Economic Theory in the Twentieth Century, An Intellectual History―Volume II: 1919–1945. Economic Theory in an Age of Crisis and Uncertainty

Acknowledgments
Contents
List of Figures
1 Introduction
	1.1 The Historical Scenario: Capitalism in Crisis
	1.2 Economic Theory Between the Two World Wars: Dealing with New Problems and New Theoretical Challenges
	1.3 The Map of Economic Theory Between the Two World Wars
	References
2 Economics in Cambridge and Oxford in the Age of John Maynard Keynes
	2.1 Prologue: Between the Old and the New Cambridge School
	2.2 Arthur C. Pigou and Marshallian Economics in the 1920s and Its Decline
	2.3 John Maynard Keynes (1883–1946)
		Biographical Note
		Keynes’s Epistemology: The Treatise on Probability, 1921, and the Development of His Philosophical Thought
		Keynes’s Economics: From the Tract on Monetary Reform, 1923, to the Treatise on Money, 1930
		Keynes’s Economics: The General Theory of Employment, Interest and Money, 1936
			The Starting Point: The Criticism of Classical Postulates and the Principle of Effective Demand
			The Methodological Framework: On the Nature, Method and Language of Economics
			The Theoretical Framework of the General Theory or the Relevant Model
			The Social Philosophy of the General Theory
	2.4 The New Cambridge School: Keynes’s Close Circle (Richard Kahn, 1905–1999; Austin Robinson, 1897–1993; Joan Robinson, 1903–1983) and Their Fellow-Travelers (Piero Sraffa, 1898–1983; Maurice Dobb, 1900–1976; Michał Kalecki, 1899–1970; and Roy Harrod, 1900–1978)
		Prologue
		Theoretical Contributions, I: Austin Robinson’s Industrial Economics
		Theoretical Contributions, II: Joan Robinson and The Economics of Imperfect Competition
			Prologue: Sraffa, Kahn, Harrod, J. Robinson and the Birth of Imperfect Competition Theory in England
			Joan Robinson’s Economics of Imperfect Competition
		Theoretical Contributions, III: Michał Kalecki’s Essays in the Theory of Economic Fluctuations
		Theoretical Contributions, IV: Roy Harrod’s an Essay in Dynamic Theory
	2.5 Critical Developments in Oxford: The Oxford Economists’ Research Group
	References
3 Economics in London: The London School of Economics (LSE)
	3.1 Prologue: LSE Under Lionel Robbins’s Leadership
	3.2 Lionel Robbins (1898–1984)
		Biographical Note
		Robbins’s Economics: An Essay on the Nature and Significance of Economic Science, 1932
		A Reply to Robbins: Hutchison’s The Significance and Basic Postulates of Economic Theory, 1938
	3.3 Friedrich August von Hayek (1899–1992), the LSE Years
		Biographical Note
		Hayek’s Economics: Prices and Production, 1931
		Hayek’s Economics: “Economics and Knowledge”, 1937
	3.4 John Hicks (1904–1989), Between LSE and Cambridge
		Biographical Note
		Hicks’s Microeconomics: From “A Reconsideration of the Theory of Value”, 1934, to Value and Capital, 1939
			“A Reconsideration of the Theory of Value” and the Beginning of the “Paretian Revival” in the United Kingdom
			Value and Capital, 1939
		Hicks’s Macroeconomics: “Mr. Keynes and the ‘Classics’”, 1937, or the Beginning of the Neoclassical Synthesis
	3.5 Abba Ptachya Lerner (1903–1982), the LSE Years
		Biographical Note
		Theoretical Contributions in the LSE Years
	References
4 Economics in Berlin, Vienna and Other Minor German Centers
	4.1 Prologue
	4.2 Economics in Berlin, I: The Development of a Classical Conception of General Economic Equilibrium in Bortkiewicz’s Circle: Robert Remak (1888–1942) and the Young Wassily Leontief (1905–1999)
		Biographical Foreword
		Theoretical Contributions
	4.3 Economics in Cologne and Berlin, II: The Analysis of Oligopolistic Market Forms by Heinrich von Stackelberg (1905–1946)
		Biographical Note
		Stackelberg’s Economics: Marktform und Gleichgewicht, 1934
	4.4 Economics in Minor German Centers: Kiel and Freiburg
		Statistical Economics and Business Cycle Theory at the Kieler Schule
		Economics and Law at the Freiburger Schule, or the Birth of Ordo-Liberalism
	4.5 Economics in Vienna. I: Ludwig von Mises (1881–1973) and the Neo-Austrian School
		Prologue: The Mises Kreis
		Mises’s Economics: “Die Wirtschaftsrechnung im Sozialistischen Gemeinwesen” (Economic Calculation in the Socialist Commonwealth), 1920
		Mises’s Economics: Grundprobleme der Nationalökonomie: Untersuchungen über Verfahren, Aufgaben, und Inhalt der Wirtschafts und Gesellschaftslehre (Fundamental Problems of Political Economy: Investigations on Methods, Tasks, and Contents of Economy and Sociology), 1933
	4.6 Economics in Vienna. II: Oskar Morgenstern (1902–1977), “a Reluctant Austrian”
		Biographical Note
		Theoretical Contributions in the Viennese Years, 1928–1935
	4.7 Economics in Vienna. III: Carl Menger’s “Second Edition” of the Grundsätze, 1923. A Note
	4.8 Economics in Vienna. IV: Philosophy, Economics and Mathematics in the Wiener Kreis and in the Mathematische Kolloquium
		Prologue
		Economics and Philosophy in the Wiener Kreis
		Economics as a Mathematical (Formal) Science in Karl Menger’s (1902–1985) Mathematical Colloquium: Abraham Wald (1902–1950), John von Neumann (1903–1957) and the Foundation of Neo-Walrasian Economics
			Biographical Overview
