From the end of World War I through the early years of the Cold War, international organizations such as the League of Nations, International Labor Organization, the Bank for International Settlements, and the United Nations had a major influence on policies adopted among member nations. This book surveys ideas produced by those organizations on such vital matters as the international business cycle; trade policy; social policy; public expenditure; taxation and government investment activity; money and exchange rate management; wage setting and full employment and the rich country-poor...

Focusing on the period of Milton Friedman's collaboration with Anna J. Schwartz, from 1948 to 1991, this work examines the history of debates between Friedman and his critics over money's causal role in business cycles. Professor Hammond shows that critics' reactions were grounded in two distinctive features of Friedman and Schwartz's way of doing economic analysis--their National Bureau business cycle methods and Friedman's Marshallian methodology. Drawing extensively on unpublished materials, Professor Hammond's treatment offers new insights on Milton Friedman's attempts to settle debates...

In the 1830s, the "new science of law" aimed to explain the working rules of human society by using the methodologically individual terms of economic discourse. Practitioners were inclined to admit altruistic values, bounded rationality, and institutional inertia into their research programs. This positive analysis of law tended to push normative discussions up from the level of specific laws to society's political organization. Late-twentieth-century institutional economics is currently developing greater resemblances to this now-forgotten new science.

This book presents a historical investigation of the theoretical development of contemporary Equilibrium Business Cycle Theory (EBCT). The author examines the central features of the EBCT by tracing both the history of business cycle theory and the history of econometrics. These historical analyses make clear two cental principles of the EBCT: its optimization foundation and its economic strategy. Following along these lines, the author argues that the EBCT succeeds the tradition of the Austrian cycle theory that attempted to incorporate the cycle with classical equilibrium doctrine. He...

In this volume leading scholars look at the heritage and impact of the important work done by the Stockholm School from the 1920s to the present. The first part of The Stockholm School of Economics Revisited covers the early years, followed by an extensive review of the approaches to economics adopted by the school. A number of contributors investigate the relation and impact of the Stockholm School on their own work, the work of other economists, and the approaches pursued at other schools. A final roundtable discussion delves into the question of "What remains of the Stockholm School?." A...

Inspired by recent developments in science studies, Professor Sent offers an innovative type of analysis of the recent history of rational expectations economics. In the course of exploring the multiple dimensions of rational expectations analysis, she focuses on the work of Thomas Sargent, an instrumental pioneer in the development of this school of thought. The treatment aims to illuminate some of the shifting negotiations and alliances that characterize the rise and shift of direction in rational expectations economics.

This history of international monetary thought from the end of the nineteenth century to the middle of the twentieth century provides the most comprehensive survey of the literature on the theory of international finance yet produced. The author argues that progress in the field has not been linear and classifies the literature according to groupings of ideas and personalities rather than chronologically. After a brief survey of the Classical doctrines, she examines the developments of all the main schools through the Neoclassicals, the Keynesians, and the New Classicals.

This book is a study in the history of economic thought. It deals with the economics of exchange, that is, with prices, wages and interest rates. Those who pay a certain price or interest rate, or work at a certain wage, may agree to do so because they are in economic need. They are thus in a sense compelled and not free to choose. This problem was first discussed by teachers in the medieval universities. This book follows the discussion from the Middle Ages to the present.

More than any of his predecessors in the White House, Franklin D. Roosevelt drew heavily on the thinking of economists as he sought to combat the Great Depression, to mobilize the American economy for war, and to chart a new order for the postwar world. Designs within Disorder is an inquiry into how divergent analytic perspectives competed for official favor and how the President chose among them when formulating economic policies. During the Roosevelt years, two "revolutions" were underway simultaneously. One of them involved a fundamental restructuring of the American economy and of the...

This book provides a unified and comprehensive analysis of the work of Joseph Alois Schumpeter (1883-1950), the world-famed economist ranked with John Maynard Keynes. Although Schumpeter is well known for his work on economic development and innovation, his aim to construct a universal social science addressing the evolution of mind and society is usually ignored. A major contribution to the history of economic thought, this book will be the standard of Schumpeter scholarship for years to come.