Chapter

The New Classical School

Edmund S. Phelps

in Seven Schools of Macroeconomic Thought

Published in print May 1990 | ISBN: 9780198283331
Published online November 2003 | e-ISBN: 9780191596766 | DOI: http://dx.doi.org/10.1093/0198283334.003.0003

Series: Ryde Lectures

 The New Classical School

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This chapter gives a review of the development and theory of the New Classical school of macroeconomics, which entered the scene in 1972 and 1973 with two classical papers by Robert Lucas. It notes that the significance of the New Classical contribution can be gauged only against the background of what had developed before it.

Keywords: economic theory; Robert Lucas; macroeconomics; New Classical economics; reviews

Chapter.  3395 words. 

Subjects: Macroeconomics and Monetary Economics

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