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The History of Macroeconomics Viewed Against the Background of the Marshall-Walras Divide

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Author Info
Michel, DE VROEY (UNIVERSITE CATHOLIQUE DE LOUVAIN, Institut de Recherches Economiques et Sociales (IRES))

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Abstract

Analysing the recent history of macroeconomics, my paper claims that the new classical revolution should be viewed as a substitution of Walrasian macroeconomics to the earlier prevailing Marshalian macroeconomics. The first part of the paper is concerned with two conceptual prerequisites, the relationship between macroeconomics and general equilibrium, the meaning of the ÒKeynesianismÓ modifier. In a second part, the different facets of the Marshall-Walras divide are expounded. My general claim is substantiated in the third paper of the paper. Herein, I claim that the IS-LM model is a simplified Marshallian general equilibrium model while real business cycle models belong to the Walrasian reserach programme. Finally, I express my scepticism as to the possibility of a New Neoclassical Synthesis.

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Publisher Info
Paper provided by Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES) in its series Discussion Papers (IRES - Institut de Recherches Economiques et Sociales) with number 2004017.

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Length: 32
Date of creation: 01 Jan 2004
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Handle: RePEc:ctl:louvir:2004017

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Related research
Keywords: History of macroeconomics; Neoclassical Synthesis; New Neoclassical Synthesis; Keynesianism; Monetarism;

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Find related papers by JEL classification:
B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
E10 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - General

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Michel De Vroey, 2003. "Perfect information à la Walras versus perfect information à la Marshall," Journal of Economic Methodology, Taylor and Francis Journals, vol. 10(4), pages 465-492, December. [Downloadable!] (restricted)
  2. Danthine, Jean-Pierre, 1997. "In Search of a Successor to IS-LM," Oxford Review of Economic Policy, Oxford University Press, vol. 13(3), pages 135-44, Autumn.
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  3. Vercelli, Alessandro, 1999. "The Evolution of IS-LM Models: Empirical Evidence and Theoretical Presuppositions," Journal of Economic Methodology, Taylor and Francis Journals, vol. 6(2), pages 199-219, July.
  4. Frank Hahn & Robert Solow, 1997. "A Critical Essay on Modern Macroeconomic Theory," MIT Press Books, The MIT Press, edition 1, volume 1, number 026258154x.
  5. Laidler, David, 1981. "Monetarism: An Interpretation and an Assessment," Economic Journal, Royal Economic Society, vol. 91(361), pages 1-28, March.
  6. Tobin, James, 1981. "The Monetarist Counter-Revolution Today-An Appraisal," Economic Journal, Royal Economic Society, vol. 91(361), pages 29-42, March. [Downloadable!] (restricted)
  7. Michel De Vroey, 2002. "Equilibrium and Disequilibrium in Walrasian and Neo-walrasian Economics," Journal of the History of Economic Thought, Taylor and Francis Journals, vol. 24(4), pages 405-426, December. [Downloadable!] (restricted)
  8. Snowdon, Brian & Vane, Howard R, 1998. "Transforming Macroeconomics: An Interview with Robert E. Lucas Jr," Journal of Economic Methodology, Taylor and Francis Journals, vol. 5(1), pages 115-46, June.
  9. Lucas, Robert E, Jr, 1981. "Tobin and Monetarism: A Review Article," Journal of Economic Literature, American Economic Association, vol. 19(2), pages 558-67, June. [Downloadable!] (restricted)
  10. Snowdon, Brian & Vane, Howard R., 1996. "The development of modern macroeconomics: Reflections in the light of Johnson's analysis after twenty-five years," Journal of Macroeconomics, Elsevier, vol. 18(3), pages 381-401. [Downloadable!] (restricted)
  11. 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. [Downloadable!] (restricted)
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  12. Brian Snowdon & Howard R. Vane, 1997. "Modern macroeconomics and its evolution from a monetarist perspective: An interview with Professor Milton Friedman," Journal of Economic Studies, Emerald Group Publishing, vol. 24(4), pages 191-221, September. [Downloadable!] (restricted)
  13. Johnson, Harry G, 1971. "The Keynesian Revolution and the Monetarist Counter-Revolution," American Economic Review, American Economic Association, vol. 61(2), pages 1-14, May.
  14. Pascal Bridel, 2002. "Patinkin, Walras and the 'money-in-the-utility-function' tradition," European Journal of the History of Economic Thought, Taylor and Francis Journals, vol. 9(2), pages 268-292, June. [Downloadable!] (restricted)
  15. Michel De Vroey, 2001. "Friedman and Lucas on the Phillips Curve: From a Disequilibrium to an Equilibrium Approach," Eastern Economic Journal, Eastern Economic Association, vol. 27(2), pages 127-148, Spring. [Downloadable!]
  16. King, Robert G, 1993. "Will the New Keynesian Macroeconomics Resurrect the IS-LM Model?," Journal of Economic Perspectives, American Economic Association, vol. 7(1), pages 67-82, Winter. [Downloadable!] (restricted)
  17. De Vroey, Michel, 1997. "IS-LM "ˆ la Hicks" versus IS-LM "ˆ la Modigliani"," Discussion Papers (IRES - Institut de Recherches Economiques et Sociales) 1998003, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
  18. Marvin Goodfriend & Robert G. King, 1998. "The new neoclassical synthesis and the role of monetary policy," Working Paper 98-05, Federal Reserve Bank of Richmond. [Downloadable!]
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  19. Barro, Robert J & Grossman, Herschel I, 1971. "A General Disequilibrium Model of Income and Employment," American Economic Review, American Economic Association, vol. 61(1), pages 82-93, March. [Downloadable!] (restricted)
  20. Friedman, Milton, 1972. "Comments on the Critics," Journal of Political Economy, University of Chicago Press, vol. 80(5), pages 906-50, Sept.-Oct. [Downloadable!] (restricted)
  21. Jaskold Gabszewicz, Jean & Vial, Jean-Philippe, 1972. "Oligopoly "A la cournot" in a general equilibrium analysis," Journal of Economic Theory, Elsevier, vol. 4(3), pages 381-400, June. [Downloadable!] (restricted)
  22. Hart, Oliver D, 1979. "Monopolistic Competition in a Large Economy with Differentiated Commodities," Review of Economic Studies, Blackwell Publishing, vol. 46(1), pages 1-30, January. [Downloadable!] (restricted)
  23. De Vroey, Michel, 1998. "Is the Tatonnement Hypothesis a Good Caricature of Market Forces?," Journal of Economic Methodology, Taylor and Francis Journals, vol. 5(2), pages 201-21, December.
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(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Michel, DE VROEY, 2005. "Did the market-clearing postulate pre-exist new classical economics ? The case of Marshallian theory," Discussion Papers (ECON - Département des Sciences Economiques) 2005011, Université catholique de Louvain, Département des Sciences Economiques. [Downloadable!]
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