. Despite some criticism of his "correspondence principle" of stability analysis by D.F. Gordon, D. Patinkin and others, it...
| Publicado en: | European Journal of the History of Economic Thought Vol. 27; no. 4; pp. 606 - 635 |
|---|---|
| Autor principal: | |
| Formato: | Artículo |
| Publicado: |
Taylor & Francis Ltd
Aug2020
|
| Materias: | |
| Acceso en línea: | Ver este registro en EBSCOhost |
| fields | @attributes: recordID: 1 pdfLink: plink: https://search.ebscohost.com/login.aspx?direct=true&db=hlh&AN=144667168&site=ehost-live header: @attributes: shortDbName: hlh uiTerm: 144667168 longDbName: Humanities International Complete uiTag: AN controlInfo: bkinfo: jinfo: jid: 09672567 5B6 jtl: European Journal of the History of Economic Thought issn: 09672567 maglogo: N pubinfo: dt: Aug2020 vid: 27 iid: 4 pid: 377 pub: Taylor & Francis Ltd artinfo: ui: 144667168 10.1080/09672567.2020.1767670 ppf: 606 ppct: 29 formats: tig: atl: Paul Samuelson's ways to macroeconomic dynamics. aug: au: Boianovsky, Mauro su: Samuelson, Paul A. (Paul Anthony), 1915-2009 Macroeconomics Business cycles Financial economics Differential equations Mathematical optimization Economic competition sug: subj: Samuelson, Paul A. (Paul Anthony), 1915-2009 Macroeconomics Business cycles Financial economics Differential equations Mathematical optimization Economic competition keyword: macroeconomic dynamics multiplier-accelerator optimization Samuelson stability ab: Samuelson kept optimisation-based problems separated from macroeconomic dynamics in his Foundations, where dynamics was defined in terms of difference and differential equations. Despite some criticism of his "correspondence principle" of stability analysis by D.F. Gordon, D. Patinkin and others, it was only in the 1970s that Samuelson's separation was effectively challenged, particularly by R. E. Lucas. After the Foundations, Samuelson developed dynamic optimisation models, sometimes featuring representative agents, but he did not extend that to the study of macroeconomic fluctuations. Neither did he accept market clearing inter-temporal maximisation as a solution to the micro-foundations problem that beset his models of macroeconomic dynamics. His 1988 nonlinear non-optimising business cycle model was his last contribution to dynamics. Eventually, Samuelson disentangled his 1965 "efficient market hypothesis" of financial economics from rational expectations and claimed that the former should form one of the pillars of macroeconomic dynamics, together with imperfectly competitive markets for goods and labour. pubtype: Academic Journal doctype: Article src: R language: English refInfo: copyright: @attributes: flag: Y dt: @attributes: year: 2020 holdings: @attributes: islocal: N |
|---|