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The Counter-Attack

In: Rational Expectations

Author

Listed:
  • Michael Carter

    (The Australian National University)

  • Rodney Maddock

    (The Australian National University)

Abstract

Many of the important advances in economic knowledge arise from confrontations. The Great Depression posed a fundamental challenge to the then prevailing conventional wisdom of the self-equilibrating economy. It refused to go away. Into this environment, Keynes introduced a radically different theoretical perspective, which threatened many cherished notions of the economics profession. His contribution was not greeted with universal acclaim and a counter-attack was mounted with vigour. The theoretical fundamentals of the General Theory were carefully examined and debated. New lines of empirical research were spawned. In response, Keynes and his followers were forced to amend, clarify and adapt the theory. The publication of the General Theory provoked a flurry of activity in macroeconomics, a thorough reassessment of both theory and evidence, and quite novel lines of research. Gradually, out of all this activity there emerged a new consensus founded on a much deeper and more thorough knowledge of macroeconomics.

Suggested Citation

  • Michael Carter & Rodney Maddock, 1984. "The Counter-Attack," Palgrave Macmillan Books, in: Rational Expectations, chapter 5, pages 103-120, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-17644-1_5
    DOI: 10.1007/978-1-349-17644-1_5
    as

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