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THE NEW CLASSICAL COUNTER-REVOLUTION: FALSE PATH OR ILLUMINATING COMPLEMENT?
- Article from:
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Eastern Economic Journal
- Article date:
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October 1, 2007
- Author:
- Snowdon, Brian
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Copyright informationCopyright Eastern Economic Association Fall 2007. Provided by ProQuest LLC. (Hide copyright information)
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INTRODUCTION
In his recent interesting paper in this journal, Laurence Seidman [2005] argues that the 'new classical counter-revolution that began in the 1970s has been a false path for macroeconomics.' Professor Seidman's argument is based on five main points, namely:
1. in their critique of Keynesian economics, Lucas and Sargent [1978] highlighted the failure of Keynesian models to explain the stagflation of the 1970s but failed even to mention the OPEC oil shock in their discussion; in contrast, once Keynesian economists had adapted the AD-AS framework to take into account the OPEC oil shock induced shifts of the AS curve, not only could Keynesian economics explain US economic history ...
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The New Classical Counter-Revolution: A False Path for Macroeconomics
Eastern Economic Journal;
January 1, 2005 ;
Seidman, Laurence S;
787 words
......I contend that the "new" classical counter-revolution that...THE LAUNCHING OF THE NEW CLASSICAL COUNTER-REVOLUTION In...was well explained by Keynesian economics. The 1973 oil shock...initially a problem for Keynesian economics. It was only in response...the very ...
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The future of Post Keynesian economics*
Banca Nazionale del Lavoro Quarterly Review;
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Fontana, Giuseppe; Gerrard, Bill;
787 words
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REPLY TO: "THE NEW CLASSICAL COUNTER-REVOLUTION: FALSE PATH OR...
Eastern Economic Journal;
October 1, 2007 ;
Seidman, Laurence S;
787 words
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Carson, Michael J.;
148 words
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A New Guide to Post Keynesian Economics
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October 1, 2002 ;
Samuel, Warren J;
782 words
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October 1, 2007 ;
Jacobsen, Joyce P; Skillman, Gilbert L;
231 words
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Cambodian classical dancers perform during a new classical dance...
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Journal of Economic Issues;
September 1, 2003 ;
Whalen, Charles J.;
787 words
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new classical economics
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94 words
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June 3, 2006 ;
121 words
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