death_date death_place birth_place school_tradition contributions color nationality article_title institution field birth_date repec_prefix repec_id name
9 october 2004 marseilles , france philadelphia , pennsylvania , u.s. neo-keynesian economics general disequilibrium darkorange united states herschel grossman
 brown university macroeconomics political economy 6 march 1939 e pgr65 herschel grossman
herschel grossman

herschel ivan grossman -lrb- 6 march 1939 -- 9 october 2004 -rrb- was an economist best known for his work on general disequilibrium with robert barro in the 1970s and later work on property rights and the emergence of the state .
grossman received a bachelor of arts from the university of virginia -lrb- 1960 -rrb- , a b.phil .
from the university of oxford -lrb- 1962 -rrb- , and his ph.d. from johns hopkins university -lrb- 1965 -rrb- .
grossman collaborated with barro to produce the influential article `` a general disequilibrium model of income , '' which , for many years , held the distinction of being the most cited article ever published in the `` american economic review '' .
the article explored the idea that disequilibrium in one market can have spillover effects to another market , creating a distinction between notional demand and effective demand .
grossman and barro expanded on their work and produced the classic textbook `` money , employment , and inflation '' in 1976 .
following his work on disequilibrium , grossman made several contributions to the study of economic policy and political economy .
his work transitioned as he investigated the institutional frictions behind keynesian macroeconomic models .
grossman 's work in political economy included the study of conflict .
in a 2003 paper he explored the use of expected future scarcity as an explanatory variable in current conflicts .
grossman also investigated property rights .
he analyzed property rights formation under `` common pool '' situations , where all resources are initially held in common , and `` initial claims '' cases , where individuals have an initial claim to resources before rights are established .
grossman 's work showed how property rights could emerge in a decentralized manner .
grossman also studied the trade-offs between a decentralized property rights and a centralized authority .
he found a centralized authority would emerge when creating defensive work were relatively expensive and appropriations -lrb- taxation -rrb- were relatively easy .
otherwise , a decentralized system would emerge .
grossman died suddenly in 2004 while attending a conference in marseilles , france .
