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

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  • 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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Bibliographic Info

Article provided by Taylor & Francis Journals in its journal The European Journal of the History of Economic Thought.

Volume (Year): 9 (2002)
Issue (Month): 2 ()
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;

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References

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  1. Dutt, Amitava Krishna, 1987. "Keynes with a Perfectly Competitive Goods Market," Australian Economic Papers, Wiley Blackwell, vol. 26(49), pages 275-93, December.
  2. Grandmont, Jean-michel, 1989. "Keynesian issues and economic theory," CEPREMAP Working Papers (Couverture Orange) 8907, CEPREMAP.
  3. Asimakopulos, A, 1982. "Keynes' Theory of Effective Demand Revisited," Australian Economic Papers, Wiley Blackwell, vol. 21(38), pages 18-36, June.
  4. Karl Ove Moene & Asbjorn Rodseth, 1991. "Nobel Laureate: Trygve Haavelmo," Journal of Economic Perspectives, American Economic Association, vol. 5(3), pages 175-192, Summer.
  5. Milton Friedman, 1971. "A Theoretical Framework for Monetary Analysis," NBER Books, National Bureau of Economic Research, Inc, number frie71-1, July.
  6. E. Roy Weintraub, 1974. "Keynes' Employment Function," History of Political Economy, Duke University Press, vol. 6(2), pages 162-164, Summer.
  7. repec:ltr:wpaper:1993.16 is not listed on IDEAS
  8. John King, 1993. "Aggregate Supply and Demand Analysis Since Keynes: A Partial History," Working Papers 1993.16, School of Economics, La Trobe University.
  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.
  10. J. E. King, 1994. "Aggregate Supply and Demand Analysis since Keynes: A Partial History," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 17(1), pages 3-31, October.
  11. 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.
  12. 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.
  13. Grossman, Herschel I., 1969. "Theories of markets without recontracting," Journal of Economic Theory, Elsevier, vol. 1(4), pages 476-479, December.
  14. Lawrence R. Klein, 1947. "Theories of Effective Demand and Employment," Journal of Political Economy, University of Chicago Press, vol. 55, pages 108.
  15. Leeson, Robert, 1998. "The Early Patinkin—Friedman Correspondence," Journal of the History of Economic Thought, Cambridge University Press, vol. 20(04), pages 433-448, December.
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Cited by:
  1. 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 2.
  2. 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.

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