Abstract
Young, Schiffman, and Zelekha deal with the LSE-based contributions of Abba Lerner to economics over the half-century 1932–1982. These include his writings on micro- and trade theory, socialist economics and the economics of Keynes in the 1930s; his influential book, The Economics of Control, and the notion of ‘functional finance’, and research on inflation, employment theory and policy in the 1940s and post-war period; his ongoing work on these topics in the 1950s and 1960s; and revision of his views in the 1970s after the failure of Keynesian economics to explain stagflation. All of these writings were characterised by the eclectic approach that Lerner absorbed as an undergraduate, graduate student and junior faculty member at LSE.
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References
Main and Cited Works by Abba Lerner
Lerner, A.P. (1932). ‘The Diagrammatical Representation of Cost Conditions in International Trade’. Economica, 37(August): 346–356.
Lerner, A.P. (1933a). ‘The Diagrammatical Representation of Elasticity of Demand’. Review of Economic Studies, 1(1): 39–44.
Lerner, A.P. (1933b). ‘II.—The Diagrammatical Representation [of the Elasticity of Substitution]’. Review of Economic Studies, 1(1): 68–71.
Lerner, A.P. (1934a). ‘The Diagrammatical Representation of Demand Conditions in International Trade’. Economica, New Series, 1(3): 319–334.
Lerner, A.P. (1934b). ‘The Concept of Monopoly and the Measurement of Monopoly Power’. Review of Economic Studies, 1(3): 157–175.
Lerner, A.P. (1934c). ‘Economic Theory and Socialist Economy’. Review of Economic Studies, 2(1): 51–61.
Lerner, A.P. (1934d). ‘II. [A Note on the Elasticity of Substitution]’. Review of Economic Studies, 1(2): 147–148.
Lerner, A.P. (1934e). ‘The Concept of Arc Elasticity of Demand’. Review of Economic Studies, 1(3): 229–230.
Lerner, A.P. (1935a). ‘Economic Theory and Socialist Economy: A Rejoinder’. Review of Economic Studies, 2(2): 152–154.
Lerner, A.P. (1935b). ‘A Note on the Theory of Price Index Numbers’. Review of Economic Studies, 3(1): 50–56.
Lerner, A.P. (1936a). ‘The Symmetry between Import and Export Taxes’. Economica, New Series, 3(11): 306–313.
Lerner, A.P. (1936b). ‘A Note on Socialist Economics’. Review of Economic Studies, 4(1): 72–76.
Lerner, A.P. (1936c). ‘Mr. Keynes’ “General Theory of Employment, Interest and Money”’. International Labour Review, 34(4): 435–454.
Lerner, A.P. (1937a). ‘Statics and Dynamics in Socialist Economics’. Economic Journal, 47(186): 253–270.
Lerner, A.P. (1937b). ‘Report of the Oxford Meeting, September 25–29, 1936 [International Trade and Transfer]’. Econometrica, 5(4): 371–372.
Lerner, A.P. (1938a). ‘Theory and Practice in Socialist Economics’. Review of Economic Studies, 6(1): 71–75.
Lerner, A.P. (1938b). ‘Saving Equals Investment’. Quarterly Journal of Economics, 52(2): 297–309.
Lerner, A.P. (1938c). ‘An Undialectical Account of Dialectics’. Science & Society, 2(2): 232–242.
Lerner, A.P. (1938d). ‘Alternative Formulations of the Theory of Interest’. Economic Journal, 48(190): 211–230.
Lerner, A.P. (1939a). ‘From Vulgar Political Economy to Vulgar Marxism’. Journal of Political Economy, 47(4): 557–567.
Lerner, A.P. (1939b). ‘Saving and Investment: Definitions, Assumptions, Objectives’. Quarterly Journal of Economics, 53(4): 611–619.
Lerner, A.P. (1939c). ‘Ex-Ante Analysis and Wage Theory’. Economica, New Series, 6(24): 436–449.
Lerner, A.P. (1939d). ‘Report of the Detroit Meeting, December 27–30, 1938 [Equilibrium and Dynamic Concepts in the Theory of Employment]’. Econometrica, 7(2): 186–187.
Lerner, A.P. (1939e). ‘The Relation of Wage Policies and Price Policies’. American Economic Review, Papers and Proceedings, 29(1): 158–169.
