• Table of Contents
    • Abstract
    • Keywords
    • Article
      • Macroeconomic themes in pre-classical and classical political economy
      • Business cycles
      • 1886 and all that: the dawn of modern monetary macroeconomics, 1886–1914
      • Keynesian Revolution and monetarist counter-revolution
      • Recurring themes
    • Bibliography
    • How to cite this article

macroeconomics, origins and history of

Robert W. Dimand
From The New Palgrave Dictionary of Economics, Second Edition, 2008
Edited by Steven N. Durlauf and Lawrence E. Blume
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Abstract

Macroeconomics, the analysis of economic aggregates, became a recognized field with Keynes's General Theory (1936) and its mathematical and diagrammatic reformulations, and the macroeconometric modelling pioneered by Tinbergen and Frisch. Macroeconomics grew out of two long-standing traditions: business cycle analysis from Jevons and Juglar to Mitchell, and monetary theory, building on the work of Hume, Thornton, Ricardo, Wicksell, and Fisher, supplemented by the circular flow analysis of Quesnay and Marx.
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Keywords

Austrian economics; Bank of England; Banking School, Currency School, Free Banking School; Bauer, O.; Bergmann, Eugen von; Beveridge, W. H.; bimetallism; Bodin, J.; Burns, A. F.; business cycles; calculus of variations; Cantillon, R.; capital accumulation; central banking; Champernowne, D. G.; circular flow; Cobb–Douglas functions; consumption smoothing; covered interest parity; Cowles Commission; crowding out; deflation; depressions; Dunlop, J. T.; endogenous growth; equation of exchange; excess demand and supply; exploitation; Fel'dman, G. A.; Fisher ideal index; Fisher, I.; Fleming, J. M.; Friedman, M.; Frisch, R. A.; fundamental uncertainty; German hyperinflation; Gervaise, I.; gold standard; growth theory; Haavelmo, T.; Hammarskjold, D.; Harrod, R. F.; Hawtrey, R. G.; Hayek, F. A.; Hicks, J. R.; hoarding; Hume, D.; income–expenditure analysis; increasing returns; index numbers; index of leading indicators; inflation; innovations; Institute of World Economics (Germany); insurable risk; international trade, theory of; involuntary unemployment; IS–LM model; Jevons, W. S.; Jones, E. D.; Juglar, C.; Kaldor, N.; Kalecki, M.; Keynes, J. M.; Keynesian Revolution; Keynesianism; Kock, K.; Klein, L. R.; Kondratieff, N.; Koopmans, T. C.; labour theory of value; Lange, O. R.; Laspeyres indexes; law of markets; Lerner, A. P.; Lindahl, E. R.; liquidity preference; Locke, J.; Lundberg, E. F.; Luxemburg, R.; macroeconomics, origins and history of; Malthus, T. R.; Marshall, A.; Marx, K. H.; Meade, J. E.; mercantilism; Mill, J.; Mill, J. S.; Mises, L. E. von; Mitchell, W. C.; Modigliani, F.; monetarism; money illusion; Mundell, R.; Myrdal, G.; National Bureau of Economic Research; National Institute of Economic and Social Research (UK); natural rate and market rate of interest; Neoclassical; new classical macroeconomics; New Deal; new Keynesian macroeconomics; Ohlin, B. G.; Paasche index; Patinkin, D.; Periodogram; Phillips curve; Physiocracy; Pigou, A. C.; post Keynesian economics; Price Revolution; profit sharing; public works; purchasing power parity; quantity theory of money; Quesnay, F.; Ramsey, F. P.; recessions; Reddaway, B.; representative agent; Ricardo, D.; Robbins, L. C.; Robertson, D. H.; rules versus discretion; Samuelson, P. A.; Say, J.-B.; Say's Equality; Say's Identity; Say's Law; Simons, H. C.; simultaneous equations models; Slutsky, E.; Smith, A.; specie-flow mechanism; spending multiplier; stabilization policy; Sunspots; Tarshis, L.; Taylor, F. I.; Thornton, H.; time series analysis; Timlin, M.; Tinbergen, J.; Tobin, J.; Tooke, T.; trade cycle theory; uncovered interest parity; underconsumptionism; Veblen, T.; vector autoregressions; velocity of circulation; Walras's Law; Warburton, C.; Wicksell, J. G. K.; Wilson, E. B.; Young. A. A.
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How to cite this article

Dimand, Robert W. "macroeconomics, origins and history of." The New Palgrave Dictionary of Economics. Second Edition. Eds. Steven N. Durlauf and Lawrence E. Blume. Palgrave Macmillan, 2008. The New Palgrave Dictionary of Economics Online. Palgrave Macmillan. 22 September 2014 <http://www.dictionaryofeconomics.com/article?id=pde2008_M000370> doi:10.1057/9780230226203.1009

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