[go: up one dir, main page]
IDEAS home Printed from https://ideas.repec.org/a/taf/eujhet/v9y2002i2p226-259.html
   My bibliography  Save this article

Patinkin, the Cowles Commission, and the theory of unemployment and aggregate supply

Author

Listed:
  • Mauro Boianovsky
Abstract
The paper provides an account of Don Patinkin's long-time search for an explanation of the notions of an aggregate demand constraint and unemployment under the assumption of a perfectly competitive goods market. It is argued that Patinkin's quest is reflected on the development of the concept of an aggregate supply function in the goods market. Patinkin's interpretation of aggregate supply and unemployment is compared to similar ideas put forward by Jacob Marschak, Trygve Haavelmo and Lawrence Klein, his former colleagues at the Cowles Commission in Chicago.

Suggested Citation

  • Mauro Boianovsky, 2002. "Patinkin, the Cowles Commission, and the theory of unemployment and aggregate supply," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 9(2), pages 226-259.
    • Handle: RePEc:taf:eujhet:v:9:y:2002:i:2:p:226-259
    DOI: 10.1080/09672560210130693
    as

    Download full text from publisher

    File URL: http://www.tandfonline.com/doi/abs/10.1080/09672560210130693
    Download Restriction: Access to full text is restricted to subscribers.
    File URL: https://libkey.io/10.1080/09672560210130693?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to look for a different version below or search for a different version of it.

    Other versions of this item:

