Franco Modigliani and Keynesian Economics: Theory, Facts and Policy, 1st Edition (Hardback) book cover

Franco Modigliani and Keynesian Economics

Theory, Facts and Policy, 1st Edition

By Antonella Rancan


200 pages

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Hardback: 9781848935013
pub: 2020-06-22
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This book follows the intellectual path of Franco Modigliani, Nobel Prize winner and one of the most influential Keynesian economists of the twentieth century, tracing his development and examining the impact of his research.

The book begins with Modigliani’s early work as a young law student in 1930s Italy and traces his development through his emigration to the US, his introduction to Keynes’ General Theory at the New School, and his seminal 1944 article on Keynesian and classical economics. The book also examines Modigliani’s pioneering theory of savings: the life-cycle hypothesis (with Richard Brumberg), and the Modigliani–Miller theorem, a cornerstone of modern theory of finance. The book argues that although Modigliani is placed amongst the most prominent Keynesian economists, his connections with Keynesian theory are of secondary importance until the beginning of the 1960s when he joined MIT.

This is the first book to place Modigliani’s thought in its proper historical context, showing how it related to wider economic concerns and examining the social and political implications of his work. It will be of interest to scholars in the history of economic thought, and especially post-war American Keynesian economics.

Table of Contents


Chapter 1: Modigliani before Modigliani

Chapter 2: Approaching Keynes and American Keynesianism

Chapter 3: Keynesian economics in between corporative and socialist economics

Chapter 4: Modigliani at the University of Illinois: "The Bowen war" and McCarthyism

Chapter 5: Uncertainty and Expectations: Modigliani at Carnegie Tech

Chapter 6: The life cycle savings in an unstable system

Chapter 7: Becoming Keynesian


About the Author

Antonella Rancan is Associate Professor of Economics at University of Molise, Italy.

About the Series

Perspectives in Economic and Social History

We welcome new submissions for Perspectives in Economic and Social History. Please contact the series editors, Jari Eloranta (Economic History) and Andrew August (Social History), or Natalie Tomlinson, Editor for Economics at Routledge ([email protected]).

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Subject Categories

BISAC Subject Codes/Headings:
BUSINESS & ECONOMICS / Economic History
BUSINESS & ECONOMICS / Economics / General
BUSINESS & ECONOMICS / Economics / Theory