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 Macroeconomics and the History of Economic Thought
Festschrift in Honour of Harald Hagemann 1st Edition H.M.
Krämer

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Macroeconomics and the History of
Economic Thought

The essays in this Festschrift have been chosen to honour Harald Hagemann and
his scientific work. They reflect his main contributions to economic research and
his major fields of interest. The book is subdivided into three parts.
The essays in the first part deal with various aspects within the history of eco-
nomic thought. All reflect Hagemann’s interest in the question of how economic
knowledge and ideas migrate between countries (mainly through émigrés) and in
time (by studying the history of ideas). New aspects of the lives and works of
well-known and lesser-known economists are presented by excellent historians
of economic thought. Some essays are related to economic debates of the inter-
war period, reflecting Hagemann’s research focus on the years of high theory,
especially in the field of business cycle theory.
The second part is about the current state of macroeconomics, which is criti-
cally examined in many of the essays. Several of them relate to the global finan-
cial crisis, and discuss why the current consensus view in macroeconomics faces
fundamental problems in understanding its causes and consequences, in contrast
to earlier economists such as Irving Fisher and John Maynard Keynes. Further
essays set the focus on the problems of money illusion and understanding
inflation.
The essays in the third part of the book cover topics on economic growth and
structural dynamics. Most of them look at the Schumpeterian triangle of innova-
tion, competition and institutions from different perspectives, dealing with such
topical issues as the emergence of new sectors, market definition in technologi-
cally dynamic systems, innovation strategies in global manufacturing, offshore
outsourcing and the consequences of soft budget constraints.

Hagen M. Krämer is Professor of Economics at the Karlsruhe University of

Applied Sciences, Germany.

Heinz D. Kurz is Professor of Economics at the University of Graz, Austria.

Hans-Michael Trautwein is Professor of International Economics at the Carl

von Ossietzky University of Oldenburg, Germany.
Routledge studies in the history of economics

╇╇ 1 Economics as Literature ╇╇ 8 The History of Game Theory,

Willie Henderson Volume 1
From the beginnings to 1945
╇╇ 2 Socialism and Marginalism in Robert W. Dimand and
Economics 1870–1930 Mary Ann Dimand
Edited by Ian Steedman
╇╇ 9 The Economics of W. S. Jevons
╇╇ 3 Hayek’s Political Economy Sandra Peart
The socio-economics of order
Steve Fleetwood ╇ 10 Gandhi’s Economic Thought
Ajit K. Dasgupta
╇╇ 4 On the Origins of Classical
Economics ╇ 11 Equilibrium and Economic
Distribution and value from Theory
William Petty to Adam Smith Edited by Giovanni Caravale
Tony Aspromourgos
╇ 12 Austrian Economics in Debate
╇╇ 5 The Economics of Joan Edited by Willem Keizer,
Robinson Bert Tieben and Rudy van Zijp
Edited by Maria Cristina
Marcuzzo, Luigi Pasinetti and ╇ 13 Ancient Economic Thought
Alesandro Roncaglia Edited by B. B. Price

╇╇ 6 The Evolutionist Economics of ╇ 14 The Political Economy of

Léon Walras Social Credit and Guild
Albert Jolink Socialism
Frances Hutchinson and
╇╇ 7 Keynes and the ‘Classics’ Brian Burkitt
A study in language,
epistemology and mistaken ╇ 15 Economic Careers
identities Economics and economists in
Michel Verdon Britain 1930–1970
Keith Tribe
╇ 16 Understanding ‘Classical’ ╇ 25 Marx’s Concept of Money
Economics The God of Commodities
Studies in the long-period theory Anitra Nelson
Heinz Kurz and Neri Salvadori
╇ 26 The Economics of James
╇ 17 History of Environmental Steuart
Economic Thought Edited by Ramón Tortajada
E. Kula
╇ 27 The Development of Economics
╇ 18 Economic Thought in in Europe since 1945
Communist and Edited by A. W. Bob Coats
Post-Communist Europe
Edited by Hans-Jürgen Wagener ╇ 28 The Canon in the History of
Economics
╇ 19 Studies in the History of Critical essays
French Political Economy Edited by Michalis Psalidopoulos
From Bodin to Walras
Edited by Gilbert Faccarello ╇ 29 Money and Growth
Selected papers of Allyn Abbott
╇ 20 The Economics of John Rae Young
Edited by O. F. Hamouda, C. Lee Edited by Perry G. Mehrling and
and D. Mair Roger J. Sandilands

