Chapter

Contemporary Economic Theory: I

Ernesto Screpanti and Stefano Zamagni

in An Outline of the History of Economic Thought

Published in print August 1995 | ISBN: 9780198774556
Published online November 2003 | e-ISBN: 9780191717383 | DOI: http://dx.doi.org/10.1093/0198774559.003.0010
 Contemporary Economic Theory: I

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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

Chapter.  21153 words.  Illustrated.

Subjects: History of Economic Thought

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