Hostname: page-component-78c5997874-j824f Total loading time: 0 Render date: 2024-11-20T01:32:53.399Z Has data issue: false hasContentIssue false
  • English
  • Français

THE ACCELERATOR PRINCIPLE AT THE CORE OF FRISCH’S 1933 ROCKING HORSE MODEL

Tracing Back the Influences: American Institutionalism and Norwegian Investment Cycles Theories

Published online by Cambridge University Press:  14 November 2012

ARIANE DUPONT-KIEFFER
Get access Rights & Permissions [Opens in a new window]

Abstract

This paper aims to detail Frisch’s choice of setting the accelerator principle at the core of his impulse-propagation model (1933a), referred to as the “rocking horse model.” The innovative aspects of this model rest not only on the rise of macrodynamics regarding the equilibrium concept but also on the reformulation of business cycles in terms of production of capital goods. This is a deliberate choice, which relies on his work on business cycles started in 1927, and can be obviously traced back to his debate with John Maurice Clark and the American Institutionalists, but relies more deeply on a specific appropriation of Norwegian approach to this principle.

Type
Articles
Information
Journal of the History of Economic Thought , Volume 34 , Issue 4 , December 2012 , pp. 447 - 473
Copyright
Copyright © The History of Economics Society 2012

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

References

REFERENCES

Aftalion, Albert. 1909. “La réalité des surproductions générales [Truth on the General Surproduction Crisis].” Revue d’Economie Politique 12–13: 696–706.Google Scholar
Aftalion, Albert. 1927. “The Theory of Economic Cycles Based on the Capitalistic Theory of Production.” Review of Economic Statistics 9: 165–170.CrossRefGoogle Scholar
Andvig, Jens-Christopher. 1978. “Wicksell’s Influence on Frisch’s Macroeconomics in the Thirties.” Scandinavian Journal of Economics 80 (1): 148–167.CrossRefGoogle Scholar
Andvig, Jens-Christopher. 1981. “Ragnar Frisch and Business Cycle Research during the Interwar Years.” History of Political Economy 13 (4): 695–725.CrossRefGoogle Scholar
Andvig, Jens-Christopher. 1985. Ragnar Frisch and the Great Depression. Oslo: Norsk Utenrikpolitisk Institutt.Google Scholar
Armatte, Michel. 1995. Histoire du modèle linéaire. Formes et usages en Statistique et Econométrie. PhD thesis. EHESS. Paris: EHESS.Google Scholar
Arrow, Kenneth J. 1960. “The Work of Ragnar Frisch, Econometrician.” Econometrica 28: 175–192.CrossRefGoogle Scholar
Bjerkholt, Olav, and Dupont-Kieffer, Ariane, eds. 2009. Problems and Methods of Econometrics: The Poincaré Lectures of Ragnar Frisch, 1933. London: Routledge.Google Scholar
Bjerkholt, O., and Dupont, A.. 2010. “Ragnar Frisch’s Conception of Econometrics.” History of Political Economy 42: 21–73.CrossRefGoogle Scholar
Chipman, John S. 1998. “The Contributions of Ragnar Frisch to Economics and Econometrics.” Contribution to “Symposium at the Centennial of Ragnar Frisch,” Oslo, 3–5 March 1995. In Strøm, Steinar, ed., Econometrics and Economic Theory in the 20th Century: The Ragnar Frisch Centennial Symposium. Cambridge: Cambridge University Press, pp. 58–108.CrossRefGoogle Scholar
Clark, John Maurice. 1917. “Business Acceleration and the Law of Demand: A Technical Factor in Economic Cycles.” Journal of Political Economy 25: 17–35. In Preface to Social Economics. Essays on Economic Theory and Social Problems. New York: Augustus M. Kelley, 1967, pp. 327–354.CrossRefGoogle Scholar
Divisia, François. 1953. “La Société d’Econométrie a atteint sa majorité.” Econometrica 21 (1): 1–30.CrossRefGoogle Scholar
Dupont-Kieffer, Ariane. 2001. “Deux approches de l’économie quantitative de l’entre-deux-guerres: l’économétrie de Ragnar Frisch face à l’empirisme de Wesley Clair Mitchell.” Revue économique 52 (3): 605–615.Google Scholar
