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20th Century and Evolution of the Economic Theory (Neoclassical School: Development of Macroeconomics. Non-orthodox Economic Schools)

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  • Zoya Mladenova
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    Abstract

    The article continues a publication with the same title and outlines the development of the economic theory during the 20th century. The review of the evolution of the neoclassical school ends with the study on the emergence and development of modern macroeconomics. Special attention is put on the newest trends in macroeconomics from the last quarter of the 20th century. The non-orthodox economic schools - institutionalism and marxism and their evolution during the century are studied. It is pointed out that although at the end of the century the pluralism of economic ideas is preserved, there is a clear trend of growing interaction and infiltration among the main theoretical schools, which will have an important influence on the nature of the economic theory in the future.

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    Bibliographic Info

    Article provided by Bulgarian Academy of Sciences - Economic Research Institute in its journal Economic Thought.

    Volume (Year): (2006)
    Issue (Month): 2 ()
    Pages: 3-22

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    Handle: RePEc:bas:econth:y:2006:i:2:p:3-22

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    1. Olivier Blanchard, 2000. "What Do We Know About Macroeconomics That Fisher And Wicksell Did Not?," The Quarterly Journal of Economics, MIT Press, vol. 115(4), pages 1375-1409, November.
    2. Sargent, Thomas J & Wallace, Neil, 1975. ""Rational" Expectations, the Optimal Monetary Instrument, and the Optimal Money Supply Rule," Journal of Political Economy, University of Chicago Press, vol. 83(2), pages 241-54, April.
    3. Kydland, Finn E & Prescott, Edward C, 1982. "Time to Build and Aggregate Fluctuations," Econometrica, Econometric Society, vol. 50(6), pages 1345-70, November.
    4. Samuels, Warren J, 1995. "The Present State of Institutional Economics," Cambridge Journal of Economics, Oxford University Press, vol. 19(4), pages 569-90, August.
    5. William Darity, Jr. & Warren Young, 1995. "IS-LM: An Inquest," History of Political Economy, Duke University Press, vol. 27(1), pages 1-41, Spring.
    6. Michael Kitson, 2005. "Economics for the future," Cambridge Journal of Economics, Oxford University Press, vol. 29(6), pages 827-835, November.
    7. Coase, Ronald, 1998. "The New Institutional Economics," American Economic Review, American Economic Association, vol. 88(2), pages 72-74, May.
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