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A review of the crisis in economics (Keynesianism versus monetarism)

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  • Patrício Meller

Abstract

This paper reviews the different elements suggesting the existence of a crisis inthe economic science. In particular it is examined the possibility or impossibility of coexistenceof different paradigms in Economics; is it possible the synthesis of different paradigms?why yes or why no? Also, it is reviewed the recent rnethodology discussion related to thelack of relevance and lack of explanation of Reality of present formal and esoteric theoreticmodels; modern formal theory is more interested in optimizing than in explaining. How didwe arrive to this state of affairs and what to do about it. Latin America faces urgent economicproblems, therefore relevance should be the main focus of most economic research. JEL Classification: B22; B41.

Suggested Citation

  • Patrício Meller, 1987. "A review of the crisis in economics (Keynesianism versus monetarism)," Brazilian Journal of Political Economy, Center of Political Economy, vol. 7(4), pages 531-551.
    • Handle: RePEc:ekm:repojs:v:7:y:1987:i:4:p:531-551:id:1667
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    File URL: https://centrodeeconomiapolitica.org/repojs/index.php/journal/article/view/1667/1653
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    More about this item

    Keywords

    Keynesianism; monetarism; history of economic thought; economic methodology;
    All these keywords.

    JEL classification:

    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology

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