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Alvin Harvey Hansen (1887-1975), once referred to as "the American Keynes", brought the 1930s Keynesian economics revolution to the United States. Year 1887 ( MDCCCLXXXVII) was a Common year starting on Saturday (link will display the full calendar of the Gregorian calendar (or a Common Year 1975 ( MCMLXXV) was a Common year starting on Wednesday (link will display full calendar of the Gregorian calendar. The 1930s were described as an abrupt shift to more radical and conservative lifestyles as countries were struggling to find a solution to the Great Depression. In Economics Keynesian economics (ˈkeɪnziən also Keynesianism and Keynesian Theory) is based on the ideas of twentieth-century British economist The United States of America —commonly referred to as the A professor of economics at Harvard, he was a prolific writer who also played an important role in the creation of the Council of Economic Advisors and the Social Security System. The Council of Economic Advisers (CEA is a group of Economists who advise the President of the United States.

Hansen was born in Viborg, South Dakota, on Aug. South Dakota ( is a state located in the Midwestern region of the United States of America. 23, 1887. He graduated from Yankton College in South Dakota in 1910, and worked several years as an educator before returning to school for graduate studies in economics. Yankton College was a small Liberal arts college in Yankton, South Dakota, affiliated with the Congregational Christian Churches (later South Dakota ( is a state located in the Midwestern region of the United States of America. He completed his doctorate at the University of Wisconsin-Madison in 1918, and then taught at Brown University until his appointment at the University of Minnesota in 1923. Brown University is a highly esteemed private University located in Providence, Rhode Island and is a member of the Ivy League. The University of Minnesota Twin Cities ( U of M or The U) is the oldest and largest part of the University of Minnesota system. His major works in this period were in the neoclassical economics tradition. Neoclassical economics is a term variously used for approaches to Economics focusing on the determination of prices outputs and income distributions in markets

In 1937 he was appointed Professor of Political Economy at Harvard University. Political economy originally was the term for studying production buying and selling and their relations with law custom and government He was the first of the older generation of economists there attracted to Keynes's economic theory. Hansen's seminar on fiscal policy created a generation of graduate students, such as Paul Samuelson and James Tobin, who would further develop and popularize Keynesian economics. Paul Anthony Samuelson (born May 15, 1915) is an American neoclassical Economist known for his contributions to many fields of James Tobin ( March 5, 1918 March 11, 2002) was an American Economist. Hansen's 1941 book, Fiscal Policy and Business Cycles, was the first major work in the United States to entirely support Keynes's analysis of the causes of the Great Depression. Hansen used that analysis to argue for Keynesian deficit spending.

Hansen’s best known contribution to economics was his development of the IS-LM model, also known as the Hicks-Hansen synthesis. The IS/LM model, first developed by Sir John Hicks and Alvin Hansen, has been used from 1937 onwards to summarize a major part of Keynesian The framework graphically represents investment-savings (IS) and the liquidity-money supply (LM), and can be used to illustrate how fiscal and monetary policies can be employed to alter national income.

Hansen's 1938 book Full Recovery or Stagnation was based on a small portion of John Maynard Keynes's The General Theory of Employment, Interest and Money, and was an extended argument that there would be long-term employment stagnation without government demand-side intervention. John Maynard Keynes 1st Baron Keynes CB (ˈkeɪnz "cains" (5 June 1883 &ndash 21 April 1946 was a British Economist whose ideas The General Theory of Employment Interest and Money was written by the English economist John Maynard Keynes. Ultimately, economic stagnation theories became more associated with Hansen than with Keynes. Economic stagnation, often called simply stagnation is a prolonged period of slow Economic growth (traditionally measured in terms of the GDP growth

Hansen frequently testified before Congress, his fiscal policy notably advocating against the use of unemployment as the main weapon for controlling inflation. He thought that instead price inflation could be managed by timely changes in tax rates and money supply, and by effective wage and price controls. Incomes policies in Economics are Wage and Price controls, most commonly instituted as a response to Inflation. He also advocated fiscal and other stimulus to ward off the stagnation that he thought was endemic to mature industrialized economies.

During the Roosevelt and Truman presidencies Hansen was influential in shaping policy, as a member of numerous government commissions and as consultant to the Federal Reserve Board, the United States Department of the Treasury and the National Resources Planning Board. The United States Department of the Treasury is a Cabinet department and the Treasury of the United States government. In 1935, he helped create the U. S. social security system and, in 1946, he assisted in the drafting of the Full Employment Act which, among other things, created the Council of Economic Advisors. The Council of Economic Advisers (CEA is a group of Economists who advise the President of the United States. Hansen also served as Vice President of the American Statistical Association and President of the American Economics Association. The American Statistical Association (ASA, a scientific and educational society founded in Boston Massachusetts on November 27, 1839, is the second

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References

Primary sources

http://www.bookrags.com/biography/alvin-hansen/

Secondary sources

Miller, John E. "From South Dakota Farm to Harvard Seminar: Alvin H. Hansen, America's Prophet of Keynesianism" Historian (2002) 64(3-4): 603-622. Issn: 0018-2370

Seligman, Ben B. , Main Currents in Modern Economics, 1962.

External links

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