Dupont-Kieffer, Ariane. 2003. “Ragnar Frisch et l’économétrie: L’invention de modèles et d’instruments à des fins normatives [Ragnar Frisch and Econometrics: Inventing Models and Tools for Normative Aims].” PhD thesis. Paris, University of Paris I Panthéon-Sorbonne.Google Scholar
Dupont-Kieffer, Ariane. 2007. “Ragnar Frisch’s Circulation Planning: An Attempt of Modeling General Equilibrium.” Contribution to international conference, “General Equilibrium as Knowledge,” Paris, 6–7 September 2007, University Paris I Panthéon Sorbonne and CNRS. In Oeconomia 2012 (forthcoming).Google Scholar
Einarsen, Einar. 1904. Gode og dårlige tider [From Growth and From Recession]. Copenhagen: Gyldendalske Boghandel Nordisk Forlag.Google Scholar
Einarsen, Johan. 1938. “Reinvestment Cycles.” Review of Economic Statistics 20 (1): 1–10.CrossRefGoogle Scholar
Ellis, Brian. 1968. Basic Concepts of Measurement. Cambridge: Cambridge University Press.Google Scholar
Frisch, Ragnar Anton Kittil. 1926a. “Kvantitativ formulering av den teoretiske oekonomisks lover [Quantitative Formulation of the Theoretical Economics Laws].” Statsøkonomisk Tidsskrift 40: 299–334.Google Scholar
Frisch, Ragnar Anton Kittil. 1926b. “Sur un problème d’économie pure [On a Problem of Pure Economic Theory].” Norsk Matematisk Forenings Skrifter, Oslo, Series I (16): 1–40.Google Scholar
Frisch, Ragnar Anton Kittil. 1927a. “Sammenhengen mellom primaerinvestering og reinvestering [Relations between Primary Investment and Re-investment].” Statsøkonomisk Tidsskrift 41: 117–152.Google Scholar
Frisch, Ragnar Anton Kittil. 1927b. The Analysis of Statistical Time Series. Mimeograph. New York and Oslo: University of Oslo.Google Scholar
Frisch, Ragnar Anton Kittil. 1931a. “The Interrelation Between Capital Production and Consumer-Taking.” Journal of Political Economy 39: 646–654.CrossRefGoogle Scholar
Frisch, Ragnar Anton Kittil. 1931b. “Johan Åkerman: Om det ekonomiska livets rytmik [Johan Åkerman: On Rhythms of Economic Life].” Statvetenskaplig Tidskrift 34: 281–300.Google Scholar
Frisch, Ragnar Anton Kittil. 1933a. “Propagation Problems and Impulse Problems in Dynamic Economics.” In Frisch, Ragnar Anton Kittil, Essays in Honor of Gustav Cassel. London: Allen & Unwin. Reissued as Readings in Business Cycles, Homewood: Illinois, 1933.Google Scholar
Frisch, Ragnar Anton Kittil. 1933b. “Editorial.” Econometrica 1 (1): 1–4.Google Scholar
Frisch, Ragnar Anton Kittil. 1934. “Circulation Planning: Proposal for a National Organisation of a Commodity and Service Exchange.” Econometrica 2: 258–336; 422–435.CrossRefGoogle Scholar
Frisch, Ragnar Anton Kittil. 1963. “Dynamic Utility.” Econometrica 32: 418–424.CrossRefGoogle Scholar
Griliches, Zvi. 1986. “Introduction: Data and Econometricians—The Uneasy Alliance.” In Griliches, Zvi and Intriligator, Michael D., eds., Handbooks of Econometrics. Volume III. Amsterdam: North-Holland.Google Scholar
Hoch, Irving. 1962. “Estimation of Production Function Parameters Combining Time-Series and Cross-Section Data.” Econometrica 30: 34–53.CrossRefGoogle Scholar
Kahn, Richard F. 1931. “The Relation of Home Investment to Unemployment.” Economic Journal 41: 173–198.CrossRefGoogle Scholar
Keynes, John Maynard. [1936]. 1967. The General Theory of Employment, Interest and Money. London: MacMillan.Google Scholar
Klein, Lawrence R. 1953. A Textbook of Econometrics. New York: Harper & Row.Google Scholar
Klein, Lawrence R. 1998. “Ragnar Frisch’s Conception of the Business Cycle.” Contribution to “Symposium at the Centennial of Ragnar Frisch,” Oslo, 3–5 March 1995. In Strøm, Steinar, Econometrics and Economic Theory in the 20th Century: The Ragnar Frisch Centennial Symposium. Cambridge: Cambridge University Press, pp. 483–498.CrossRefGoogle Scholar