╇ 21 Keynes and the Neoclassical ╇ 30 The Social Economics of

Synthesis Jean-Baptiste Say
Einsteinian versus Newtonian Markets and virtue
macroeconomics Evelyn L. Forget
Teodoro Dario Togati
╇ 31 The Foundations of
╇ 22 Historical Perspectives on Laissez-Faire
Macroeconomics The economics of Pierre de
Sixty years after the ‘General Boisguilbert
Theory’ Gilbert Faccarello
Edited by Philippe Fontaine and
Albert Jolink ╇ 32 John Ruskin’s Political
Economy
╇ 23 The Founding of Institutional Willie Henderson
Economics
The leisure class and sovereignty ╇ 33 Contributions to the History of
Edited by Warren J. Samuels Economic Thought
Essays in honour of R. D. C.
╇ 24 Evolution of Austrian Black
Economics Edited by Antoin E. Murphy and
From Menger to Lachmann Renee Prendergast
Sandye Gloria
╇ 34 Towards an Unknown Marx ╇ 42 Piero Sraffa’s Political
A commentary on the Economy
manuscripts of 1861–63 A centenary estimate
Enrique Dussel Edited by Terenzio Cozzi and
Roberto Marchionatti
╇ 35 Economics and
Interdisciplinary Exchange ╇ 43 The Contribution of Joseph
Edited by Guido Erreygers Schumpeter to Economics
Economic development and
╇ 36 Economics as the Art of institutional change
Thought Richard Arena and
Essays in memory of Cecile Dangel
G. L. S. Shackle
Edited by Stephen F. Frowen and ╇ 44 On the Development of
Peter Earl Long-run Neo-classical Theory
Tom Kompas
╇ 37 The Decline of Ricardian
Economics ╇ 45 F. A. Hayek as a Political
Politics and economics in Economist
post-Ricardian theory Economic analysis and values
Susan Pashkoff Edited by Jack Birner,
Pierre Garrouste and
╇ 38 Piero Sraffa Thierry Aimar
His life, thought and cultural
heritage ╇ 46 Pareto, Economics and Society
Alessandro Roncaglia The mechanical analogy
Michael McLure
╇ 39 Equilibrium and
Disequilibrium in Economic ╇ 47 The Cambridge Controversies
Theory in Capital Theory
The Marshall–Walras divide A study in the logic of theory
Michel de Vroey development
Jack Birner
╇ 40 The German Historical School
The historical and ethical ╇ 48 Economics Broadly Considered
approach to economics Essays in honour of
Edited by Yuichi Shionoya Warren J. Samuels
Edited by Steven G. Medema,
╇ 41 Reflections on the Classical Jeff Biddle and John B. Davis
Canon in Economics
Essays in honour of Samuel ╇ 49 Physicians and Political
Hollander Economy
Edited by Sandra Peart and Six studies of the work of
Evelyn Forget doctor-economists
Edited by Peter Groenewegen
╇ 50 The Spread of Political ╇ 57 Classics and Moderns in
Economy and the Economics, Volume I
Professionalisation of Essays on nineteenth and
Economists twentieth century economic
Economic societies in Europe, thought
America and Japan in the Peter Groenewegen
nineteenth century
Massimo Augello and ╇ 58 Classics and Moderns in
Marco Guidi Economics, Volume II
Essays on nineteenth and
╇ 51 Historians of Economics and twentieth century economic
Economic Thought thought
The construction of disciplinary Peter Groenewegen
memory
Steven G. Medema and ╇ 59 Marshall’s Evolutionary
Warren J. Samuels Economics
Tiziano Raffaelli
╇ 52 Competing Economic Theories
Essays in memory of Giovanni ╇ 60 Money, Time and Rationality
Caravale in Max Weber
Sergio Nisticò and Austrian connections
Domenico Tosato Stephen D. Parsons

