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Economic (In)stability

A new history of macroeconomics
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  • Modeling Economic Instability: an History of early Macroeoonomics
    • Chapter 1 – Introduction
    • Chapter 2 – Looking for Dynamic Economics: Tinbergen’s Early Breakthrough
    • Chapter 3 – Relaxation Oscillations in the Early Development of Econometrics: a Road Not Taken
    • Chapter 4 – Frisch’s Macro-Dynamics: Inner Stability and External Impulses
    • Chapter 5 – Kalecki’s Macro-Dynamics: “Automatic Cycles,” Stagnation and Class Struggle
    • Chapter 6 – Tinbergen’s Macro-Dynamics: Instability and the Possibility of Collapse
    • Chapter 7 – Business Cycles, Pump-Priming and the Role of Public Expenditures
    • Chapter 8 – Stability Analysis and Early Keynesian Systems
    • Chapter 9 – Full Employment and Instability: Disentangling Issues on Existence and Stability
  • Grappling with Instability: a history of early post WW2 period
  • Reviews of the Book

Latest posts

A winding path : Goodwin’s early perspective on modeling capitalism

February 1, 2025 Angelo Vieira and Michaël Assous

Caspar David Friedrich, Two Men Contemplating the Moon            I recently returned from Siena, where I had…

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Posted in: Uncategorized

How it all began: Ragnar Frisch and the founding of the Econometric Society (3/3)

July 4, 2024 Michaël Assous and Siméon ZEBINA

Ragnar Frisch got pointers from François Divisia and Joseph Schumpeter on how to connect with American economists Irving Fisher and…

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How it all began: Ragnar Frisch and the founding of the Econometric Society (2/3)

June 28, 2024 Michaël Assous and Siméon ZEBINA

    This post is the second of a three-parts serie on the founding of the econometric society. All comments…

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How it all began: Ragnar Frisch and the founding of the Econometric Society (1/3)

June 27, 2024 Michaël Assous and Siméon ZEBINA

  Economics is quantitative and mathematical. Nobody can question that. We might regret it, but it’s a fact that 95%…

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Cosmogonies in Economics : Leijonhuvfud’s take on “Corridor stability”

June 11, 2024 Michaël Assous and Siméon ZEBINA

  This post is based on an research paper available here. All comments are welcomed. In his 1973 “Effective Demand…

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Macrodynamics in wonderland: the race for profits in Kalecki (1933)

June 4, 2024 Michaël Assous and Vincent Carret

This post is based on the chapter 5 of the book. All comments are welcomed. “Well, in OUR country,” said…

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Posted in: Part I Filed under: business cycle, capitalists, profits

A micro foundational episode of the early history of macroeconomics: Jan Tinbergen’s first step toward multiple equilibria and coordination failures

May 28, 2024 Michaël Assous and Vincent Carret

    This post is based on an article accessible here presented at a workshop held in Nice in September…

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Posted in: Part I Filed under: coordination, equilibrium, J.G Koopmans, Tinbergen, unemployment

The Amazing Alvin Hansen – Part 2/2 : 1938-1965

May 25, 2024 Michaël Assous, Marius Garreau and Nils Chabert

  We’ve seen how Hansen gradually wove a web between Harvard and Washington which led him in a favorable position,…

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Posted in: Part II

The Amazing Alvin Hansen – Part 1/2 : 1927-1938

May 24, 2024 Michaël Assous, Marius Garreau and Nils Chabert

Alvin Hansen has played a key role in the development of economic ideas in the US. Within a few years,…

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Posted in: Part II Filed under: economic policy, keynesianism, New Deal

Questioning Samuelson’s dogma: Schelling on growth and cycles

July 15, 2022 Michaël Assous, Elie Malhaire and Vincent Carret

In the context of the 1937 recession, Paul Samuelson (1915-2009) provided a dynamic framework (1939) for studying the effects of…

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Posted in: Part III, Uncategorized Filed under: cycle, Domar, Samuelson, Schelling

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