Solow's Struggle with Medium-Run Macroeconomics: 1956-1995
AbstractSolow has repeatedly called for the development of models that combine equilibrium and out-of equilibrium outcomes or what he called a macroeconomics of the medium-run. This paper recounts the history of Solow’s different attempts to address this issue. It starts in early 1950s when Solow developed his long-run growth model and it ends in the mid-1990s with the publication of A Critical Essay on Modern Macroeconomic Theory co-written with Frank Hahn. This narrative involves different economists associated with various research traditions, going from the neo-classical synthesis in the 1960s, the New Classical Economics in the 1970s and the New Keynesianism in the 1980s.
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Bibliographic InfoPaper provided by Groupe de REcherche en Droit, Économie, Gestion (GREDEG CNRS), University of Nice Sophia Antipolis in its series GREDEG Working Papers with number 2013-41.
Length: 41 pages
Date of creation: Nov 2013
Date of revision:
economic growth; Robert Solow; Medium-Run macroeconomics; dynamics; multiple equilibria;
Find related papers by JEL classification:
- B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
- O4 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity
- E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian
- E13 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Neoclassical
- N1 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations
- B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
This paper has been announced in the following NEP Reports:
- NEP-ALL-2013-11-22 (All new papers)
- NEP-HIS-2013-11-22 (Business, Economic & Financial History)
- NEP-HPE-2013-11-22 (History & Philosophy of Economics)
- NEP-MAC-2013-11-22 (Macroeconomics)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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- Robert M. Solow, 2007. "The last 50 years in growth theory and the next 10," Oxford Review of Economic Policy, Oxford University Press, vol. 23(1), pages 3-14, Spring.
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"Growth Theory and After,"
American Economic Review,
American Economic Association, vol. 78(3), pages 307-17, June.
- Michel DE VROEY & Pedro GARCIA DUARTE, 2012.
"In Search Of Lost Time: The Neoclassical Synthesis,"
Discussion Papers (IRES - Institut de Recherches Economiques et Sociales)
2012026, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
- De Vroey Michel & Duarte Pedro Garcia, 2013. "In search of lost time: the neoclassical synthesis," The B.E. Journal of Macroeconomics, De Gruyter, vol. 13(1), pages 1-31, January.
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- Verena Halsmayer & Kevin D. Hoover, 2013. "Solow’s Harrod: Transforming Cyclical Dynamics into a Model of Long-run Growth," Center for the History of Political Economy Working Paper Series 2013-02, Center for the History of Political Economy.
- McDonald, Ian M & Solow, Robert M, 1985. "Wages and Employment in a Segmented Labor Market," The Quarterly Journal of Economics, MIT Press, vol. 100(4), pages 1115-41, November.
- Robert M. Solow, 1979. "Alternative Approaches to Macroeconomic Theory: A Partial View," Canadian Journal of Economics, Canadian Economics Association, vol. 12(3), pages 339-54, August.
- Thor Hultgren, 1960. "Appendices to "Changes in Labor Cost During Cycles in Production and Business"," NBER Chapters, in: Changes in Labor Cost During Cycles in Production and Business, pages 79-85 National Bureau of Economic Research, Inc.
- T. W. Swan, 1956. "ECONOMIC GROWTH and CAPITAL ACCUMULATION," The Economic Record, The Economic Society of Australia, vol. 32(2), pages 334-361, November.
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