Abba P. Lerner

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Abba P. Lerner (1938)

Abba P. Lerner ( Abba Ptachya Lerner ; born October 28, 1903 in Bessarabia , † October 27, 1982 in Tallahassee , Florida ) was an American economist .


Lerner's Jewish family first emigrated to London in 1912 , where he received an economic education. He had u. a. Contact with John Maynard Keynes . He moved to the USA in 1937 . In 1971 he was elected to the American Academy of Arts and Sciences , 1974 to the National Academy of Sciences and 1980 as a corresponding member of the British Academy .


Like Oskar Lange, Lerner developed a model of competitive socialism that differed from the pure central administration economy. It was also known as the third way . Like Wassily Leontief , Lerner improved Wilhelm Launhardt's calculations on the terms of trade effect . Lerner also improved a formula by Alfred Marshall , which has since been known as the Marshall-Lerner condition , and the Lerner-Samuelson theorem goes back to Lerner . In addition, the Lerner Index , an indicator for determining the degree of monopoly in a market, is named after him.

Lerner developed functional finance , a view of economic management, and conceived the concept of "low full employment", which is of great importance in modern theory under the name of natural unemployment .


Web links

Individual evidence

  1. ^ Deceased Fellows. British Academy, accessed June 28, 2020 .
  2. ^ Abba P. Lerner: Economics of Employment . McGraw-Hill, New York 1951, pp. 122-138 .
  3. ^ Abba Lerner: Functional Finance and the Federal Debt . In: Social Research . tape 10 , no. 1 , 1943, p. 38-51 .
  4. Faruk Ülgen: Financial instability and functional finance: a Lerner-Minsky perspective. In: 24th annual conference of the European association for evolutionary political economy, October 2012, accessed on August 25, 2019 .
  5. ^ Abba Lerner: Economics of Employment . McGraw-Hill, New York 1951, OCLC 1311720 , chap. 13 , p. 191-208 .