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Economic theory in an imperfect world: Frank Hahn, general equilibrium, and Keynesian economics

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  • Roger E Backhouse

Abstract

Frank Hahn was both a Keynesian economist, active in policy debates, and an economic theorist. Placing his work in the context of attempts to make theoretical sense of Keynesian economics, this article explores the way Hahn used abstract general equilibrium theory to draw conclusions relevant to policy in an ‘imperfect’ world that does not conform to the assumptions made in the theory. Hahn’s rigorous approach to theorizing as the route to understanding is assessed in relation to the different approaches of Robert Lucas, Milton Friedman, Paul Samuelson and Axel Leijonhufvud.

Suggested Citation

  • Roger E Backhouse, 2020. "Economic theory in an imperfect world: Frank Hahn, general equilibrium, and Keynesian economics," Oxford Economic Papers, Oxford University Press, vol. 72(4), pages 1091-1107.
    • Handle: RePEc:oup:oxecpp:v:72:y:2020:i:4:p:1091-1107.
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    File URL: http://hdl.handle.net/10.1093/oep/gpaa005
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    Cited by:

    1. Tibor Tatay & Zsanett Orlovits & Zsuzsanna Novák, 2022. "Inhomogeneous Financial Markets in a Low Interest Rate Environment—A Cluster Analysis of Eurozone Economies," Risks, MDPI, vol. 10(10), pages 1-22, October.

    More about this item

    JEL classification:

    • B20 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - General
    • D50 - Microeconomics - - General Equilibrium and Disequilibrium - - - General
    • E10 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - General

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