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An Outline of the History of Economic Thought$
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Ernesto Screpanti and Stefano Zamagni

Print publication date: 2005

Print ISBN-13: 9780199279142

Published to Oxford Scholarship Online: October 2005

DOI: 10.1093/0199279144.001.0001

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Contemporary Macroeconomic Theory

Contemporary Macroeconomic Theory

(p.323) 9 Contemporary Macroeconomic Theory
An Outline of the History of Economic Thought

Ernesto Screpanti (Contributor Webpage)

Stefano Zamagni (Contributor Webpage)

Oxford University Press

The first of three chapters dedicated to the post-war period. Compares and contrasts the 'neoclassical synthesis' and the monetarist counter-revolution. Shows the rational expectation revolution as an offspring of Friedman's approach. Considers the non-Walrasian equilibrium theory and analyses the research programme of microfoundations of macroeconomics in some detail. Finally, assesses the post-Keynesian and new Keynesian approaches.

Keywords:   Cambridge distributive equation, consumption function, instability of capitalism, neoclassical synthesis, Phillips curve, rational expectations, stagflation

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