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2023 | OriginalPaper | Chapter

Later Trade Cycle Theory: Technical Progress and Dynamics

Author : Robert J. Bigg

Published in: Alvin Hansen

Publisher: Springer International Publishing

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Abstract

In the early 1930s, Hansen came to the view that the severity and duration of the 1930–3 depression were due to a confluence of long and short cyclical fluctuations. This he advanced in Economic Stabilisation in an Unbalanced World (1932). A decade later, looking back from a post-war perspective, Hansen’s emphasis had shifted to the medium and longer term, especially issues of economic maturity.

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previous chapter In the Service of the State: Unemployment Insurance, the Federal Reserve, and the Employment Act
next chapter Secular Stagnation
Footnotes
1
Harris Foundation (1932: 40). 
 
2
See for example Hansen’s evidence to the Byrnes Committee where he suggested that monopolistic corporate and labour practices were preventing “adequate cost reduction” (1938d: 965), which thus hampered investment opportunities.
 
3
Hansen et al. (1936: 53).
 
4
1938a: 107, 1941a: 408.
 
5
1937d: 96.
 
6
See Samuelson (1959).
 
7
ibid: 234–8.
 
8
See Chaps. 4 and 10, and Samuelson in Colander and Landreth (1996: 157).
 
9
ibid: 133–8.
 
10
Reprinted in 1941a: 301–12.
 
11
1951a: 485–8
 
12
See also 1951a: 411–68 that includes a contribution by Richard Goodwin on “Econometrics in Business Cycle Analysis.”
 
13
Hansen linked these together in the following form: where is the annual yield of a capital good in year, the marginal efficiency of capital is and the supply price or cost of the capital good is.
 
14
see also 1945c: 226–7.
 
15
ibid: 48–50.
 
16
1964a: 56.
 
17
See Chap. 12.
 
Literature
Hansen, A.H., (1932a) Economic stabilization in an unbalanced world, New York: Harcourt Brace & Company.
Hansen, A.H. (1933d) ‘Review of F.A. Hayek “Monetary theory and the trade cycle”’ Nation Vol.137 No.3559 Sep 20
Hansen, A.H. (1937d) ‘Monetary policy in the upswing’ in Gayer, A.D. (ed) The lessons of monetary experience, essays in honor of Irving Fisher New York: Farrar and Rinehart, London: George Allen & Unwin
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. (1938d) ‘Statement of Dr Alvin H. Hansen, Professor of Economics, Harvard Graduate School of Public Administration, Harvard University, Cambridge, Mass.’ in Special Committee to Investigate Unemployment and Relief Unemployment and relief: hearings before a special committee to investigate unemployment and relief United States Senate seventy-fifth Congress Third Session pursuant to S.Res.36, Vol.2, 1938 Washington: United States Government Printing Office, pp.959–73.
Hansen, A.H. (1940d) ‘Price flexibility and full employment of resources’ in Means, G., Montgomery, D.E., Clark, J.M., Hansen, A.H., & Ezekiel, M. (1940) The structure of the American economy: Part II. Toward full use of resources National Resources Planning Board, Washington DC: US Government Printing Office. Reprinted in Fiscal policy and business cycles (1941a) Chapter XV pp.313–38.
Hansen, A.H. (1941a) Fiscal Policy and Business Cycles 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. (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. (1951b) ‘Schumpeter’s contribution to business cycle theory’ in Harris, S.E. (ed) Schumpeter: social scientist, Cambridge, Mass.: Harvard University Press
Hansen, A.H. (1953a) A guide to Keynes. New York: McGraw-Hill Book Company.
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. (1960a) Economic issues of the 1960s. New York: McGraw-Hill Book Company.
Hansen, A.H. (1964a) The postwar American economy, New York: W.W. Norton & Company, Inc.
Hansen, A.H. (1974) ‘Monetary and fiscal policies for the 1970s’ in Smith, W.L. & Culbertson, J.M. (eds) Public finance and stabilization policy, essays in honour of Richard A. Musgrave. Amsterdam & Oxford: North-Holland Publishing Company, New York: American Elsevier Publishing Company Inc. pp.231–6
Colander, D.C. & Landreth, H. (eds.) (1996) The coming of Keynesianism to America, Cheltenham: Edward Elgar.
Duesenberry, J.S. (1948) ‘Income-consumption relations and their implications’ in Metzler, L.A. et al (1948) Income, employment and public policy pp.54–81.
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).
Metadata
Title
Later Trade Cycle Theory: Technical Progress and Dynamics
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_7