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Quo Vadis Macroeconomics? Issues, Tensions and Challenges

In: Issues in Contemporary Macroeconomics and Distribution

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  • G. R. Feiwel

Abstract

The ‘classical’ macroeconomic theory that dominated economic thought before Keynes (and is resurfacing at present in a sophisticated guise) viewed the economy as a more or less self-propelled and self-regulating mechanism, where a tendency to establish full employment prevails. The flexibility of wages, prices, and interest rates ensures the operation of the mechanism. In such a system lapses from full employment are transitory and disequilibria are eliminated rapidly and effectively. Full employment is that which is determined by the factors of supply and demand on the market — whatever it may be. Unemployment is thus considered to be merely an accidental and temporary displacement from such a state (see also Sargent, 1979, pp. 44–5).

Suggested Citation

  • G. R. Feiwel, 1985. "Quo Vadis Macroeconomics? Issues, Tensions and Challenges," Palgrave Macmillan Books, in: George R. Feiwel (ed.), Issues in Contemporary Macroeconomics and Distribution, chapter 1, pages 1-100, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-06879-1_1
    DOI: 10.1007/978-1-349-06879-1_1
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    Cited by:

    1. Tesfatsion, Leigh, 2006. "Agent-Based Computational Modeling and Macroeconomics," ISU General Staff Papers 200601010800001585, Iowa State University, Department of Economics.

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