Great Economists Since Petty and Boisguilbert
Edited by Gilbert Faccarello and Heinz D. Kurz
Chapter 115: Don Patinkin (1922–1995)
Don Patinkin (born 1922 in Chicago, died 1995 in Jerusalem) was the author of Money, Interest and Prices (1956), a book widely considered as the epitome if not the apex of the “neoclassical synthesis”. He entered Chicago University in 1941 and was trained in the Marshallian tradition by the figures of the old Chicago School, Knight, Simons, Mint and Viner. However, he was also the student of Hurwicz, Lange and Marschak – mathematical economists and prominent members of the Cowles Commission. As a fellow of this institution, in 1947, Patinkin completed a PhD thesis titled “On the consistency of economic models: a theory of involuntary unemployment”. Patinkin emigrated to Israel in 1949 where he became a professor at the Hebrew University of Jerusalem. According to Barkai (1993: 3), he “single-handedly established economics as an academic discipline and, at the same time, showed how this discipline could be applied to the analysis of Israel’s pressing economic problems”. In 1956, with Simon Kuznets, he created what became the Maurice Falk Institute for Economic Research in Israel in order to provide Israeli economists with macroeconomic data. Patinkin was its research director from 1956 to 1972. He was deeply involved in the making of Israel’s economic policy until the 1970s, either directly or through his students, the “Patinkin boys”, serving in the administrations. The Integration of Money into General Equilibrium Theory Patinkin’s contribution to monetary theory came as a reaction to the works of Lange (1942, 1944) and Modigliani (1944), works actively discussed at the...
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