Samuelson deals with the closed economy version Y = C + I (that is, without G and X-M) in “Stability of Equilibrium,” Econometrica, 1941, pp 113ff. “Fiscal Policy and Income Determination,” QJE, 1942, has the formula Y = C + E, where E is the sum of private investment and government expenditure, in a footnote on p 584. Steve Marglin
From: Societies for the History of Economics [mailto:[log in to unmask]] On Behalf Of Steve Kates
Sent: Monday, September 07, 2015 8:10 PM
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Subject: [SHOE] Fwd: origins of Y=C+I+G+(X-M)
I was wondering whether anyone could help me here. The farthest back I can trace the use of the basic macro expression Y=C+I+G+(X-M) - now usually rendered Y=C+I+G+NX - is to Samuelson's 1948 text. In the General Theory there is D=D1+D2 (p: 28), which is later turned into Y=C+I in the work of others before 1948. But so far as that full equation goes, I am wondering whether it has an earlier pre-Samuelson provenance. I would be most grateful for any assistance.
--
Dr Steven Kates
Associate Professor
School of Economics, Finance
and Marketing
RMIT University
Building 80
Level 11 / 445 Swanston Street
Melbourne Vic 3000
Phone: (03) 9925 5878
Mobile: 042 7297 529
--
Dr Steven Kates
Associate Professor
School of Economics, Finance
and Marketing
RMIT University
Building 80
Level 11 / 445 Swanston Street
Melbourne Vic 3000
Phone: (03) 9925 5878
Mobile: 042 7297 529
--
Dr Steven Kates
Associate Professor
School of Economics, Finance
and Marketing
RMIT University
Building 80
Level 11 / 445 Swanston Street
Melbourne Vic 3000
Phone: (03) 9925 5878
Mobile: 042 7297 529