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On the Origin of Samuelson's Multiplier-Accelerator Model

On the Origin of Samuelson's Multiplier-Accelerator Model the major role in the development of research leading to the multiplieraccelerator model. In the end, though, we will not propose to affix Harrod’s name to the model, concluding that there appears to be no reason to change the custom of associating only Samuelson’s name with it. 1. Samuelson’s Model When it comes to scientific 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 find 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 http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png History of Political Economy Duke University Press

On the Origin of Samuelson's Multiplier-Accelerator Model

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References (14)

Publisher
Duke University Press
Copyright
Copyright 2002 by Duke University Press
ISSN
0018-2702
eISSN
1527-1919
DOI
10.1215/00182702-34-1-207
Publisher site
See Article on Publisher Site

Abstract

the major role in the development of research leading to the multiplieraccelerator model. In the end, though, we will not propose to affix Harrod’s name to the model, concluding that there appears to be no reason to change the custom of associating only Samuelson’s name with it. 1. Samuelson’s Model When it comes to scientific 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 find 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

Journal

History of Political EconomyDuke University Press

Published: Mar 1, 2002

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