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Date: | Mon Apr 30 10:56:20 2007 |
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In _The Big Three in Economics_, Mark Skousen says in footnote 2 on p. 137:
With Keynes came the division of "macroeconomics," the study of
economic aggregates such as the price level, the money supply, and
Gross Domestic Product, and "microeconomics," the theory of
individual and firm behavior. Paul Samuelson, who did not use the
term in the first edition of his textbook, _Economics_ (1948), says
the distinction between "micro" and "macro" goes back to
econometricians Ragnar Frisch and Jan Tinbergen, the first Nobel
Prize winners in economics. But Roger Garrison notes that the
Austrian economist Eugen Bohm-Bawerk wrote this sentence in January,
1891: "One cannot eschew studying the microcosm if one wants to
understand properly the macrocosm of a developed country"
(Bohm-Bawerk 1962: 117).
Humberto Barreto
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