The New Palgrave Dictionary of Economics

2018 Edition
| Editors: Macmillan Publishers Ltd

United States, Economics in (1945 to Present)

  • Roger E. Backhouse
Reference work entry
DOI: https://doi.org/10.1057/978-1-349-95189-5_2502

Abstract

After 1945, American economics was transformed as radically as in the previous half century. Economists’ involvement in the war effort compounded changes that originated in the 1930s to produce profound effects on the profession, and many of these were continued through institutions that developed during the Cold War. This article traces the way the institutions of the profession interacted with the content of economics to produce the technical economics centred on a core of economic theory and econometric methods that dominate it today. Attention is also drawn to the broader role of American profession in economics outside the United States.

Keywords

Allied Social Science Association American Economic Association American Enterprise Institute American Finance Association Austrian economics Axiomatics Banking School Behavioural economics Bounded rationality Brookings Institution Chicago School Complexity theory Council of Economic Advisers (USA) Cowles Commission Currency School Development economics Econometric Society Econometrics Evolutionary game theory Experimental economics Federal Reserve System Formalism Foundation for Economic Education Friedman, M. Game theory General equilibrium Harvard University Heritage Foundation Heterodox economics History of economic thought Industrialism Institutional economics International Monetary Fund IS–LM model Keynesian revolution Keynesianism Koopmans, T. C. Liberty Fund Macroeconometrics Macroeconomics, origins and history of Marginalist controversy Massachusetts Institute of Technology Mathematical economics Mathematics and economics Microeconomics Microfoundations Models Monopolistic competition Mont Pèlerin Society Nash, J. National accounting Old institutionalism Operations research Perfect competition Positive economics Post Keynesian economics Preference reversals Probability distributions Public choice Radical economics RAND Corporation Rational choice Rockefeller Foundation Schultz, H. Simultaneous equations Statistics and economics Stiglitz, J. Systems analysis Union of Radical Political Economy United States, economics in Vining, R. Von Neumann, J. World Bank 
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Copyright information

© Macmillan Publishers Ltd. 2018

Authors and Affiliations

  • Roger E. Backhouse
    • 1
  1. 1.