Le Gall, Philippe. 1994. “Histoire de l’économétrie, 1914–1944. L’érosion du déterminisme [History of Econometrics, 1914–1944. Erosion of Determinism].” PhD thesis, Paris, University of Paris I Panthéon-Sorbonne.Google Scholar
Leser, Conrad Emmanuel Victor. 1963. “Forms for Engels Curves.” Econometrica 31: 694–703.CrossRefGoogle Scholar
Louça, Francisco. 2001. “Intriguing Pendula: Founding Metaphors in the Analysis of Economic Fluctuations.” Cambridge Journal of Economics 25: 25–55.CrossRefGoogle Scholar
Lundberg, Erik. 1937. Studies in the Theory of Economic Expansion. London: King.Google Scholar
Malinvaud, Edmond. 1998. “How Frisch Saw in the 1960s the Contribution of Economists to Development Planning.” In Steinar Strøm, Econometrics and Economic Theory in the 20th Century: The Ragnar Frisch Centennial Symposium. Cambridge: Cambridge University Press, pp. 560–576.CrossRefGoogle Scholar
Marschak, Jacob, and Andrews, William H.. 1944. “Random Simultaneous Equations and the Theory of Production.” Econometrica 12: 143–205.CrossRefGoogle Scholar
Mitchell, Wesley Clair. 1913. Business Cycles. Berkeley: University of California Press. Reprinted as Business Cycles and Their Causes, Berkeley: University of California Press, 1941.Google Scholar
Morgan, Mary Susanna. 1990. The History of Econometric Ideas. Cambridge: Cambridge University Press.CrossRefGoogle Scholar
Mundlak, Yair. 1963. “Estimation of Production and Behavioral Functions from a Combination of Cross-Section and Time-Series Data.” In Christ, Carl F., ed., Measurement in Economics. Stanford: Stanford University Press, pp. 138–166.Google Scholar
Porter, Theodore M. 1986. The Rise of Statistical Thinking, 1820–1900. Princeton, NJ: Princeton University Press.CrossRefGoogle Scholar
Samuelson, Paul A. 1939a. “Interactions between the Multiplier Analysis and the Principle of Acceleration.” Review of Economics and Statistics 21: 75–78.CrossRefGoogle Scholar
Samuelson, Paul A. 1939b. “A Synthesis of the Principle of Acceleration and the Multiplier.” Journal of Political Economy 47: 786–797.CrossRefGoogle Scholar
Schønheyder, Kristian. 1923. “Vor tids pengevæsen, kriserne og stabiliseringsproblemet [The Problem of Stabilization, Crisis and of Monetary Issues in Our Time].” Statsøkonomisk Tidsskrift.Google Scholar
Schønheyder, Kristian. 1927. “Produktionscyclerne og kriserne. [Production Cycles and Crisis].” Statsøkonomisk Tidsskrift.Google Scholar
Thalberg, Bjørn. 1990. “A Reconsideration of Frisch’s Original Cycle Model.” In Velupillai, Kumarawsmay, ed., Non-linear and Multisectoral Macrodynamics—Essays in Honor of Richard Goodwin. New York: New York University Press, pp. 96–117.CrossRefGoogle Scholar
Thalberg, Bjørn. 1998. “Frisch’s Vision and Explanation of the Trade-Cycle Phenomenon: His Connection with Wicksell, Åkerman and Schumpeter.” Contribution to “Symposium at the Centennial of Ragnar Frisch,” Oslo, 3–5 March 1995. In Steinar Strøm, Econometrics and Economic Theory in the 20th Century: The Ragnar Frisch Centennial Symposium. Cambridge: Cambridge University Press, pp. 461–482.CrossRefGoogle Scholar
Tinbergen, Jan. [1936] 1959. “An Economic Policy for 1936.” In Klassen, L. H., Koyck, L. M., and Witteveen, H. J., eds., Jan Tinbergen Selected Papers. Amsterdam: North Holland, pp. 37–84.Google Scholar
Tinbergen, Jan. 1974. “Ragnar Frisch’s Role in Econometrics.” European Economic Review 5: 3–6.CrossRefGoogle Scholar
Zambelli, Stefano. 2007. “A Rocking-Horse that Never Rocked: Frisch’s ‘Propagation Problems and Impulse Problems.’” History of Political Economy 39: 145–166.CrossRefGoogle Scholar