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

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Author Info
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.

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Publisher Info
Article provided by Taylor and Francis Journals in its journal European Journal of the History of Economic Thought.

Volume (Year): 9 (2002)
Issue (Month): 2 (June)
Pages: 226-259
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Handle: RePEc:taf:eujhet:v:9:y:2002:i:2:p:226-259

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Related research
Keywords: Patinkin; Aggregate Supply; Unemployment; Cowles Commission; Overdetermination; Labour Demand;

References listed on IDEAS
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  1. Friedman, Milton, 1970. "A Theoretical Framework for Monetary Analysis," Journal of Political Economy, University of Chicago Press, vol. 78(2), pages 193-238, March-Apr. [Downloadable!] (restricted)
    Other versions:
  2. Goulven Rubin, 2002. "From equilibrium to disequilibrium: the genesis of Don Patinkin's interpretation of the Keynesian theory," European Journal of the History of Economic Thought, Taylor and Francis Journals, vol. 9(2), pages 205-225, June. [Downloadable!] (restricted)
  3. Grandmont Jean-michel, 1989. "Keynesian issues and economic theory," CEPREMAP Working Papers (Couverture Orange) 8907, CEPREMAP.
  4. Asimakopulos, A, 1982. "Keynes' Theory of Effective Demand Revisited," Australian Economic Papers, Blackwell Publishing, vol. 21(38), pages 18-36, June.
  5. Grossman, Herschel I., 1969. "Theories of markets without recontracting," Journal of Economic Theory, Elsevier, vol. 1(4), pages 476-479, December. [Downloadable!] (restricted)
  6. Dutt, Amitava Krishna, 1987. "Keynes with a Perfectly Competitive Goods Market," Australian Economic Papers, Blackwell Publishing, vol. 26(49), pages 275-93, December.
  7. Grandmont, Jean-Michel, 1989. " Keynesian Issues and Economic Theory," Scandinavian Journal of Economics, Blackwell Publishing, vol. 91(2), pages 265-93.
  8. King, J., 1993. "Aggregate Supply and Demand Analysis Since Keynes: A Partial History," Papers 16-93, La Trobe - Department of Economics.
  9. 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. [Downloadable!] (restricted)
  10. Moene, Karl Ove & Rodseth, Asbjorn, 1991. "Nobel Laureate: Trygve Haavelmo," Journal of Economic Perspectives, American Economic Association, vol. 5(3), pages 175-92, Summer. [Downloadable!] (restricted)
  11. Casarosa, Carlo, 1981. "The Microfoundations of Keynes's Aggregate Supply and Expected Demand Analysis," Economic Journal, Royal Economic Society, vol. 91(361), pages 188-94, March. [Downloadable!] (restricted)
  12. Lawrence R. Klein, 1947. "Theories of Effective Demand and Employment," Journal of Political Economy, University of Chicago Press, vol. 55, pages 108. [Downloadable!] (restricted)
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