Mason:  The work I know consists of many fine articles in the Review of the Richmond Federal Reserve.

Kevin

From: Societies for the History of Economics [mailto:[log in to unmask]] On Behalf Of mason gaffney
Sent: Thursday, January 17, 2013 11:49 AM
To: [log in to unmask]
Subject: Re: [SHOE] Lit Review Question - Related to Macro Follies Debate

So cleverly elided I missed the point at first.  Please give date, title, and publisher of T.M. Humphrey’s work.

From: Societies for the History of Economics [mailto:[log in to unmask]] On Behalf Of J Kevin Quinn
Sent: Wednesday, January 16, 2013 2:46 PM
To: [log in to unmask]
Subject: Re: [SHOE] Lit Review Question - Related to Macro Follies Debate

T.M. Humphrey forgot to mention the work of T.M. Humphrey on this topic – one of the best, if not the best, historians of early macroeconomic thought we have!

Kevin Quinn

From: Societies for the History of Economics [mailto:[log in to unmask]] On Behalf Of Thomas Humphrey
Sent: Tuesday, January 15, 2013 10:59 PM
To: [log in to unmask]
Subject: Re: [SHOE] Lit Review Question - Related to Macro Follies Debate

On classical cycle theory see R.G. Link, English Theories of Economic Fluctuations 1815-1848, Columbia U. Press, 1958, esp. chapter on Thomas Attwood. And don't miss Henry Thornton, An Enquiry into the Nature and Effects of the Paper Credit of Great Britain [1802]. Thornton traces a causal chain running from initial shocks to financial panics to increased demands for high powered money to bank runs to falls in the broad money stock to price level deflation, deflation that, given downward wage inflexibility, produces declines in output and employment.

---T.M. Humphrey

On Jan 15, 2013, at 4:59 PM, Justin Elardo wrote:

Dear Colleagues,

I chose to observe rather than participate in the Shoe "Great Macro Follies Debate of 2012" (tm).  I am not interested in re-opening that can of words.  I am, however, interested in literature review suggestions.  Like many who observe and/or contribute to this listserv, I teach macroeconomics from both an economic history and history of economic thought perspective.  One topic that continues to trouble me with respect to macro textbooks as well as my teaching of the subject matter pertains to the presentation of classical economics and the classical depiction of economic contractions.  Based on my observations of the debate that ensued on this listserv, I noticed that there emerged a strong notion that classical economists provided a clear understanding and depiction of downturns.  I would like to strengthen my own understanding of the classicals' argument on the issue of contractions and I am hoping that members of this listserv might be willing to offer me some suggestions as to specific references in which classical economists clearly articulate their perspective regarding downturns.  In particular, I am interested in passages from Say and Ricardo, but I am open to other suggestions as well.  Thank you.

Best Regards,

Justin A. Elardo, PhD

Portland Community College