Lerner, A.P. (1939f). ‘Budgetary Principles’. Report of Fifth Annual Research Conference on Economics and Statistics held at Colorado Springs. Cowles Commission for Research in Economics. 3–28 July. Chicago: University of Chicago: 38–39.
Lerner, A.P. (1940a). ‘Professor Hicks’ Dynamics’. Quarterly Journal of Economics, 54(2): 298–306.
Lerner, A.P. (1940b). ‘[“Vulgar Economics” and “Vulgar Marxism”] A Further Note’. Journal of Political Economy, 48(2): 258–260.
Lerner, A.P. (1940c). ‘Some Swedish Stepping Stones in Economic Theory’. Canadian Journal of Economics and Political Science, 6(4): 574–591.
Lerner, A.P. (1941). ‘The Economic Steering Wheel’. University Review (Missouri), 7(4): 257–265.
Lerner, A.P. (1942). ‘Design for a Streamlined War Economy’. RAND Memo, circulated February 1949. Reprinted in History of Political Economy, 2013, 45(4): 623–645.
Lerner, A.P. (1943a). ‘Economic Liberalism in the Postwar World’. Chapter 7 in S.E. Harris (ed.) Postwar Economic Problems. New York: McGraw-Hill: 127–139.
Lerner, A.P. (1943b). ‘Functional Finance and the Federal Debt’. Social Research, 10(1): 38–51.
Lerner, A.P. (1944a). ‘Interest Theory—Supply and Demand for Loans or Supply and Demand for Cash’. Review of Economics and Statistics, 26(2): 88–91.
Lerner, A.P. (1944b). The Economics of Control: Principles of Welfare Economics. New York: Macmillan.
Lerner, A.P. (1945a). ‘Government Spending, Public Debt, and Postwar Taxation’. International Postwar Problems, 2: 13–24.
Lerner, A.P. (1945b). ‘Marxism and Economics: Sweezy and Robinson’. Journal of Political Economy, 53(1): 79–87.
Lerner, A.P. (1945c). ‘Planning and Freedom’. International Postwar Problems, 2: 308–319.
Lerner, A.P. (1946a). ‘An Integrated Full Employment Policy’. In A.P. Lerner and F.D. Graham (eds) Planning and Paying for Full Employment. Princeton: Princeton University Press: 163–220.
Lerner, A.P. (1946b). ‘Monetary Policy and Fiscal Policy’. Review of Economics and Statistics, 28(2): 77–81.
Lerner, A.P. (1946c). ‘The Problem of “Full Employment”—Discussion’. American Economic Review, Papers and Proceedings, 36(2): 330–335.
Lerner, A.P. (1946d). ‘How to Keep the Peace’. Bulletin of the Atomic Scientists, 2(5–6): 3–4.
Lerner, A.P. (1947). ‘Money as a Creature of the State’. American Economic Review, Papers and Proceedings, 37(2): 312–317.
Lerner, A.P. (1948a). ‘The Burden of the National Debt’. Part 3, Chapter II in L. Metzler et al. (eds) Income, Employment and Public Policy: Essays in Honor of Alvin H. Hansen. New York: Norton: 255–275.
Lerner, A.P. (1948b). ‘Rising Prices’. Review of Economics and Statistics, 30(1): 24–27.
Lerner, A.P. (1949a). ‘The Inflationary Process—1. Some Theoretical Aspects’. Review of Economics and Statistics, 31(3): 193–200.
Lerner, A.P. (1949b). Notes on the Price Mechanism. RAND Mimeo, D(L)-663, 12, October.
Lerner, A.P. (1949c). ‘Does Control of Atomic Energy Involve a Controlled Economy?’. Bulletin of the Atomic Scientists, 5(1): 15–16.
Lerner, A.P. (1949d). The Replacement Problem. RAND Mimeo, D(L)-642, 17, September.
Lerner, A.P. (1949e). ‘A Note Suggested by Samuelson’s “Market Mechanism and Maximization”’ (On Minimum Cost Diet). RAND Mimeo (Linear Programming Conference), June.
Lerner, A.P. (1951a). ‘[Report of the Varese Meeting, September 6–8, 1950] Wage Policy in Full Employment’. Econometrica, 19(2): 210–212.
Lerner, A.P. (1951b). Economics of Employment. New York: McGraw-Hill.
Lerner, A.P. (1951c). ‘Fighting Inflation’. Review of Economics and Statistics, 33(3): 194–196.
Lerner, A.P. (1952a). ‘Factor Prices and International Trade’. Economica, New Series, 19(73): 1–15.