╇ 53 Economic Thought and Policy ╇ 61 Classical Macroeconomics

in Less Developed Europe Some modern variations and
The nineteenth century distortions
Edited by Michalis Psalidopoulos James C. W. Ahiakpor
and Maria-Eugenia Almedia Mata
╇ 62 The Historical School of
╇ 54 Family Fictions and Family Economics in England and
Facts Japan
Harriet Martineau, Adolphe Tamotsu Nishizawa
Quetelet and the population
question in England 1798–1859 ╇ 63 Classical Economics and
Brian Cooper Modern Theory
Studies in long-period analysis
╇ 55 Eighteenth-Century Economics Heinz D. Kurz and
Peter Groenewegen Neri Salvadori

╇ 56 The Rise of Political Economy ╇ 64 A Bibliography of Female

in the Scottish Enlightenment Economic Thought to 1940
Edited by Tatsuya Sakamoto and Kirsten K. Madden,
Hideo Tanaka Janet A. Sietz and Michele Pujol
╇ 65 Economics, Economists and ╇ 73 Knut Wicksell on Poverty
Expectations No place is too exalted
From microfoundations to Knut Wicksell
macroeconomics
Warren Young, Robert Leeson ╇ 74 Economists in Cambridge
and William Darity Jnr. A study through their
correspondence 1907–1946
╇ 66 The Political Economy of Edited by M. C. Marcuzzo and
Public Finance in Britain, A. Rosselli
1767–1873
Takuo Dome ╇ 75 The Experiment in the History
of Economics
╇ 67 Essays in the History of Edited by Philippe Fontaine and
Economics Robert Leonard
Warren J. Samuels,
Willie Henderson, ╇ 76 At the Origins of Mathematical
Kirk D. Johnson and Economics
Marianne Johnson The Economics of A. N. Isnard
(1748–1803)
╇ 68 History and Political Economy Richard van den Berg
Essays in honour of
P. D. Groenewegen ╇ 77 Money and Exchange
Edited by Tony Aspromourgos Folktales and reality
and John Lodewijks Sasan Fayazmanesh

╇ 69 The Tradition of Free Trade ╇ 78 Economic Development and

Lars Magnusson Social Change
Historical roots and modern
╇ 70 Evolution of the Market perspectives
Process George Stathakis and
Austrian and Swedish economics Gianni Vaggi
Edited by Michel Bellet,
Sandye Gloria-Palermo and ╇ 79 Ethical Codes and Income
Abdallah Zouache Distribution
A study of John Bates Clark and
╇ 71 Consumption as an Investment Thorstein Veblen
The fear of goods from Hesiod to Guglielmo Forges Davanzati
Adam Smith
Cosimo Perrotta ╇ 80 Evaluating Adam Smith
Creating the wealth of nations
╇ 72 Jean-Baptiste Say and the Willie Henderson
Classical Canon in Economics
The British connection in French
classicism
Samuel Hollander
╇ 81 Civil Happiness ╇ 89 David Hume’s Political
Economics and human Economy
flourishing in historical Edited by Carl Wennerlind and
perspective Margaret Schabas
Luigino Bruni
╇ 90 Interpreting Classical
╇ 82 New Voices on Adam Smith Economics
Edited by Leonidas Montes and Studies in long-period analysis
Eric Schliesser Heinz D. Kurz and Neri
Salvadori
╇ 83 Making Chicago Price Theory
Milton Friedman–George Stigler ╇ 91 Keynes’s Vision
correspondence, 1945–1957 Why the great depression did not
Edited by J. Daniel Hammond return
and Claire H. Hammond John Philip Jones

