This blog is a companion to our forthcoming book Modeling Economic Instability: A History of Early Macroeconomics to be published in early 2022 by Springer. Its aim is to provide insights into the origin of some concepts and visions which are part of the modern landscape of macroeconomics. As such it can be used by macroeconomists ready to go beyond the standard narrative provided in textbooks.
We also hope that this blog may prove useful to an informed public interested in reflecting upon the past and the ideals of a generation of economists that came of age during the interwar and early post-war period with the aim to reshape the world.
At this time, it is organized around three categories that form the three “movements” detailed in the book: the reflection during the early 1930s on business cycles, thought in terms of “macrodynamic” models, a rethinking of instability and cycles in relation to economic policy and the level of income and employment, and the pursuit of a line of research where instability became global rather than localized.
As we continue writing the book, we plan to add posts and resources in each categories comprising:
- archival materials (published articles translated from German, French, Dutch, etc and unpublished manuscripts)
- computer simulation to visualize the solutions of different models and how policies may change economic trajectories
- mathematical appendices on the solutions of the models