    References listed on IDEAS

    as
    1. Milton Friedman, 1971. "A Theoretical Framework for Monetary Analysis," NBER Books, National Bureau of Economic Research, Inc, number frie71-1.
    2. Grossman, Herschel I., 1969. "Theories of markets without recontracting," Journal of Economic Theory, Elsevier, vol. 1(4), pages 476-479, December.
    3. J. E. King, 1994. "Aggregate Supply and Demand Analysis Since Keynes: A Partial History," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 17(1), pages 3-31, September.
    4. D. Calvin Gogerty & Gordon C. Winston, 1964. "Patinkin, Perfect Competition, and Unemployment Disequilibria," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 31(2), pages 121-126.
    5. Grandmont, Jean-michel, 1989. "Keynesian issues and economic theory," CEPREMAP Working Papers (Couverture Orange) 8907, CEPREMAP.
    6. Asimakopulos, A, 1982. "Keynes' Theory of Effective Demand Revisited," Australian Economic Papers, Wiley Blackwell, vol. 21(38), pages 18-36, June.
    7. Barro, Robert J & Grossman, Herschel I, 1971. "A General Disequilibrium Model of Income and Employment," American Economic Review, American Economic Association, vol. 61(1), pages 82-93, March.
    8. Karl Ove Moene & Asbjorn Rodseth, 1991. "Nobel Laureate: Trygve Haavelmo," Journal of Economic Perspectives, American Economic Association, vol. 5(3), pages 175-192, Summer.
    9. Lawrence R. Klein, 1947. "Theories of Effective Demand and Employment," Journal of Political Economy, University of Chicago Press, vol. 55(2), pages 108-108.
    10. Casarosa, Carlo, 1981. "The Microfoundations of Keynes's Aggregate Supply and Expected Demand Analysis," Economic Journal, Royal Economic Society, vol. 91(361), pages 188-194, March.
    11. Leeson, Robert, 1998. "The Early Patinkin—Friedman Correspondence," Journal of the History of Economic Thought, Cambridge University Press, vol. 20(4), pages 433-448, December.
    12. Fischer, Stanley, 1977. "Long-Term Contracts, Rational Expectations, and the Optimal Money Supply Rule," Journal of Political Economy, University of Chicago Press, vol. 85(1), pages 191-205, February.
    13. Dutt, Amitava Krishna, 1987. "Keynes with a Perfectly Competitive Goods Market," Australian Economic Papers, Wiley Blackwell, vol. 26(49), pages 275-293, December.
    14. John King, 1993. "Aggregate Supply and Demand Analysis Since Keynes: A Partial History," Working Papers 1993.16, School of Economics, La Trobe University.
    15. Axel Leijonhufvud, 1974. "Keynes' Employment Function," History of Political Economy, Duke University Press, vol. 6(2), pages 164-170, Summer.
    16. T. Haavelmo, 1949. "A Note on the Theory of Investment," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 16(2), pages 78-81.
    17. E. Roy Weintraub, 1974. "Keynes' Employment Function," History of Political Economy, Duke University Press, vol. 6(2), pages 162-164, Summer.
    18. Olivier Jean Blanchard & Stanley Fischer, 1989. "Lectures on Macroeconomics," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262022834, April.
    19. repec:bla:scandj:v:91:y:1989:i:2:p:265-93 is not listed on IDEAS
    20. Goulven Rubin, 2002. "From equilibrium to disequilibrium: the genesis of Don Patinkin's interpretation of the Keynesian theory," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 9(2), pages 205-225.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Goulven Rubin, 2012. "Don Patinkin's PhD Dissertation as the Prehistory of Disequilibrium Theories," History of Political Economy, Duke University Press, vol. 44(2), pages 235-276, Summer.
    2. Robert W. Dimand & Harald Hagemann, 2019. "Macroeconomic Dynamics at the Cowles Commission from the 1930s to the 1950s," Cowles Foundation Discussion Papers 2196, Cowles Foundation for Research in Economics, Yale University.
    3. André K. Anundsen & Ragnar Nymoen & Tord S. Krogh & Jon Vislie, 2012. "The macroeconomics of Trygve Haavelmo," Nordic Journal of Political Economy, Nordic Journal of Political Economy, vol. 37, pages 1-2.
    4. André K. Anundsen & Tord S. Krogh & Ragnar Nymoen & Jon Vislie, 2014. "Overdeterminacy and Endogenous Cycles: Trygve Haavelmo's Business Cycle Model," Metroeconomica, Wiley Blackwell, vol. 65(3), pages 460-486, July.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Jochen Hartwig, 2006. "Explaining the aggregate price level with Keynes's principle of effective demand," Review of Social Economy, Taylor & Francis Journals, vol. 64(4), pages 469-492.
    2. Heller, Claudia, 2009. "Keynes’s slip of the pen: aggregate supply curve vs employment function," MPRA Paper 12837, University Library of Munich, Germany.
    3. Goulven Rubin, 2012. "Don Patinkin's PhD Dissertation as the Prehistory of Disequilibrium Theories," History of Political Economy, Duke University Press, vol. 44(2), pages 235-276, Summer.
    4. Roger Backhouse & Mauro Boianovsky, 2005. "Disequilibrium Macroeconomics: An Episode In The Transformation Of Modern Macroeconomics," Anais do XXXIII Encontro Nacional de Economia [Proceedings of the 33rd Brazilian Economics Meeting] 012, ANPEC - Associação Nacional dos Centros de Pós-Graduação em Economia [Brazilian Association of Graduate Programs in Economics].
    5. Olivier Allain, 2006. "Effective demand and short-term adjustments in the General Theory [La demande effective et les ajustements de court terme dans la théorie générale]," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00112440, HAL.
    6. Michel De Vroey, 2002. "Can slowly adjusting wages explain involuntary unemployment? A critical re-examination of Patinkin's theory of involuntary unemployment," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 9(2), pages 293-307.
    7. Olivier Allain, 2009. "Effective Demand and Short-term Adjustments in the General Theory," Review of Political Economy, Taylor & Francis Journals, vol. 21(1), pages 1-22.
    8. M. Scattaglia, 1994. "Politiche per l'occupazione e Microfondamenti "Keynesiani" dell'economia del lavoro," Working Papers 196, Dipartimento Scienze Economiche, Universita' di Bologna.
    9. Jochen Hartwig, 2009. "D and Z in ROPE," KOF Working papers 09-243, KOF Swiss Economic Institute, ETH Zurich.
    10. Claudio Sardoni, 2011. "Unemployment, Recession and Effective Demand," Books, Edward Elgar Publishing, number 13837.
    11. Thierry Laurent & Hélène Zajdela, 1999. "De l'équilibre de sous-emploi au chômage d'équilibre : la recherche des fondements micro-économiques de la rigidité des salaires," Cahiers d'Économie Politique, Programme National Persée, vol. 34(1), pages 41-65.
    12. Adama Zerbo, 2018. "Essai d'une nouvelle représentation macroéconomique du marché du travail," Documents de travail 178, Groupe d'Economie du Développement de l'Université Montesquieu Bordeaux IV.
    13. Drissi, Ramzi & Ghassan, Hassan B., 2018. "Sticky Price versus Sticky Information Price: Empirical Evidence in the New Keynesian Setting," MPRA Paper 93075, University Library of Munich, Germany, revised Apr 2019.
    14. Goulven Rubin, 2004. "Patinkin on IS-LM: An Alternative to Modigliani," History of Political Economy, Duke University Press, vol. 36(5), pages 190-216, Supplemen.
    15. Akhand Akhtar Hossain, 2009. "Central Banking and Monetary Policy in the Asia-Pacific," Books, Edward Elgar Publishing, number 12777.
    16. Ghosal, Vivek & Loungani, Prakash, 1996. "Evidence on Nominal Wage Rigidity from a Panel of U.S. Manufacturing Industries," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 28(4), pages 650-668, November.
    17. Pierre Cahuc & Hubert Kempf, 1997. "Emploi et négociations salariales dans une union monétaire ouverte," Économie et Prévision, Programme National Persée, vol. 128(2), pages 101-114.
    18. Rankin, Neil, 1998. "Nominal rigidity and monetary uncertainty in a small open economy," Journal of Economic Dynamics and Control, Elsevier, vol. 22(5), pages 679-702, May.
    19. Mohamed Safouane Ben Aïssa & Olivier Musy, 2011. "The Dynamic Properties Of Alternative Assumptions On Price Adjustment In New Keynesian Models," Bulletin of Economic Research, Wiley Blackwell, vol. 63(4), pages 353-384, October.
    20. Jean-Christophe Pereau, 1996. "La dynamique du salaire réel en présence de contrats échelonnés asymétriques," Revue Économique, Programme National Persée, vol. 47(5), pages 1089-1101.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:taf:eujhet:v:9:y:2002:i:2:p:226-259. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Chris Longhurst (email available below). General contact details of provider: http://www.tandfonline.com/REJH20 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.