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The New Classical Counter-Revolution: False Path or Illuminating Complement?

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  • Brian Snowdon

    (Northumbria University)

Abstract

In this paper the author responds to Laurence Seidman’s recent article, ‘The New Classical Counter-Revolution: A False Path for Macroeconomics’. The author challenges the view that new classical macroeconomics has been a false path and provides a critique of Seidman’s arguments with respect to his interpretation of the 1970s ‘stagflation’, the relevance of new classical macroeconomics for practical policymaking, the contribution of real business cycle theory, and the new classical content of contemporary macroeconomic textbooks. The author concludes that the new classical counter-revolution has had an extremely productive influence on the current mainstream new neoclassical synthesis framework.

Suggested Citation

  • Brian Snowdon, 2007. "The New Classical Counter-Revolution: False Path or Illuminating Complement?," Eastern Economic Journal, Eastern Economic Association, vol. 33(4), pages 541-562, Fall.
    • Handle: RePEc:eej:eeconj:v:33:y:2007:i:4:p:541-562
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    2. Francesco Sergi, 2020. "The Standard Narrative about DSGE Models in Central Banks’ Technical Reports," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 27(2), pages 163-193, March.

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