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Samuelson's Neoclassical Synthesis in the Context of Growth Economics, 1956-1967

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  • Michaël Assous

    (UL2 - Université Lumière - Lyon 2, TRIANGLE - Triangle : action, discours, pensée politique et économique - ENS de Lyon - École normale supérieure de Lyon - UL2 - Université Lumière - Lyon 2 - IEP Lyon - Sciences Po Lyon - Institut d'études politiques de Lyon - Université de Lyon - UJM - Université Jean Monnet - Saint-Étienne - CNRS - Centre National de la Recherche Scientifique)

  • Muriel Dal-Pont Legrand

    (GREDEG - Groupe de Recherche en Droit, Economie et Gestion - UNS - Université Nice Sophia Antipolis (1965 - 2019) - CNRS - Centre National de la Recherche Scientifique - UniCA - Université Côte d'Azur)

  • Sonia Mansieri

    (PHARE - Philosophie, Histoire et Analyse des Représentations Économiques - UP1 - Université Paris 1 Panthéon-Sorbonne)

Abstract

[GREDEG Working Paper 2020-12] "Samuelson introduced the term "neoclassical synthesis'' and used it later in the 1955 3rd edition of Economics: An Introductory Analysis to refer to a ``consensus'' among American economists. In the 1960s when growth theory emerged as a major issue, Samuelson modified his view and in the 6th edition of Economics, the term assumed a specific meaning. As long as it was assumed that the economy was managed on a Keynesian-basis in the short-run, the neoclassical growth model was considered the most appropriate tool to analyze full-employment growth. This "new'' approach of the synthesis was challenged in debates on income distribution dynamics and expectations, opposing the protagonists in the Cambridge controversy. We draw on original archival material from Duke University and Cambridge University in the UK to try to clarify some of the hidden dimensions of Samuelson's synthesis and the debates it triggered."

Suggested Citation

  • Michaël Assous & Muriel Dal-Pont Legrand & Sonia Mansieri, 2020. "Samuelson's Neoclassical Synthesis in the Context of Growth Economics, 1956-1967," Working Papers halshs-02874698, HAL.
    • Handle: RePEc:hal:wpaper:halshs-02874698
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    1. Michaël Assous & Muriel Dal Pont Legrand, 2020. "Growth Without Expectations: The Original Sin of Neoclassical Growth Models," Springer Studies in the History of Economic Thought, in: Arie Arnon & Warren Young & Karine van der Beek (ed.), Expectations, pages 121-130, Springer.
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    1. Michaël Assous & Olivier Bruno & Vincent Carret & Muriel Dal-Pont Legrand, 2021. "Expectations and full employment. Hansen, Samuelson and Lange," Revue d'économie politique, Dalloz, vol. 131(3), pages 511-530.

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    More about this item

    Keywords

    growth; Instability; Neoclassical Synthesis; expectations; Samuelson; Sen; Kaldor;
    All these keywords.

    JEL classification:

    • A1 - General Economics and Teaching - - General Economics
    • B2 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925
    • B3 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals
    • D5 - Microeconomics - - General Equilibrium and Disequilibrium
    • E1 - Macroeconomics and Monetary Economics - - General Aggregative Models

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