No End to the Consensus in Macroeconomic Theory? A Methodological Inquiry
Dados Bibliográficos
| ID | 2818331 |
|---|---|
| Autores | John Mccombie (University of Cambridge, autor correspondente), Maureen Pike (University of Cambridge, autor correspondente) |
| Ano | 2013 |
| Volume | 72 |
| Fascículo | 2 |
| Páginas | 497-528 |
| Data de publicação | 2013-04-01 |
| Peer Reviewed | Sim |
| Open Access | Sim |
| Tipo | ARTICLE |
| Periódico | American Journal of Economics and Sociology (JOURNAL) |
| Identificadores do periódico | ISSN: 0002-9246 • E-ISSN: 1536-7150 |
| Editora | Wiley (PUBLISHER • GB) |
| DOI | 10.1111/ajes.12008 |
| OpenAlex | W2131677253 |
| Idioma | EN |
| Citações recebidas | 1 |
| Referências citadas | 59 |
After the acrimonious debates between the New Classical and New Keynesian economists in the 1980s and 1990s, a consensus developed, namely, the New Neoclassical Synthesis. However, the 2007 credit crunch exposed the severe limitations of this approach. This article presents a methodological analysis of the New Neoclassical Synthesis and how the paradigmatic heuristic of the representative agent, namely, market clearing subject to sticky prices, excluded the Keynesian notion of involuntary unemployment arising from lack of effective demand. It shows these models may be modified to produce Keynesian results, but are ruled out of consideration by proponents of the New Neoclassical approach by weak incommensurability. It concludes that because of this the New Neoclassical Synthesis, in spite of its failure to explain the sub-prime crisis, is likely to resist successfully the resurgence in Keynesian economics
Crunch · Economics · Keynesian economics · Macroeconomics · Political science · Positive economics · Subject (documents) · Unemployment · Washington Consensus · Computer Science · Economic theories and models · Economic Theory and Institutions · Economic Theory and Policy · Law
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No End to the Consensus in Macroeconomic Theory? A Methodological Inquiry
| Obras citantes distintas | 1 |
|---|---|
| Citações por ano | 0,08 |
| Intervalo de citações | 2013 - 2013 (1) |
| Velocidade de citação | historical |
| Altamente citado | Não |
| Tipos de citação | Neutras: 1 |