Economic Theory in the Twentieth Century, An Intellectual History, Volume III: 1946–Mid-1970s. Economic Theory in the New Golden Age of Capitalism

Acknowledgements
Contents
List of Figures
1 Introduction
	1.1 The Historical Scenario: A New Golden Age of Capitalism and Its Crisis in the Mid-1970s
		1.1.1 Postwar Reconstruction and the Heyday of the Bretton Woods System, 1946–1958
		1.1.2 The 1960s: A Decade of Growth and Looming Increasing Tensions in the International Monetary System
		1.1.3 The Collapse of the Bretton Woods System and the Oil Crises: The End of an Era of Prosperity
	1.2 Economic Theory from the Postwar II Period to the Mid-Seventies: The Establishment of the American Mainstream and the Marginality of Non-Mainstream Economics
	1.3 The Map of Economic Theory in the American Age
	References
Part I Mainstream Economics in the American Centers
2 Economics at Harvard and MIT
	2.1 Prologue
	2.2 Paul Anthony Samuelson (1915–2009)
		2.2.1 Biographical Note
		2.2.2 Samuelson’s Economics: The Foundations of Economic Analysis, 1947
	2.3 Franco Modigliani (1918–2003)
		2.3.1 Biographical Note
		2.3.2 Modigliani’s Keynesian Economics: “Liquidity Preference and the Theory of Interest and Money”, 1944, and “The Theory of Saving: The Life-Cycle Hypothesis”, 1963
	2.4 Robert Merton Solow (1924–2023)
		2.4.1 Biographical Note
		2.4.2 Solow’s Economics of Growth, 1956–1957: “A Contribution to the Theory of Economic Growth”, 1956, and “Technical Change and the Aggregate Production Function”, 1957
	2.5 Samuelson, Solow and the Phillips Curve
	References
3 Economics at the Cowles Commission in Chicago and Yale
	3.1 Prologue. Reorienting the Cowles Research Program Under Marschak and Koopmans
	3.2 Tjalling Charles Koopmans (1910–1985)
		3.2.1 Biographical Note
		3.2.2 Koopmans’s Economics: Econometric Contributions and Activity Analysis
		3.2.3 Koopmans’s Economics: Three Essays on the State of Economic Science, 1957
	3.3 Keynesian Economics at Cowles: Lawrence Klein, Don Patinkin and James Tobin
		3.3.1 Prologue
		3.3.2 Lawrence R. Klein (1920–2013)
		3.3.3 Don Patinkin (1922–1995)
		3.3.4 James Tobin (1918–2002)
	3.4 Neo-Walrasian Economics and Social Choice Theory: Gérard Debreu and Kenneth Arrow
		3.4.1 Prologue
		3.4.2 Biographical Notes: Gérard Debreu (1921–2004) and Kenneth Arrow (1921–2017)
		3.4.3 Arrow’s and Debreu’s Neo-Walrasian Economics
		3.4.4 Arrow’s Economics: Social Choice and Individual Values, 1951
		3.4.5 The Development of Social Choice Theory After Arrow: The Contribution of Amartya Kumar Sen
	References
4 Economics at the Graduate School of Industrial Administration (GSIA) in Pittsburgh
	4.1 Prologue: The Foundation of GSIA
	4.2 Herbert A. Simon (1916–2001)
		4.2.1 Biographical Note
		4.2.2 Simon and GSIA
		4.2.3 Simon’s Economics: From Administrative Behavior (1947) to “A Behavioral Model of Rational Choice” (1955), or the Foundation of a Behaviorist-Institutionalist Perspective
	References
5 The Development of the Theory of Games at Princeton and the Rand Corporation
	5.1 Prologue
	5.2 John Forbes Nash (1928–2015)
		5.2.1 Biographical Note
		5.2.2 Nash’s Contribution to Economic Theory: “Non-cooperative Games”, 1951
		5.2.3 A Note on Nash Equilibrium and the Prisoner’s Dilemma
	5.3 Thomas Schelling (1921–2016)
		5.3.1 Biographical Note
		5.3.2 Schelling’s Economics: The Strategy of Conflict, 1960, a “Reorientation of Game Theory”
	References
6 Economics in Chicago and the New Chicago School
	6.1 The Emergence of the New Chicago School in Chicago
		6.1.1 Toward the Transformation of the Chicago Economics Faculty After the War
		6.1.2 Aaron Director and Theodore Schultz
		6.1.3 The Construction of the New Chicago Economics, the Crucial Years and the Arrival of Friedman, Stigler, Coase and Becker
