Abstract
In the early 1930s, Hansen came to the view that the severity and duration of the 1930–3 depression were due to a confluence of long and short cyclical fluctuations. This he advanced in Economic Stabilisation in an Unbalanced World (1932). A decade later, looking back from a post-war perspective, Hansen’s emphasis had shifted to the medium and longer term, especially issues of economic maturity.
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Notes
- 1.
Harris Foundation (1932: 40).
- 2.
See for example Hansen’s evidence to the Byrnes Committee where he suggested that monopolistic corporate and labour practices were preventing “adequate cost reduction” (1938d: 965), which thus hampered investment opportunities.
- 3.
Hansen et al. (1936: 53).
- 4.
- 5.
1937d: 96.
- 6.
See Samuelson (1959).
- 7.
ibid: 234–8.
- 8.
- 9.
ibid: 133–8.
- 10.
Reprinted in 1941a: 301–12.
- 11.
1951a: 485–8
- 12.
See also 1951a: 411–68 that includes a contribution by Richard Goodwin on “Econometrics in Business Cycle Analysis.”
- 13.
Hansen linked these together in the following form: where is the annual yield of a capital good in year, the marginal efficiency of capital is and the supply price or cost of the capital good is.
- 14.
see also 1945c: 226–7.
- 15.
ibid: 48–50.
- 16.
1964a: 56.
- 17.
See Chap. 12.
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Bigg, R.J. (2023). Later Trade Cycle Theory: Technical Progress and Dynamics. In: Alvin Hansen. Great Thinkers in Economics. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-031-42216-4_7
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