U.S. Intellectual History Blog

A History Of The Idea Of Macroeconomics

Paul Krugman wrote a (very) long but worthy reflection on the history of the idea of macroeconomics. As you can see from my phrasing, I believe this piece rides the line between the history of ideas and the history of economics as an academic discipline. Your opinion of Krugman’s analyses of the present will likely dictate your acceptance of his narrative of events. He writes on the period beginning in the 1920s and ending with the Great Recession of 2008-09. The central characters in Krugman’s drama are Milton Friedman and John Maynard Keynes, as well as the intellectual descendants of each (today’s freshwater and saltwater economists, respectively). Again, the piece is rather lengthy but the pay-off makes your effort worthwhile. – TL

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