The Advent of Modern Macro

In season 1 (Danish) we reviewed the history of economic thought before WWII. The coming seasons are dedicated to the Nobel Price in Economics, and I am joined by economist Otto Brøns-Petersen. The Nobel price is a good benchmark for how the field and profession of economics developed after WWII. We will focus both on the scientific contributions and on the people behind them. These are all star economists and worthy of your time and attention. Some will mainly feature in one episode, others in several. We therefore advice that you listen in the thematic order we propose – but it is up to you. Rest assured, we will cover all… Eventually.

In this episode we start to investigate the advent of modern macro-economics. There are giants, and then there are GIANTS. Today’s show feature 3 absolute giants within economics! Samuelson who got the second prize. Hayek who were the first non-Keynesian to be awarded the prize. Finally, also Friedman who a protestor told to go home doing the ceremony – but that could have been worse.

References:

• Caldwell, B. (2008). Hayek's challenge. University of Chicago Press.
• Friedman Banquet Speech (1976) - https://www.nobelprize.org/prizes/economic-sciences/1976/friedman/speech/#:~:text=It%20is%20a%20great%20honour,to%20which%20a%20scholar%20can
• Friedman Noble Lecture (1976) - https://www.nobelprize.org/prizes/economic-sciences/1976/friedman/lecture/
• Friedman, M., Friedman, R. D., & Adams, J. (1980). Free to choose: A personal statement (Vol. 249). New York: Harcourt Brace Jovanovich.
• Gamble, A. (2013). Hayek: The iron cage of liberty. John Wiley & Sons.
• Hayek Banquet Speech (1974) - https://www.nobelprize.org/prizes/economic-sciences/1974/hayek/speech/
• Hayek Nobel Lecture (1974) - https://www.nobelprize.org/prizes/economic-sciences/1974/hayek/lecture/
• Hayek, F. A. (2012). Hayek on Hayek: An autobiographical dialogue. University of Chicago Press.
• Samuelsson Banquet Speech (1970) - https://www.nobelprize.org/prizes/economic-sciences/1970/samuelson/speech/
• Samuelson Nobel Lecture (1970) - https://www.nobelprize.org/uploads/2018/06/samuelson-lecture.pdf
• The textbook “Economics – An introductory Analysis” is originally written by Samuelson, and later co-written by another Laurette, Nordhaus. The first edition was published in 1948. Latest edition is from 2009.

Other stuff:

• Friedman ceremony video link - https://www.youtube.com/watch?v=QwQioAwm-FI
• Free to choose playlist - https://www.youtube.com/watch?v=D3N2sNnGwa4&list=PL4742023192B69941