			Abraham Wald’s Contribution
		John von Neumann’s Contribution
	References
5 Economics in the Rest of Europe
	5.1 Introduction
	5.2 New Developments in the Northern-European Countries, I: Economics in Sweden—Gunnar Myrdal (1898–1987) and the Stockholm School
		An Overview
		Theoretical Contributions in Macroeconomics: Gunnar Myrdal’s Neo-Wicksellian Monetary Equilibrium, 1931–1939
	5.3 New Developments in the Northern-European Countries, II: Ragnar Frisch (1895–1974) in Oslo, Jan Tinbergen (1903–1994) in Rotterdam and the Birth of the Econometric Movement Between Europe and the United States
		Prologue
		Ragnar Frisch
			Biographical Note
			Frisch’s Contributions to Economics and Statistics in 1920s and 1930s: The Foundation of Econometric Research
			Frisch and the Establishment of the Econometric Society and Econometrica
		Jan Tinbergen
			Biographical Note
			Tinbergen’s Contributions to Business Cycle Analysis
	5.4 Economics in France, Italy and the USSR
		Economics in France
		Economics in Italy
		Economics in the Soviet Union
	References
6 Economics in the United States: New York, Harvard, Chicago and Princeton
	6.1 Prologue
	6.2 Economics in New York: Columbia and the New School for Social Research, and the Leadership of Wesley Mitchell (1874–1948)
		Economics at Columbia, the Main Center of Institutionalism in United States
		Economics at the New School for Social Research and the “University in Exile”
		Wesley Clair Mitchell’s Institutional Economics
			Biographical Note
			Mitchell’s Contributions on Business Cycles
	6.3 Economics at Harvard: Development of a Great Intellectual Community
		The Department of Economics in the 1920s: Old Guard and New Entries
		The Golden Era of the Department in the 1930s
		Joseph A. Schumpeter (1883–1950), the Harvard Years
			Schumpeter’s Economics: Capitalism, Socialism and Democracy, 1942
		Wassily Leontief (1905–1999), the American Years
			Leontief’s Economics: The Structure of American Economy, 1941, or Leontief’s “Tableau Économique”
		Edward Hastings Chamberlin (1899–1967)
			Biographical Note
			Chamberlin’s Economics: The Theory of Monopolistic Competition, 1933
		The Impact of the Chamberlinian Revolution: Edward Mason (1899–1992) and the Emergence of Industrial Organization
	6.4 Economics in Chicago: A “Mixed Bag”
		Introduction
		Precursors of the Chicago School, I: Frank Knight (1885–1972)
			Biographical Note
			Knight’s Economics: Risk, Uncertainty and Profit, 1921
		Precursors of the Chicago School, II: Jacob Viner (1892–1970)
			Biographical Note
			Viner’s Economics: “Cost Curves and Supply Curves” (1931), a Classic in Neoclassical Microeconomics
			Viner’s Contributions to International Economics
		The Cowles Commission at Chicago and Haavelmo’s “Econometric Revolution”
			Introduction
			Trygve Haavelmo (1911–1999)
			Biographical Note
			Haavelmo’s Probabilistic Approach to Econometrics (1944)
	6.5 Economics at Princeton: John von Neumann, Oscar Morgenstern and the Birth of Game Theory
		Von Neumann and Morgenstern at Princeton
		The Theory of Games and Economic Behavior, 1944
	References
7 Great Controversies
	7.1 The Controversy on Marshall and the Marshallian Orthodoxy in England and the United States in the 1920s
		Prologue
		The 1921–1925 Phase: Knight’s Criticism, 1921–1925, and the Controversy About “Empty Economic Boxes”, 1922–1924
		Sraffa’s Criticism of the Supply Schedule, 1926, and Robbins’s Criticism of the Representative Firm, 1928
			Sraffa’s “The Laws on Returns Under Competitive Conditions”, 1926
			Robbins’ Criticism of the Representative Firm, 1928
		The Marshallian Reaction: Pigou’s Line of Defense, 1927–1928, and Robertson’s and Shove’s Contributions at the 1930 “Symposium” of the Economic Journal
			Pigou’s Defense and Definite Statement of the Theory of Competitive Supply, 1927–1928
			Robertson’s Defense of the Representative Firm and Sraffa’s “Destructive” Criticism, 1930
			Shove’s Contribution, 1930
		Young’s, 1928, and Schumpeter’s, 1928, Contributions, or the Return to the Classic Dynamics
		Concluding Remarks
	7.2 The Socialist Calculation Debate, 1919–1940
		Before the Debate: Pareto, Barone and the Origin of the Marginalist Theory of the Socialist Economy
		The Austrian Phase of the Debate, 1919–1925
		The Debate’s Sequel in the English-Speaking World, 1928–1934
		The Climax of the Debate: Hayek Versus Lange and Lerner, 1935–1940
			Hayek’s New Austrian Attack Against Collectivist Economic Planning, 1935
			Lange’s Counter-Attack in Defense of Collectivist Economic Planning, 1936–1937
			Lerner’s Contribution in Support of Lange and Dickinson, 1936–1938
			Answering Lange and Dickinson: Hayek’s Criticism of the Competitive Solution, 1940
		After the Debate
	7.3 The Keynes–Tinbergen Controversy on Econometric Method
		Prologue
		Keynes’s Criticism
		Tinbergen’s Reply
		An Appendix to the Debate: Rothbarth’s Review of Tinbergen’s Second Volume
		The Reception of Keynes’s Criticism by the Econometricians, 1939–1943: From Reconciliation to Rejection. A Note
		Concluding Remarks
	References
8 Between the Two World Wars: The Years of High Theory?
	References
Author Index