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A. Lerner, J. Hicks (1951)
A Contribution To The Theory Of The Trade Cycle
J. Tinbergen (1968)
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P. Samuelson (1939)
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the major role in the development of research leading to the multiplieraccelerator model. In the end, though, we will not propose to afï¬x Harrodâs name to the model, concluding that there appears to be no reason to change the custom of associating only Samuelsonâs name with it. 1. Samuelsonâs Model When it comes to scientiï¬c research in the area of business-cycle movements, the thirties were a very productive period. At the beginning of the decade, the Great Depression shook the very foundations of the modern world, causing great damage to virtually all advanced countries and laying a responsibility on the international economics community to explain these frightening recurring downward movements in the level of production and to possibly ï¬nd a cure for them. Several renowned economists went to work and constructed theories of every shape and form, ranging from the monetary overinvestment theory by Friedrich von Hayek and the theory of mass psychology by A. C. Pigou to the theory of innovative entrepreneurship by Joseph Schumpeter. This development culminated in the publication of two books by the League of Nations that presented a theoretical survey of all advancements up to then in the explanation of the driving forces
History of Political Economy – Duke University Press
Published: Mar 1, 2002
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