Lerner, A.P. (1952b). ‘The Essential Properties of Interest and Money’. Quarterly Journal of Economics, 66(2): 172–193.
Lerner, A.P. (1953a). ‘On the Marginal Product of Capital and the Marginal Efficiency of Investment’. Journal of Political Economy, 61(1): 1–14.
Lerner, A.P. (1953b). Essays in Economic Analysis. London: Macmillan.
Lerner, A.P. (1953c). ‘Should We Break Our Biggest Monopoly?’. Bulletin of the Atomic Scientists, 9(4): 109–114.
Lerner, A.P. (1953d). ‘Discussion on Social Choice Functions’. Econometrica, 21(3): 482.
Lerner, A.P. (1957). ‘Review of The Accumulation of Capital, by J.V. Robinson’. American Economic Review, 47(5): 693–699.
Lerner, A.P. (1958a). ‘Immigration, Capital Formation, and Inflationary Pressure’. Chapter 3 in B. Thomas (ed.) The Economics of International Migration. London: Macmillan: 52–62.
Lerner, A.P. (1958b). ‘Halting the Current Recession: A Proposal for Dealing with “Sellers’” Inflation’. Commentary, February: 110–117.
Lerner, A.P. (1958c). ‘Inflationary Depression and the Regulation of Administered Prices’. Compendium of Papers Submitted by Panelists Appearing before the Joint Economic Committee. Washington, D.C.: US Government Printing Office: 257–268.
Lerner, A.P. (1959a). ‘Consumption-Loan Interest and Money’. Journal of Political Economy, 67(5): 512–518.
Lerner, A.P. (1959b). ‘Statement to Joint Economic Committee of the Senate for the Study of Employment, Growth and Price Levels’. 24 September.
Lerner, A.P. (1960a). ‘Economics and the Control of Man—The Case of the Economist’. American Scholar, 29(3): 377–385.
Lerner, A.P. (1960b). ‘On Generalizing the General Theory’. American Economic Review, 50(1): 121–143.
Lerner, A.P. (1960c). ‘Review of The Failure of the “New Economics”, by H. Hazlitt’. Review of Economics and Statistics, 42(2): 234–235.
Lerner, A.P. (1961a). ‘Discussion on “The General Theory After Twenty-Five Years” by H. Johnson’. American Economic Review, Papers and Proceedings, 51(2): 20–23.
Lerner, A.P. (1961b). ‘The Burden of Debt’. Review of Economics and Statistics, 43(2): 139–141.
Lerner, A.P. (1961c). ‘A Note on the Rate of Interest and the Value of Assets’. Economic Journal, 71(283): 539–543.
Lerner, A.P. (1962a). Everybody’s Business. East Lansing: Michigan State University Press.
Lerner, A.P. (1962b). ‘Review of A Program for Monetary Stability, by M. Friedman’. Journal of the American Statistical Association, 57(297): 211–220.
Lerner, A.P. (1962c). ‘Own Rates and the Liquidity Trap’. Economic Journal, 72(286): 449–452.
Lerner, A.P. (1962d). ‘The Analysis of Demand’. American Economic Review, 52(4): 783–797.
Lerner, A.P. (1963a). ‘Sellers’ Inflation and Administered Depression’. Administered Prices: A Compendium on Public Policy. Sub-Committee on Antitrust and Monopoly of the Committee on the Judiciary. US Senate, 88th Congress, 1st Session: 196–212.
Lerner, A.P. (1963b). ‘Discussion of Financial Institutions and Monetary Policy: A Re-Examination of Their Interrelationship’. American Economic Review, Papers and Proceedings, 53(2): 401–407.
Lerner, A.P. (1963c). ‘Consumer’s Surplus and Micro-Macro’. Journal of Political Economy, 71(1): 76–81.
Lerner, A.P. (1964a). ‘Testimony before House Banking and Currency Committee’. The Federal Reserve System After Fifty Years. Washington, D.C.: US Government Printing Office.
Lerner, A.P. (1964b). ‘Keynesian Economics in the Sixties’. In R. Lekachman (ed.) Keynes’ General Theory: Reports of Three Decades. London: Macmillan: 203–222.
Lerner, A.P. (1964c). ‘Conflicting Principles of Public Utility Price Regulation’. Journal of Law and Economics, 7(October): 61–70.
Lerner, A.P. (1965). ‘On Some Recent Developments in Capital Theory’. American Economic Review, 55(1–2): 284–295.
