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The Emergence of the Neoclassical Consumption Function: The Formative Years, 1940–1952

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  • Hynes, J. Allan

Abstract

History, if viewed as a repository for more than anecdote or chronology, could produce a decisive transformation in the image of science by which we are now possessed (Kuhn, 1962a, p. 1).Certain types of experimental findings serve as benchmarks, permanent facts about phenomena which any future theory must accommodate, and which in conjunction with comparable theoretical benchmarks, pretty permanently force us in one direction. … The remarkable fact about recent physical science is that it creates a new, collective, human artifact, by giving full range to three fundamental human interests, speculation, calculation, and experiment. By engaging in collaboration between the three, it enriches each in a way that would be impossible otherwise (Hacking, 1983, p. 248).

Suggested Citation

  • Hynes, J. Allan, 1998. "The Emergence of the Neoclassical Consumption Function: The Formative Years, 1940–1952," Journal of the History of Economic Thought, Cambridge University Press, vol. 20(1), pages 25-49, March.
    • Handle: RePEc:cup:jhisec:v:20:y:1998:i:01:p:25-49_00
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    Cited by:

    1. Andreas Chai & Wolfhard Kaus, 2013. "Signalling to whom? Conspicuous spending and the local density of the social group income distribution," Papers on Economics and Evolution 2012-18, Philipps University Marburg, Department of Geography.
    2. Jimmy Alani, 2022. "Estimation of Consumption Functions Using Savings Motive Hypothesis (SMH)," International Econometric Review (IER), Econometric Research Association, vol. 14(1), pages 21-45, March.
    3. Hsiang-Ke Chao, 2001. "Milton Friedman and the Emergence of the Permanent Income Hypothesis," Tinbergen Institute Discussion Papers 01-053/1, Tinbergen Institute.
    4. John Foster, 2021. "The US consumption function: a new perspective," Journal of Evolutionary Economics, Springer, vol. 31(3), pages 773-798, July.
    5. Stavros A. Drakopoulos, 2021. "The marginalization of absolute and relative income hypotheses of consumption and the role of fiscal policy," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 28(6), pages 965-984, November.

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