╇ 84 William Stanley Jevons and the ╇ 92 Monetary Theory in Retrospect
Cutting Edge of Economics The selected essays of
Bert Mosselmans Filippo Cesarano
Filippo Cesarano
╇ 85 A History of Econometrics in
France ╇ 93 Keynes’s Theoretical
From nature to models Development
Philippe Le Gall From the tract to the general
theory
╇ 86 Money and Markets Toshiaki Hirai
A doctrinal approach
Edited by Alberto Giacomin and ╇ 94 Leading Contemporary
Maria Cristina Marcuzzo Economists
Economics at the cutting edge
╇ 87 Considerations on the Edited by Steven Pressman
Fundamental Principles of
Pure Political Economy ╇ 95 The Science of Wealth
Vilfredo Pareto (Edited by Adam Smith and the framing of
Roberto Marchionatti and political economy
Fiorenzo Mornati) Tony Aspromourgos

╇ 88 The Years of High ╇ 96 Capital, Time and Transitional

Econometrics Dynamics
A short history of the generation Edited by Harald Hagemann and
that reinvented economics Roberto Scazzieri
Francisco Louçã
╇ 97 New Essays on Pareto’s 105 Keynes on Monetary Policy,
Economic Theory Finance and Uncertainty
Edited by Luigino Bruni and Liquidity preference theory and
Aldo Montesano the global financial crisis
Jorg Bibow
╇ 98 Frank Knight & the Chicago
School in American Economics 106 Kalecki’s Principle of
Ross B. Emmett Increasing Risk and Keynesian
Economics
╇ 99 A History of Economic Theory Tracy Mott
Essays in honour of
Takashi Negishi 107 Economic Theory and
Edited by Aiko Ikeo and Economic Thought
Heinz D. Kurz Essays in honour of
Ian Steedman
100 Open Economics John Vint, J Stanley Metcalfe,
Economics in relation to other Heinz D. Kurz, Neri Salvadori
disciplines and Paul Samuelson
Edited by Richard Arena,
Sheila Dow and Matthias Klaes 108 Political Economy, Public
Policy and Monetary
101 Rosa Luxemburg and the Economics
Critique of Political Economy Ludwig von Mises and the
Edited by Riccardo Bellofiore Austrian tradition
Richard M. Ebeling
102 Problems and Methods of
Econometrics 109 Keynes and the British
The Poincaré lectures of Humanist Tradition
Ragnar Frisch 1933 The moral purpose of the market
Edited by Olav Bjerkholt and David R. Andrews
Ariane Dupont-Keiffer
110 Political Economy and
103 Criticisms of Classical Political Industrialism
Economy Banks in Saint-Simonian
Menger, Austrian economics and economic thought
the German historical school Gilles Jacoud
Gilles Campagnolo
111 Studies in Social Economics
104 A History of Entrepreneurship By Leon Walras
Robert F. Hébert and Translated by Jan van Daal and
Albert N. link Donald Walker

112 The Making of the Classical

Theory of Economic Growth
By Anthony Brewer
113 The Origins of David Hume’s 122 Marshall, Marshallians and
Economics Industrial Economics
By Willie Henderson Edited by Tiziano Raffaelli