Lerner, A.P. (1967). ‘Employment Theory and Employment Policy’. American Economic Review, Papers and Proceedings, 57(2): 1–18.
Lerner, A.P. (1970). ‘Consumer’s Surplus and Micro-Macro: A Reply’. Journal of Political Economy, 78(1): 135–136.
Lerner, A.P. (1972a). ‘The Economics and Politics of Consumer Sovereignty’. American Economic Review, 62(1–2): 258–266.
Lerner, A.P. (1972b). ‘Pollution Abatement Subsidies’. American Economic Review, 62(5): 1009–1010.
Lerner, A.P. (1974a). ‘From The Treatise on Money to The General Theory’. Journal of Economic Literature, 12(1): 38–42.
Lerner, A.P. (1974b). ‘Money, Debt, and Wealth’. Chapter 12 in W. Sellekaerts (ed.) Econometrics and Economic Theory: Essays in Honour of Jan Tinbergen. London: Macmillan: 247–260.
Lerner, A.P. (1974c). ‘Three Kinds of Inflation’. In R. Mundell and B.E. van Snellenberg (eds) Policy Formation in an Open Economy. Volume 1. Waterloo, Ontario, Canada: University Press: 153–170.
Lerner, A.P. (1974d). ‘Priorities and Pollution: Comment’. American Economic Review, 64(4): 715–717.
Lerner, A.P. (1975). ‘Stagflation’. Intermountain Economic Review, 6(2): 1–7.
Lerner, A.P. (1976a). ‘The Transmission of Inflation from Country to Country’. In P.B. Corbin and M. Sabrin (eds) Geographical Aspects of Inflationary Processes. New York: American Geographical Society: 47–50.
Lerner, A.P. (1976b). ‘A Reluctant Keynesian’. Intermountain Economic Review, 7(2): 55–60.
Lerner, A.P. (1977a). ‘Marginal Cost Pricing in the 1930s’. American Economic Review, Papers and Proceedings, 67(1): 235–243.
Lerner, A.P. (1977b). ‘Stagflation—Its Cause and Cure’. Challenge, 20(4): 14–19.
Lerner, A.P. (1977c). ‘Environment: Externalizing the Internalities?’. American Economic Review, 67(2): 176–178.
Lerner, A.P. (1977d). ‘From Pre-Keynes to Post-Keynes’. Social Research, 44(3): 387–415.
Lerner, A.P. (1978a). ‘A Wage-Increase Permit Plan to Stop Inflation’. Brookings Papers on Economic Activity, 2: 491–505.
Lerner, A.P. (1978b). ‘The Scramble for Keynes’ Mantle’. Journal of Post-Keynesian Economics, 1(1): 115–123.
Lerner, A.P. (1978c). ‘Keynesianism: Alive, If Not So Well’. Chapter 4 in J. Buchanan and R. Wagner (eds) Fiscal Responsibilities in Constitutional Democracy. Boston: Martinus Nijhoff: 59–69.
Lerner, A.P. (1979a). ‘MAP: The Market Mechanism Cure for Stagflation’. Atlantic Economic Journal, 7(1): 12–20.
Lerner, A.P. (1979b). ‘On Keynes, Policy, and Theory—A Grumble’. Social Research, 46(4): 834–844.
Lerner, A.P. (1980a). ‘A Non-Monetarist View of the Nature of Stagflation and a Plan for Mobilizing the Market Mechanism to Cure It’. Social Research, 47(2): 339–351.
Lerner, A.P. (1980b). ‘A Keynesian on Hayek’. Challenge, 23(4): 45–47.
Lerner, A.P. and H. Ben-Shahar (1969). Kalkala Ye’ilah (An Efficient Economy). Tel Aviv: Amikam.
Lerner, A.P. and H. Ben-Shahar (1975). The Economics of Efficiency and Growth. Cambridge, MA: Ballinger.
Lerner, A.P. and D.C. Colander (1980). MAP: A Market Anti-Inflation Plan. New York: Harcourt Brace Jovanovich.
Lerner, A.P. and H.W. Singer (1937). ‘Some Notes on Duopoly and Spatial Competition’. Journal of Political Economy, 45(2): 145–186.
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Young, W., Schiffman, D., Zelekha, Y. (2019). Abba P. Lerner (1903–1982). In: Cord, R.A. (eds) The Palgrave Companion to LSE Economics. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-137-58274-4_16
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