Economics at the Cowles Commission in Chicago and Yale

The chapter deals with economics at the Cowles Commission in Chicago (until 1955) and then at Yale, under the leadership of Jacob Marschak, Tjalling Koopmans and James Tobin: the research program in mathematical economics and econometrics was reoriented, and important areas of microeconomic theory as well as of macroeconomics were addressed. Firstly, Koopmans’s econometric contributions and activity analysis and his reflection about the state of economics are examined. Then, the most significant contributions to Keynesian macroeconomics by Lawrence Klein, Dom Patinkin and James Tobin are analyzed. Lastly, the contributions of Gerard Debreu and Kenneth Arrow on Neo-Walrasian economics and Social Choice Theory are examined.