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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

Chapter:
(p.323) 9 Contemporary Macroeconomic Theory
Source:
An Outline of the History of Economic Thought
Author(s):

Ernesto Screpanti (Contributor Webpage)

Stefano Zamagni (Contributor Webpage)

Publisher:
Oxford University Press
DOI:10.1093/0199279144.003.0010

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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