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Macroeconomics of Aggregate Supply and New Classical Macroeconomics

In: Macroeconomic Models and Controversies

Author

Listed:
  • Giuseppe Chirichiello

    (University ‘La Sapienza’)

Abstract

So far the principal argument of our analysis has been the Keynes—classics controversy and this has provided us with a framework which reproposes classical macroeconomics from a Walrasian and monetarist point of view and tends to refute Keynesian theory and policy recommendations. Indeed, the Keynesian—classics controversy can be summed up in two main points: (a) Keynesian general cases have been proved to be special cases of traditional theory; and (b) although intended for a microeconomic context, Walrasian general equilibrium has also proved useful in a macroeconomic context Since from the point of view of theory Keynesian unemployment equilibrium appears no longer as a necessary consequence of (a) and (b), macroeconomics is freed from choosing to adhere or not to Keynes’s theory. This point can be used as a point of departure for reconstructing macroeconomics in the 1970s because it explains why macroeconomics tended towards the monetarist counter-revolution.

Suggested Citation

  • Giuseppe Chirichiello, 1994. "Macroeconomics of Aggregate Supply and New Classical Macroeconomics," Palgrave Macmillan Books, in: Macroeconomic Models and Controversies, chapter 4, pages 132-178, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-37106-4_5
    DOI: 10.1057/9780230371064_5
    as

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