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- Hydraulic_macroeconomics abstract "Hydraulic macroeconomics is an informal characterization of certain types of macroeconomic study assuming aggregate social wealth (demand or supply) as somewhat smooth, constant and homogeneous. The term was first introduced as Hydraulic Keynesianism by Alan Coddington in classification of theoretical research methodologies in Keynesian Economics.Hydraulics is the science and engineering of the mechanical properties of liquids. Macroeconomics is the study of the performance and structure of an entire economy. Hydraulic macroeconomics is, essentially, a study of the economy that treats money as a form of liquid that circulates through the economic plumbing.William Phillips, a famous economist and creator of the Phillips Curve, invented the MONIAC, a hydraulic computer which simulated the British economy. This is the inspiration for the term. Even earlier, in 1891, Irving Fisher built a hydraulic machine for calculating equilibrium prices.Initially, the phrase, "hydraulic macroeconomics", was associated with Keynesian economic models, but more recently came to be used for any dynamic macroeconomic model in mainstream economics. For example, Arnold Kling describes hydraulic macroeconomics thusly:Mainstream macroeconomics is "hydraulic." There is something called "aggregate demand" which you adjust by pumping in fiscal and monetary expansion.↑ ↑ ↑ ↑ ↑ ↑ ↑ ↑".
- Hydraulic_macroeconomics thumbnail Phillips_and_MONIAC_LSE.jpg?width=300.
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- Hydraulic_macroeconomics hasPhotoCollection Hydraulic_macroeconomics.
- Hydraulic_macroeconomics subject Category:Economic_theories.
- Hydraulic_macroeconomics subject Category:Keynesian_economics.
- Hydraulic_macroeconomics subject Category:Macroeconomics.
- Hydraulic_macroeconomics type Abstraction100002137.
- Hydraulic_macroeconomics type Cognition100023271.
- Hydraulic_macroeconomics type EconomicTheories.
- Hydraulic_macroeconomics type EconomicTheory105994935.
- Hydraulic_macroeconomics type Explanation105793000.
- Hydraulic_macroeconomics type HigherCognitiveProcess105770664.
- Hydraulic_macroeconomics type Process105701363.
- Hydraulic_macroeconomics type PsychologicalFeature100023100.
- Hydraulic_macroeconomics type Theory105989479.
- Hydraulic_macroeconomics type Thinking105770926.
- Hydraulic_macroeconomics comment "Hydraulic macroeconomics is an informal characterization of certain types of macroeconomic study assuming aggregate social wealth (demand or supply) as somewhat smooth, constant and homogeneous. The term was first introduced as Hydraulic Keynesianism by Alan Coddington in classification of theoretical research methodologies in Keynesian Economics.Hydraulics is the science and engineering of the mechanical properties of liquids.".
- Hydraulic_macroeconomics label "Hydraulic macroeconomics".
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- Hydraulic_macroeconomics depiction Phillips_and_MONIAC_LSE.jpg.
- Hydraulic_macroeconomics isPrimaryTopicOf Hydraulic_macroeconomics.