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History of Macro Doctrine… The Commanding Heights

History of Macro Doctrine… The Commanding Heights. Keynes : Stabilize an inherently unstable economy; preserve liberal society Macro-policy, not planning Hayek as counterweight to Keynes? Macro-policy/welfare state the road to serfdom ?

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History of Macro Doctrine… The Commanding Heights

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  1. History of Macro Doctrine… The Commanding Heights • Keynes: Stabilize an inherently unstable economy; preserve liberal society • Macro-policy, not planning • Hayek as counterweight to Keynes? • Macro-policy/welfare state the road to serfdom? • WWII: High tide of PLANNING: hypercharged economy … social consensus • Austrian Methodology: reject equilibrium • Ceteris not paribus: other things change • Swedish school  similarly disequilibrium • Hayek / Myrdal 1974 Nobel Prize

  2. Schools of Economics • LSE: teach economic science and the wisdom of socialism (a, b, all of the above?) • U. of Chicago: endowed by J.D. Rockefeller • Bastion of enterprise capitalism • U. of Ilinois as counterweight • MIT: Paul Samuelson / Robert Solow • Foundations of Economic Analysis • Principles of Economics • Teaching Keynesian Economics • Lawrence Summers’ “Keynesian Household”

  3. Chicago SchoolMilton Friedman: The Counterweight to Keynes • Aversion to Keynes’ elitism • Discredit activism: MV = PY vs. Y = C+I+G • Studies in the Quantity Theory of Money, 1956 • Cagan: stable Md in times of hyperinflation • A Theory of the Consumption Function, 1957 • A Monetary History of the United States, 1963 • The Great Contraction • The Role of Monetary Policy, 1968

  4. Carnegie – Mellon: A Chicago Satellite The Rational Expectations Revolution • The Management Game: HMMS • John Muth, 1963 • Lucas – Rapping Supply Curve • Lucas: Policy Ineffectiveness • Prescott – Kydland • Real Business Cycles • Time Inconsistency Aside of the DM Miracle Erhard or Goldsmith – Dodge – Colm?

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