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2023 | OriginalPaper | Chapter

A Wider Perspective

Author : Robert J. Bigg

Published in: Alvin Hansen

Publisher: Springer International Publishing

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Abstract

Hansen had a lifelong commitment to education, a belief in the primacy of human capital, and equality of opportunity. At its core this was a vision of potential being fulfilled, whether personal, communal, or economic. This was evident in a distinct normative, ethical, dimension to his thought. A tax dollar could be worth more than just its monetary value because of what it bought in terms of societal benefit: education, employment, health and culture instead of ephemeral gadgets or flashy chrome automotive tailfins. Likewise, stabilisation was not some simple target of price stability, nor just smoothing the business cycle, but rather creating a stable environment in which individuals, enterprise, and society as a whole could flourish. Employment and price stabilisation were only two dimensions of a complex nexus.

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previous chapter America and the World Economy
Footnotes
1
 
2
Providence Sunday Journal 1945-05-20:VI:6 referred to Hansen in these terms, noting his “liberal” credentials.
 
3
Hansen contributed to a postwar book, edited by his Harvard colleague Seymour Harris, entitled Saving American Capitalism (1948). Described as a Liberal Economic Program it included contributions from Richard Gilbert, Guy Greer, Leon Keyserling, Abba Lerner, Lorie Tarshis, and Edwin Witte.
 
4
See also Mehrling (1997).
 
5
Musgrave (1976, 1987).
 
6
“What gets us into trouble is not what we don’t know. It’s what we know for sure that just ain’t so.”.
 
7
ibid: 31.
 
8
ibid: 189.
 
9
1949a: 1–2.
 
10
ibid: 83ff.
 
11
1951a: viii–ix.
 
12
ibid: 145–170.
 
13
ibid: 490.
 
14
Mehrling (1997:130–6), see also Backhouse (2017) and Desmarais-Tremblay and Johnson (2019).
 
15
See Samuelson (1988) where he suggested that Cambridge, Mass. had overtaken the Cambridge of Keynes in the development of macroeconomic theory.
 
16
See Rutherford (2011: 291, 299), Hansen (1966c).
 
17
See Rutherford (2011: 306–7), Berman (2022: 32).
 
18
ibid: 307.
 
19
See Rutherford (2011: 307–8), Berman (2022: 30).
 
20
See Lebowitz (2004) and Foster (2004).
 
21
Bryce in Colander and Ladreth (1996:42).
 
22
see Colander and Landreth (1999: 7–8, 122).
 
23
CW 29:131–2, 150–1.
 
24
ibid: 214–16.
 
25
ibid: 188–206.
 
26
See for example the review of America’s Role in the World Economy in The Providence Sunday Journal 1945-05-20:VI:6. that praised Hansen’s lucidity whilst being sympathetic to those with differing views.
 
27
ibid: 25.
 
28
ibid: 31.
 
29
ibid: 49.
 
30
1932a: 250.
 
31
Eg 1927a: 206n, Garver and Hansen (1928: 399, 1932a: 192).
 
32
1957a: 23.
 
33
1960a: 70, see also (1961c).
 
34
See Coyle (2021:160, 163–66, 170–2, 188–9, 191–2).
 
35
Mazzucato (2021: 3, 59, 143, 168–9, 209–10).
 
36
ibid: 137.
 
37
ibid p. 147.
 
