When and where was Alvin Hansen born?
Alvin Harvey Hansen was born on the 23rd of August 1887 in Viborg, South Dakota. His father Niels Hansen worked as a farmer while his mother Marie Bergitta Nielsen managed their household.
Questions about Alvin Hansen
Short answers, pulled from the story.
What is the IS-LM model developed by Alvin Hansen?
The IS-LM model or Hicks-Hansen synthesis is a mathematical representation that uses two curves to illustrate how monetary and fiscal policy influence GDP. This framework remains in mainstream economics textbooks today to explain macroeconomic theory.
Why did Alvin Hansen predict secular stagnation in 1938?
Hansen argued that technological innovation and population growth had played out their roles in driving expansion for mature economies. He believed constant large-scale deficit spending by the federal government was necessary to maintain demand without rapid growth.
Which students attended Alvin Hansen's graduate seminar at Harvard University?
Students such as Paul Samuelson and James Tobin attended this class and later won Nobel Prizes themselves. Hansen ran this famous graduate seminar on fiscal policy after arriving at Harvard in 1937.
How did Alvin Hansen contribute to the US Social Security system?
Alvin Hansen played a key role in establishing the US Social Security system back in 1935. He frequently testified before Congress advocating against using unemployment to control inflation while proposing timely changes in tax rates money supply and wage price controls.