chapter  4
17 Pages

Keynesian 'Normal Science': The Elaboration of the Income-expenditure Model

The half decade that followed the introduction of the incomeexpenditure model in 1966 was one devoted to the elaboration and enlargement of the model. In retrospect we can see it as having been something almost of a 'golden' age: earlier critics of formalised modelbuilding had been stilled or even won over to the new approach, while the storms of the middle 1970s that were to engulf macroeconomic policy making and the models with it were still some years in the future. The programme of work with which modellers were occupied these five years was essentially a positive one. It is true that even in this period a good deal of it had had to be directed towards repairing parts of the model that had been found to be faulty, but this was counterbalanced by other work that was directed towards the development of new sides of the model.