Sunday, July 28, 2013

When did the term macroeconomics become dominant?

I discussed before the origin of the term macroeconomics (here). The term was introduced most likely by Ragnar Frisch, and become associated with the Keynesian Revolution. Before the rise of the macro/micro divide economics was divided between monetary theory (which roughly corresponded to the macro part) and theory of value and distribution (the micro one). Using my new toy in Google Books we can see when the new terms became dominant.
Note the term macroeconomics takes a very long time to become part of the vocabulary of economists. If Ngram Viewer is to be trusted, only in the 1970s the term macroeconomics became more relevant than monetary theory (which now would be more a sub-field of macro).

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