Axel Leijonhufvud was a Swedish economist and professor emeritus at the University of California, Los Angeles, and professor at the University of Trento, Italy.
11 Facts About Axel Leijonhufvud
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Axel Leijonhufvud goes on to call the standard neoclassical synthesis interpretation of the Keynes' General Theory as having misunderstood and misinterpreted Keynes.
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Axel Leijonhufvud's father was a judge in Scania, a southern province in Sweden.
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Axel Leijonhufvud went to the United States on a Scandinavian American Foundation scholarship, landing at the University of Pittsburgh where he obtained a Master of Arts degree in economics.
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Axel Leijonhufvud later obtained a PhD in economics from Northwestern University in 1967.
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Axel Leijonhufvud retired from UCLA in 1994, and served as a professor emeritus.
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Axel Leijonhufvud joined the University of Trento, Italy, in 1995, as a professor of monetary theory and policy.
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Axel Leijonhufvud was awarded honoris causa doctoral degrees by the University of Lund in 1983 and the University Nice Sophia Antipolis in 1996.
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Axel Leijonhufvud used this observation as a point of departure to advocate a "cybernetic" approach to macroeconomics, where the algorithm by which prices and quantities adjust is explicitly specified, allowing the dynamic economy to be studied without imposing the standard Walrasian equilibrium concept.
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In particular, Axel Leijonhufvud advocated formally modelling the process by which information moves through the economy.
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Axel Leijonhufvud wrote the article "The Wicksell Connection: Variation on a Theme", where he presented the Z-Theory.