A great many of the most important developments in modern economics were first revealed in the pages of Econometrica. This selection of readings from that journal is the third in a series and contains its editors' choice of the best articles in the general area of macroeconomics and capital theory that appeared in issues dating from 1935 to 1966 (it was felt that there was insufficient perspective to judge the permanent value of more recent articles). A broad range of topics is in covered in the 27 articles selected in order to indicate the general extent of the field. A few of the articles were microeconomic in their original intent but have had a clear influence on later macroeconomic research.
Among these topics are process analysis and equilibrium analysis, theory of rational behavior, macroeconomic stability, the nonlinear accelerator, the von Neumann model of an expanding economy, dynamic input-output systems, turnpike theorems for a generalized Leontief model, the Radner turnpike theorem, business cycles, the theory of assets, liquidity preference, multiplier effects of a balanced budget, capital expansion and rate of growth interest rates, capital accumulation, the Pareto distribution of wealth, the theory of price movements, the inventory cycle, a sequential utility analysis of the accumulation of risky capital, and optimum growth in an aggregative model of capital accumulation.
The authors represented are M. Kalecki; Eugen Slutzky; J. R. Hicks; J. Marschak; A. Smithies; Franco Modigliani; Trygve Haavelmo; Evsey D. Domar; Lawrence R. Klein; André Nataf; David Hawkins and Herbert A. Simon; Lloyd A. Metzler; R. M. Goodwin; Joan Robinson; E. Malinvaud; Robert M. Solow and Paul A. Samuelson; J. G. Kemeny, Oskar Morgenstern, and G. L. Thompson; H. O. A. Wold and P. Whittle; Robert M. Solow; Leif Johansen; John F. Muth; Michael C. Lovell; Edmund S. Phelps; Lionel W. McKenzie; Hukukane Niaido, James Tobin; and David Cass.