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Abba P. Lerner
Keynesian economics
Birth October 28, 1903(1903-10-28)
Death October 27, 1982 (aged 78)
Nationality Ukrainian American
Field Economics
Alma mater London School of Economics
Influences Friedrich Hayek, John Maynard Keynes, Paul Samuelson
Opposed Milton Friedman, Barry Goldwater

Abba Ptachya Lerner (October 28, 1903 – October 27, 1982) was an American economist.

Lerner was born on October 28, 1903 in Bessarabia (territory now in Ukraine or Moldova). He grew up in a Jewish family, which emigrated to Great Britain when Lerner was three years old. Lerner grew up in the London East End. From the age of sixteen he worked as a machinist, a teacher in Hebrew schools, and as a businessman. He entered the London School of Economics in 1929 where he would study under Friedrich Hayek. A six-month stay at Cambridge in 1934–1935 brought him into contact with John Maynard Keynes. Lerner married Alice Sendak in 1930; they had twin children, Marion and Lionel, in 1932.

In 1937, Lerner emigrated to the United States. While in the US, Lerner befriended his intellectual opponents Milton Friedman and Barry Goldwater.

Accomplishments

  • Lerner developed a model of market socialism, which differed form the pure planned economy. It became known as the Third Way. By the 1960s Lerner began to distance himself from his early work on socialism.
  • Lerner developed the concept of distributive efficiency, which shows that economic equality will produce the greatest total happiness with a given amount of wealth.
  • Lerner (1951, Ch. 14) developed the concept of the NAIRU (before Friedman and Phelps). He termed it "low full employment" and contrasted it the "high full employment," the maximum employment achievable by implementing functional finance.
  • The Lerner-Samuelson theorem goes back to Lerner.

External links

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