The Elgar Companion to John Maynard Keynes
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The Elgar Companion to John Maynard Keynes

Edited by Robert W. Dimand and Harald Hagemann

The most influential and controversial economist of the twentieth century, John Maynard Keynes was the leading founder of modern macroeconomics, and was also an important historical figure as a critic of the Versailles Peace Treaty after World War I and an architect of the Bretton Woods international monetary system after World War II. This comprehensive Companion elucidates his contributions, his significance, his historical context and his continuing legacy.
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Chapter 69: Alvin Harvey Hansen

Roger E. Backhouse

Abstract

Alvin Harvey Hansen (1887–1975) was a business cycle theorist who, in the late 1930s, became one of the leading exponents of Keynesian thinking, seeing the Keynes’s multiplier as providing a missing link in his earlier, dynamic theory of the cycle. After moving from Minnesota to Harvard in 1937, together with John Williams, he ran the Fiscal Policy Seminar, which was an important forum in which young economists debated Keynesian ideas. His Guide to Keynes offered the canonical statement of what became known as the IS–LM model.

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