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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.

Suggested Citation

  • Mauro Boianovsky, 2002. "Patinkin, the Cowles Commission, and the theory of unemployment and aggregate supply," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 9(2), pages 226-259.
  • Handle: RePEc:taf:eujhet:v:9:y:2002:i:2:p:226-259
    DOI: 10.1080/09672560210130693
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    References listed on IDEAS

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    1. Milton Friedman, 1971. "A Theoretical Framework for Monetary Analysis," NBER Books, National Bureau of Economic Research, Inc, number frie71-1, January.
    2. Grossman, Herschel I., 1969. "Theories of markets without recontracting," Journal of Economic Theory, Elsevier, vol. 1(4), pages 476-479, December.
    3. Dutt, Amitava Krishna, 1987. "Keynes with a Perfectly Competitive Goods Market," Australian Economic Papers, Wiley Blackwell, vol. 26(49), pages 275-293, December.
    4. John King, 1993. "Aggregate Supply and Demand Analysis Since Keynes: A Partial History," Working Papers 1993.16, School of Economics, La Trobe University.
    5. J. E. King, 1994. "Aggregate Supply and Demand Analysis Since Keynes: A Partial History," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 17(1), pages 3-31, September.
    6. T. Haavelmo, 1949. "A Note on the Theory of Investment," Review of Economic Studies, Oxford University Press, vol. 16(2), pages 78-81.
    7. Grandmont, Jean-Michel, 1989. " Keynesian Issues and Economic Theory," Scandinavian Journal of Economics, Wiley Blackwell, vol. 91(2), pages 265-293.
    8. E. Roy Weintraub, 1974. "Keynes' Employment Function," History of Political Economy, Duke University Press, vol. 6(2), pages 162-164, Summer.
    9. Asimakopulos, A, 1982. "Keynes' Theory of Effective Demand Revisited," Australian Economic Papers, Wiley Blackwell, vol. 21(38), pages 18-36, June.
    10. 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.
    11. Karl Ove Moene & Asbjorn Rodseth, 1991. "Nobel Laureate: Trygve Haavelmo," Journal of Economic Perspectives, American Economic Association, vol. 5(3), pages 175-192, Summer.
    12. Lawrence R. Klein, 1947. "Theories of Effective Demand and Employment," Journal of Political Economy, University of Chicago Press, vol. 55, pages 108-108.
    13. 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.
    14. Casarosa, Carlo, 1981. "The Microfoundations of Keynes's Aggregate Supply and Expected Demand Analysis," Economic Journal, Royal Economic Society, vol. 91(361), pages 188-194, March.
    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. 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.
    2. 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 1-2.
    3. André K. Anundsen & Tord S. Krogh & Ragnar Nymoen & Jon Vislie, 2014. "Overdeterminacy and Endogenous Cycles: Trygve Haavelmo's Business Cycle Model," Metroeconomica, Wiley Blackwell, vol. 65(3), pages 460-486, July.

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