Search results for "Neoclassical synthesis"
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The Shaping of Public Economic Discourse in Postwar America: The 1947 Meat Shortage and Franco Modigliani’s Meat Plan
2015
Abstract This paper discusses the American debate over price controls and economic stabilization after World War II, when the transition from a war economy to a peace economy was characterized by bottlenecks in the productive system and shortages of food and other basic consumer goods, directly affecting the living standard of the population, the public opinion, and political discourse. Specifically, we will focus on the economist Franco Modigliani and his proposal for a “Plan to meet the problem of rising meat and other food prices without bureaucratic controls.” The plan prepared by Modigliani in October 1947 was based on a system of taxes and subsidies to foster a proper distribution of …
Circuit Theory and the Employment Issue.
2005
The circuit is a time-honoured concept in economics. It can be traced back to the Physiocrats of eighteenth-century France, who viewed production as a circular process initiated by advances, that is, capital expenditures which are recouped when goods are produced and then sold. Ever since then, however, this conception, without being explicitly discarded, has been left on the sidelines. For instance, Schumpeter, Keynes, Kalecki and J. Robinson, to mention twentieth-century economists only, undoubtedly made allowance for the circuit but did not give it prominence.1 In fact, the idea of making use of this conception as a research tool remained largely dormant until the late 1960s in France an…