The Money Interest and the Public Interest: American Monetary Thought, 1920-1970 by Perry Mehrling

Author:Perry Mehrling [Mehrling, Perry]
Language: eng
Format: epub
Published: 0101-01-01T00:00:00+00:00

Hansen's failure to attract significant support for his fundamental reform proposals in the postwar period meant that his most significant influence was not on economic policy per se, but rather on the way that the workings of the postwar economy were understood. Working through his many students, Hansen played a critical role in the stabilization of the postwar economics profession, influencing both the content and the style of postwar economics discourse and pedagogy.

A key text in the stabilization of postwar economics was The New Economics edited by Hansen's Harvard colleague Seymour Harris (1947).3 Significantly, Harris' description of Keynes' contribution sounds more like Hansen than Keynes:

Keynes' great contribution ... was to adapt economics to the changing institutional structure of modern society.... Up to 1936.. . accepted economics in general belonged much more to the banished age of competition, of capital deficiencies, of full employment or transitional unemployment, and the like, than to the twentieth-century economy which tolerated and, to some extent encouraged, monopolies, rigidities, excessive savings, deficiency of demand, and unemployment. (p.4)

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