	6.2 On the Ideology of the New Chicago School: Friedrich Hayek and the Development of Neoliberalism in Chicago
	6.3 Economics in Chicago: George Stigler (1911–1991)
		6.3.1 Biographical Note
		6.3.2 Stigler’s Industrial Economics: The Organization of Industry, 1968
		6.3.3 Stigler’s Economics: “The Theory of Economic Regulation”, 1971
	6.4 Economics in Chicago: Milton Friedman (1912–2006)
		6.4.1 Biographical Note
		6.4.2 Friedman’s Monetarist Economics: From the Studies in the Quantity Theory of Money, 1956, to the 1967 Presidential Address
	6.5 Economics in Chicago: Ronald Harry Coase (1910–2013), the American Years
		6.5.1 Biographical Note
		6.5.2 Coase’s Economics: “The Problem of Social Cost”, 1960
	6.6 Economics in Chicago: Gary Becker (1930–2014)
		6.6.1 Biographical Note
		6.6.2 Becker’s Economics: The Economic Approach to Human Behavior, 1976
	6.7 Chicago Economics Outside Chicago: James Buchanan (1919–2013) and the Economics of Public Choice
		6.7.1 Prologue
		6.7.2 James Buchanan. Biographical Note
		6.7.3 Buchanan’s Economics of Public Choice: The Calculus of Consent: Logical Foundations of Constitutional Democracy (with Gordon Tullock), 1962
	References
Part II Non-Mainstream Economics in Europe and in USA
7 Economics in Cambridge, UK, after Keynes
	7.1 Prologue
	7.2 Cambridge Post Keynesianism: Joan Robinson and Nicholas Kaldor
		7.2.1 Joan Robinson’s The Accumulation of Capital, 1956
		7.2.2 Nicholas Kaldor’s Distribution and Growth Theory
	7.3 Piero Sraffa’s (1898–1983) Neo-Ricardism
		7.3.1 Sraffa in Postwar Cambridge
		7.3.2 Sraffa’s Economics: Production of Commodities by Means of Commodities, 1960
	7.4 Richard Stone, Brian Reddaway and the Department of Applied Economics
		7.4.1 Biographical Notes: Richard Stone (1913–1991) and Brian Reddaway (1913–2002)
		7.4.2 Stone and Reddaway: Different Approaches to Applied Economics
	References
8 Non-Mainstream Economics in the USA
	8.1 Prologue
	8.2 The American Post Keynesian Network and Hyman Minsky’s Economics
		8.2.1 Prologue: The American Branch of Post Keynesian Theory
		8.2.2 Hyman Minsky (1919–1996)
	8.3 Paul Baran’s and Paul Sweezy’s Neo-Marxism
		8.3.1 Prologue: Marxist Thought after 1945
		8.3.2 Paul Baran (1909–1964) and Paul Sweezy (1910–2004)
	8.4 Institutionalism at Columbia University: Karl Polanyi’s Group
		8.4.1 Prologue: Modern Institutionalism in the USA
		8.4.2 Karl Polanyi and the Substantivist Perspective in Economics
	References
9 Great Theoretical Controversies
	9.1 Cowles Commission Versus NBER, or Koopmans Versus Mitchell: The “Measurement Without Theory” Controversy Between Koopmans and Vining, 1947–1950
		9.1.1 Koopmans’s Critical Review of Burns’s and Mitchell’s Measuring Business Cycles, 1947
		9.1.2 Vining’s Rejoinder, 1949
		9.1.3 Schumpeter’s Support for Vining, 1950
	9.2 Mainstream Controversies: Samuelson and Simon on Friedman’s Methodology of Positive Economics, 1953–1963
		9.2.1 Friedman on Method: The Methodology of Positive Economics, 1953
		9.2.2 Criticisms of Friedman’s Essay
	9.3 The Capital Theory Controversy: The Re-Switching of Techniques and Its Implications, or the Two Cambridges Debate, 1953–1966
		9.3.1 Prelude, Cambridge (UK) 1953: Joan Robinson’s Attack of the Neoclassical Aggregate Function and the “Ruth Cohen Curiosum”
		9.3.2 From Technical Curiosity to Theoretical Anomaly: The Reswitching of Techniques in Chapter 12 of Sraffa’s Production of Commodities by Means of Commodities, 1960
		9.3.3 Neoclassical Reaction: Samuelson’s (1962) and Levhari’s (1965) Defense of the “MIT School”
		9.3.4 The 1966 QJE Symposium, or the Confirmation of Sraffa’s Results
		9.3.5 Concluding Remarks
	References
10 The Crisis of Keynesianism and the Emergent Dominance of the Chicago School and Neo-Liberalism à la Chicago
	References
Index