38
See Berman (2022).
 
Literature
Hansen, A.H. (1927a) Business cycle theory, its development and present status. Boston: Ginn and Company.
Garver, F.B. & Hansen, A.H., (1928) Principles of economics. Boston: Ginn and company. (2nd edition 1937, 3rd edition 1947)
Hansen, A.H., (1932a) Economic stabilization in an unbalanced world. New York: Harcourt Brace & Company.
Hansen, A.H. (1938a) Full recovery or stagnation?, (with a forward to the English edition By Arthur D. Gayer). London: Adam & Charles Black, New York: W.W. Norton.
Hansen, A.H. (1944a) ‘International monetary and finance programs’ in Studies of American interests in the war and peace. New York: Council on Foreign Relations. Reprinted in in Viner, J. et al (1945) The United States in a multi-national economy New York: Council on Foreign Relations. pp.73–86.
Hansen, A.H. (1944d) ‘Introduction’ in Howenstine, E.J. Jr. The Economics of demobilization. Washington DC: Public Affairs Press.
Hansen, A.H. & Perloff, H.S. (1944) State and local finance in the national economy. New York: W.W. Norton & Company Inc.
Hansen, A.H. (1945c) ‘Stability and expansion’ in Paul T. Homan, P.T & Machlup, F. eds., Financing American prosperity: a symposium of economists. New York: The Twentieth Century Fund. p.199–245.
Hansen, A.H. (1945h) ‘Postwar employment outlook’ in Harris, S.E. (ed) Economic reconstruction. New York: McGraw-Hill Book Company, pp.15–20
Hansen, A.H. (1946d) ‘Wages and prices: the basic issue.’ New York Times 6 Jan, p.SM5.
Hansen, A.H. (1947a) Economic policy and full employment. New York, London: Whittlesey House, McGraw-Hill Book Company Inc.
Hansen, A.H. (1949a) Monetary theory and fiscal policy. New York: McGraw-Hill Book Company.
Hansen, A.H. (1951a) Business cycles and national income. New York: W.W. Norton & Company Inc.
Hansen, A.H. & Clemence, R.V. (eds) (1953) Readings in business cycles and national income, New York: W.W. Norton & Company. London: George Allen & Unwin Ltd.
Hansen, A.H. (1957a) The American economy. New York; London: McGraw-Hill Book Company.
Hansen, A.H. (1958a) ‘Metropolitan areas: the sweeping rise in urbanization’. in Committee for Economic Development. Problems of United States economic development, volume 1, p.325–330. Reprinted in Economic issues of the 1960’s (1960a) pp.181–7.
Hansen, A.H. (1959f) ‘Letters – Movement of prices.’ New York Times 23 Jan, p.24.
Hansen, A.H. (1960a) Economic issues of the 1960s. New York: McGraw-Hill Book Company.
Hansen, A.H. (1961c) ‘Automation and the welfare state.’ New Republic, vol.144, no.15, p.10.
Hansen, A.H. (1964a) The postwar American economy. New York: W.W. Norton & Company, Inc.
Hansen, A.H. (1965a) The dollar and the international monetary system. New York: McGraw-Hill Book Company.
Hansen, A.H. (1966c) ‘Stagnation and underemployment equilibrium’ Rostra Economica Amstelodamensia 15 Nov. pp.7–9.
Whitman, A. (1975) ‘Alvin Hansen, Keynesian, dead at 87’ New York Times Jun 7, p.30.
Colander, D.C. & Landreth, H. (eds.) (1996) The coming of Keynesianism to America. Cheltenham: Edward Elgar.
Coyle, D. (2021) Cogs and monsters. Princeton & Oxford: Princeton University Press.
Cutler, A.T. (1939) ‘Reviewed work(s): full recovery or stagnation by Alvin H. Hansen: …’ Science & Society Spring, Vol.3 no.2 pp.254–8.
Desmarais-Tremblay, M. and Johnson, M. (2019), ““The fiscal policy seminar: its early stages” by Richard A. Musgrave”, Including a symposium on Robert Heilbroner at 100: Research in the History of Economic Thought and Methodology, 15 Oct., Vol. 37C pp. 147–179. https://​doi.​org/​10.​1108/​S0743-41542019000037C0​07
Harris, S.E. (ed) (1948) Saving American capitalism. New York: Alfred A. Knopf Inc.
Kay, J. & King, M. (2021) Radical uncertainty (updated paperback edition, originally published 2020) London: The Bridge Street Press.
Mazzucato, M. (2021) Mission economy. London: Allen Lane.
Metzler, L.A., Perloff, H.S., Nomar, E.D., Musgrave, R.A., Duesenberry, J.S., Lerner, A.P., Higgins, B., Sterner, W.F., Goodwin, R.M., Brown, E.C., Samuelson, P.A., Bishop, R.L., Wright, D.M., Dunlop, J.T., Alexander, S.S., & Bourneuf, A. (1948) Income, employment and public policy: essays in honor of Alvin H. Hansen. New York: W.W. Norton & Company Inc.
Miller, J.E. (2014) Small-town dreams. Lawrence: University Press of Kansas.
Musgrave, R.A. (1987) ‘Hansen, Alvin’ in Eatwell, J., Milgate, M. & Newman, J. (eds) The new Palgrave a dictionary of economics. London: Macmillan.
Norman Wait Harris Memorial Foundation (1931) Reports of round tables 1931: unemployment as a world-problem, Chicago: University of Chicago (mimeograph) 2 vols.
Norman Wait Harris Memorial Foundation (1932) Reports of round tables 1932: gold and monetary stabilization, Chicago: University of Chicago (mimeograph).
Robertson, D.H. (1915) A study of industrial fluctuation. London: P.S. King & Son Ltd.
Metadata
Title
A Wider Perspective
Author
Robert J. Bigg
Copyright Year
2023
Book
Alvin Hansen

Print ISBN: 978-3-031-42215-7

Electronic ISBN: 978-3-031-42216-4

Copyright Year: 2023

DOI
https://doi.org/10.1007/978-3-031-42216-4_15