114 Production, Distribution and 123 Austrian and German

Trade Economic Thought
Edited by Adriano Birolo, Kiichiro Yagi
Duncan Foley, Heinz D. Kurz,
Bertram Schefold and 124 The Evolution of Economic
Ian Steedman Theory
Edited by Volker Caspari
115 The Essential Writings of
Thorstein Veblen 125 Thomas Tooke and the
Edited by Charles Camic and Monetary Thought of
Geoffrey Hodgson Classical Economics
Matthew Smith
116 Adam Smith and the Economy
of the Passions 126 Political Economy and
By Jan Horst Keppler Liberalism in France
The contributions of
117 The Analysis of Linear Frédéric Bastiat
Economic Systems Robert Leroux
Father Maurice Potron’s
pioneering works 127 Stalin’s Economist
Translated by Christian Bidard The economic contributions of
and Guido Erreygers Jenö Varga
André Mommen
118 A Dynamic Approach to
Economic Theory: Frisch 128 E.E. Slutsky as Economist and
Edited by Olav Bjerkholt and Mathematician
Duo Qin Crossing the limits of knowledge
Vincent Barnett
119 Henry A. Abbati: Keynes’
Forgotten Precursor 129 Keynes, Sraffa, and the
Serena Di Gaspare Criticism of Neoclassical
Theory
120 Generations of Economists Essays in honour of Heinz Kurz
David Collard Neri Salvadori and
Christian Gehrke
121 Hayek, Mill and the Liberal
Tradition 130 Crises and Cycles in Economic
Edited by Andrew Farrant Dictionaries and
Encyclopaedias
Edited by Daniele Besomi
131 General Equilibrium Analysis: 138 The Ideas of Ronald H. Coase
A Century After Walras Lawrence W.C. Lai
Edited by Pascal Bridel
139 Anticipating the Wealth of
132 Sraffa and Modern Economics, Nations
Volume I Edited by Maren Jonasson and
Edited by Roberto Ciccone, Petri Hyttinen, with an
Christian Gehrke and Introduction by Lars Magnusson
Gary Mongiovi
140 Innovation, Knowledge and
133 Sraffa and Modern Economics, Growth
Volume II Edited by Heinz D. Kurz
Edited by Roberto Ciccone,
Christian Gehrke and 141 A History of Homo
Gary Mongiovi Economicus
The nature of the moral in
134 The Minor Marshallians economic theory
and Alfred Marshall: William Dixon and David Wilson
An Evaluation
Peter Groenewegen 142 The Division of Labour in
Economics
135 Fighting Market Failure A history
Collected essays in the Guang-Zhen Sun
Cambridge tradition of
economics 143 Keynes and Modern Economics
Maria Cristina Marcuzzo Edited by Ryuzo Kuroki

136 The Economic Reader 144 Macroeconomics and the

Edited by Massimo M. Augello History of Economic Thought
and Marco E. L. Guido Festschrift in honour of
Harald Hagemann
137 Classical Political Economy Edited by Hagen M. Krämer,
and Modern Theory Heinz D. Kurz and
Essays in honour of Heinz Kurz Hans-Michael Trautwein
Neri Salvadori and
Christian Gehrke
Macroeconomics and the
History of Economic Thought
Festschrift in honour of Harald Hagemann

Edited by Hagen M. Krämer,

Heinz D. Kurz and
Hans-Michael Trautwein
First published 2012
by Routledge
2 Park Square, Milton Park, Abingdon, Oxon OX14 4RN
Simultaneously published in the USA and Canada
by Routledge
711 Third Avenue, New York, NY 10017
Routledge is an imprint of the Taylor & Francis Group, an informa business
© 2012 Hagen M. Krämer, Heinz D. Kurz and Hans-Michael Trautwein
The rights of Hagen M. Krämer, Heinz D. Kurz and Hans-Michael
Trautwein to be identified as the authors of the editorial material, and of
the contributors for their individual chapters, has been asserted in
accordance with sections 77 and 78 of the Copyright, Designs and Patents
Act 1988.
All rights reserved. No part of this book may be reprinted or reproduced or
utilised in any form or by any electronic, mechanical, or other means, now
known or hereafter invented, including photocopying and recording, or in
any information storage or retrieval system, without permission in writing
from the publishers.
Trademark notice: Product or corporate names may be trademarks or
registered trademarks, and are used only for identification and explanation
without intent to infringe.
British Library Cataloguing in Publication Data
A catalogue record for this book is available from the British Library
Library of Congress Cataloging in Publication Data
Macroeconomics and the history of economic thought : festschrift in
honour of Harald Hagemann / edited by Hagen M. Krämer, Heinz D.
Kurz, and Hans-Michael Trautwein.
â•…p. cm.
â•…Includes bibliographical references.
â•…1. Macroeconomics. 2. Economics. 3. Economists. I. Hagemann,
Harald. II. Krämer, Hagen. III. Kurz, Heinz-Dieter. IV. Trautwein,
Hans-Michael, 1957–
â•…HB172.5.M33547 2012
â•…339–dc23
2011042275
ISBN: 978-0-415-68147-6 (hbk)
ISBN: 978-0-203-12173-3 (ebk)
Typeset in Times New Roman
by Wearset Ltd, Boldon, Tyne and Wear
Contents

