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the ideas of economists and political philosophers, both when they are right and ... a certain interval; for in the field of economic and political philosophy there ...

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ECON 442 History of Economic ThoughtProfessor Malamud, BEH 502course outline:
  • the ideas of economists and political philosophers, both when they are right and when they are wrong, are more powerful than is commonly understood. Indeed the world is ruled by little else. Practical men, who believe themselves to be quite exempt from any intellectual influences, are usually the slaves of some defunct economist. Madmen in authority, who hear voices in the air, are distilling their frenzy from some academic scribbler of a few years back. I am sure that the power of vested interests is vastly exaggerated compared with the gradual encroachment of ideas. Not, indeed, immediately, but after a certain interval; for in the field of economic and political philosophy there are not many who are influenced by new theories after they are twenty-five or thirty years of age, so that the ideas which civil servants and politicians and even agitators apply to current events are not likely to be the newest. But, soon or late, it is ideas, not vested interests, which are dangerous for good or evil. JMK, General Theory of Employment, Interest, and Money.
today s headlines
Today’s Headlines
  • Timely
  • Targeted
  • Temporary

Is John Maynard Keynes “defunct”?

Is Knut Wicksell “defunct”?

Journal of Economic Perspectives, Fall 2007

today s headlines3
Today’s Headlines
  • IMF: Global Stimulus Package
  • Timely
  • (as there is an urgent need for action)· Large
  • (because the drop in demand is large)· Lasting
  • (as the recession will likely last for some time) · Diversified
  • (as there is uncertainty regarding which measures will be most effective)· Contingent
  • (to indicate that further action can be taken)· Collective
  • (all countries that can should expand G-T given the severity and global nature of the downturn)·
  • Sustainable
  • (to avoid debt explosion in the long run and adverse effects in the short run).

Is John Maynard Keynes defunct?

james b clark medalists subsequent nobel awards
1947 Paul A. Samuelson (1970)

1949 Kenneth E. Boulding

1951 Milton Friedman (1976)

1953 No Award

1955 James Tobin (1981)

1957 Kenneth J. Arrow

(1972, with John R. Hicks)

1959 Lawrence R. Klein (1980)

1961 Robert M. Solow (1987)

1963 Hendrik S. Houthakker

1965 Zvi Griliches

1967 Gary S. Becker (1992)

1969 Marc Leon Nerlove

1971 Dale W. Jorgenson

1973 Franklin M. Fisher

1975 Daniel McFadden

(2000, with James J. Heckman)

1977 Martin S. Feldstein

1979 Joseph E. Stiglitz

(2001, with George A. Akerlof and A. Michael Spence)

1981 A. Michael Spence

(2001, with George A. Akerlof and Joseph E. Stiglitz)

1983 James J. Heckman

(2000, with Daniel McFadden)

1985 Jerry A. Hausman

1987 Sanford J. Grossman

1989 David M. Kreps

1991 (Paul R. Krugman)

1993 Lawrence H. Summers

1995 David Card

1997 Kevin M. Murphy

1999 Andrei Shleifer

2001 Matthew Rabin

2003 Steven Levitt

2005 Daron Acemoglu

2007 Susan Athey

James B. Clark Medalists(subsequent Nobel Awards)
Nobel Laureates in Economics:

Nobel laureates in our course

  • Paul Samuelson
  • John Hicks
  • Milton Friedman
  • James Tobin
  • Franco Modigliani
  • Robert Solow
  • Gary Becker
  • Robert Lucas
  • Finn Kydland/Edward Prescott
  • Joseph Stiglitz