Abstract
The modern subdiscipline of macroeconomics can trace its origins to the profound economic and intellectual disturbance occasioned by the Great Depression. This is not to say that political economists had previously ignored the fluctuation of such economic aggregates as prices, interest rates, and production. What for example was the Bullionist Controversy at the beginning of the nineteenth-century if not a debate over the relationship of different measures of money supply to the general level of prices? By the end of that century, analyses of fluctuations in the level of prices and economic activity had achieved considerable sophistication, in Great Britain under the aegis of trade cycle analysis and in the United States in connection with the study of financial crises.
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Eichengreen, B. (1987). Macroeconomics and History. In: Field, A.J. (eds) The Future of Economic History. Recent Economic Thought Series, vol 9. Springer, Dordrecht. https://doi.org/10.1007/978-94-009-3269-2_2
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Publisher Name: Springer, Dordrecht
Print ISBN: 978-94-010-7967-9
Online ISBN: 978-94-009-3269-2
eBook Packages: Springer Book Archive