The New Palgrave Dictionary of Economics

2018 Edition
| Editors: Macmillan Publishers Ltd

Macroeconomics, Origins and History of

  • Robert W. Dimand
Reference work entry


Macroeconomics, the analysis of economic aggregates, became a recognized field with Keynes’s General Theory (1936) and its mathematical and diagrammatic reformulations, and the macroeconometric modelling pioneered by Tinbergen and Frisch. Macroeconomics grew out of two long-standing traditions: business cycle analysis from Jevons and Juglar to Mitchell, and monetary theory, building on the work of Hume, Thornton, Ricardo, Wicksell, and Fisher, supplemented by the circular flow analysis of Quesnay and Marx.


Austrian economics Bank of England Banking School, Currency School, Free Banking School Bauer, O. Bergmann, Eugen von Beveridge, W. H. Bimetallism Bodin, J. Burns, A. F. Business cycles Calculus of variations Cantillon, R. Capital accumulation Central banking Champernowne, D. G. Circular flow Cobb–Douglas functions Consumption smoothing Covered interest parity Cowles Commission Crowding out Deflation Depressions Dunlop, J. T. Endogenous growth Equation of exchange Excess demand and supply Exploitation Fel’dman, G. A. Fisher ideal index Fisher, I. Fleming, J. M. Friedman, M. Frisch, R. A. Fundamental uncertainty German hyperinflation Gervaise, I. Gold standard Growth theory Haavelmo, T. Hammarskjold, D. Harrod, R. F. Hawtrey, R. G. Hayek, F. A. Hicks, J. R. Hoarding Hume, D. Income–expenditure analysis Increasing returns Index numbers Index of leading indicators Inflation Innovations Institute of World Economics (Germany) Insurable risk International trade, theory of Involuntary unemployment IS–LM model Jevons, W. S. Jones, E. D. Juglar, C. Kaldor, N. Kalecki, M. Keynes, J. M. Keynesian Revolution Keynesianism Kock, K. Klein, L. R. Kondratieff, N. Koopmans, T. C. Labour theory of value Lange, O. R. Laspeyres indexes Law of markets Lerner, A. P. Lindahl, E. R. Liquidity preference Locke, J. Lundberg, E. F. Luxemburg, R. Macroeconomics, origins and history of Malthus, T. R. Marshall, A. Marx, K. H. Meade, J. E. Mercantilism Mill, J. Mill, J. S. Mises, L. E. von Mitchell, W. C. Modigliani, F. Monetarism Money illusion Mundell, R. Myrdal, G. National Bureau of Economic Research National Institute of Economic and Social Research (UK) Natural rate and market rate of interest Neoclassical New classical macroeconomics New Deal New Keynesian macroeconomics Ohlin, B. G. Paasche index Patinkin, D. Periodogram Phillips curve Physiocracy Pigou, A. C. Post Keynesian economics Price Revolution Profit sharing Public works Purchasing power parity Quantity theory of money Quesnay, F. Ramsey, F. P. Recessions Reddaway, B. Representative agent Ricardo, D. Robbins, L. C. Robertson, D. H. Rules versus discretion Samuelson, P. A. Say, J.-B. Say’s Equality Say’s Identity Say’s Law Simons, H. C. Simultaneous equations models Slutsky, E. Smith, A. Specie-flow mechanism Spending multiplier Stabilization policy Sunspots Tarshis, L. Taylor, F. I. Thornton, H. Time series analysis Timlin, M. Tinbergen, J. Tobin, J. Tooke, T. Trade cycle theory Uncovered interest parity Underconsumptionism Veblen, T. Vector autoregressions Velocity of circulation Walras’s Law Warburton, C. Wicksell, J. G. K. Wilson, E. B. Young. A. A 

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© Macmillan Publishers Ltd. 2018

Authors and Affiliations

  • Robert W. Dimand
    • 1
  1. 1.