The origins, development, and fate of Clower's “stock-flow” general-equilibrium programme

Romain Plassard

The European Journal of the History of Economic Thought, 2018, vol. 25, issue 2, 263-294

Abstract: Before becoming the hallmark of macroeconomics à la Wynne Godley, the “stock-flow” analysis was already developed in microeconomics and general-equilibrium theory. The goal was to study the formation of economic plans and the determination of market prices when individuals were supposed to consume, produce, and hold commodities. I show that since the early 1950s, Robert W. Clower used the “stock-flow” price theory to offer microfoundations to a Keynesian business cycle model. I analyse the origins of this microfoundation programme, trace its development, and discuss its fate.

Date: 2018
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DOI: 10.1080/09672567.2018.1425468

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