List of figures and tables xvii

Notes on contributors xx

╇ 1 Harald Hagemann at 65: an introduction 1

H agen m . K r ä mer , H ein z D . K ur z and
H ans - M ichael T rautwein

Part I
The history of economic thought 19

╇ 2 The idea of development in German economics 21

B ertram S chefold

╇ 3 Ricardo on gross and net revenue 47

C hristian G ehrke

╇ 4 Friedrich Engels: the architect of Marxism as a science 64

R agip E ge

╇ 5 Walras and Pareto on the connection between the trade

cycle and General Equilibrium Theory 78
P ascal B ridel

╇ 6 Competing monetary explanations of macroeconomic

instability before 1936 96
D a v id L aidler

╇ 7 The Austrian economists and academic politics in the

inter-war period: a preliminary investigation 118
H ansj ö rg K lausinger
xiv╇╇ Contents
╇ 8 Ingvar Svennilson and the Kaldor–Verdoorn Law 131
M auro B oiano v sky

╇ 9 Highlights on the Cambridge School: the Italian connection 145

P ier L uigi P orta

10 How ideas migrate 158

E arlene C ra v er

11 Wandering thoughts on the migration of knowledge 165

A xel L eijonhuf v ud

12 A slender trunk and many branches: the history of

economic thought in perspective, past and future 171
M aria C ristina M arcu z z o

Part II
The current state of macroeconomics 181

13 The crisis in macroeconomics 183

G eoff H arcourt

14 Modern macroeconomics and Keynes: some sketchy

reflections 191
Volker C aspari

15 A historical, theoretical and empirical perspective on

inflation targeting 196
P hilip A restis

16 ‘To use the words of Keynesâ•›.â•›.â•›.’: Olivier J. Blanchard on

Keynes and the ‘liquidity trap’ 209
I ngo B arens

17 Debt-deflation, balance sheet recession and the recent

financial crisis 219
P eter K almbach

18 Sinn after Böhm-Bawerk: income distribution, capital flows

and current account imbalances in EMU 231
H agen M . K r ä mer and P eter S pahn
 Contents╇╇ xv
19 The problem of money illusion in economics 251
G eorg E rber

20 Some notes on understanding inflation 267

E dward J . N ell

21 Inflation – a barrier to high employment? 282

J ü rgen K romphardt

Part III
Economic growth and structural dynamics 301

22 Some thoughts about trend and cycle 303

S tephan S eiter

23 Structural economic dynamics: decisions, methods and

theories 314
R oberto S ca z z ieri

24 Economic rationality and the emergence of institutions: a

Schumpeterian view 329
R ichard A rena

25 Innovation, institutions and competition: a reflection on the

contribution of the Soft Budget Constraint approach 338
M uriel D al - P ont L egrand

26 Economic development – more creation than destruction 351

A ndreas P yka and P ier - P aolo S a v iotti

27 Market definition in technologically dynamic markets: an

example from mobile telecommunications 368
U lrich S chwalbe and T one A rnold

28 International innovation strategies and evolutionary

dynamics in global manufacturing 382
A lexander G erybad z e

29 Classical and neoclassical theories of offshore outsourcing 400

D eborah W inkler and W illiam M ilberg
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