IDEAS home Printed from https://ideas.repec.org/
MyIDEAS: Login to save this article or follow this journal

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

  • Michel De Vroey

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 “Keynesianism” 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.

(This abstract was borrowed from another version of this item.)

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

File URL: http://hope.dukejournals.org/content/36/Suppl_1/57.full.pdf+html
File Function: link to full text
Download Restriction: Access to full text is restricted to subscribers.

As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.

Article provided by Duke University Press in its journal History of Political Economy.

Volume (Year): 36 (2004)
Issue (Month): 5 (Supplement)
Pages: 57-91

as
in new window

Handle: RePEc:hop:hopeec:v:36:y:2004:i:5:p:57-91
Contact details of provider: Postal: Duke University Press 905 W. Main Street, Suite 18B Durham, NC 27701
Phone: (919) 660-1800
Fax: (919) 684-8974
Web page: http://www.dukeupress.edu/Catalog/ViewProduct.php?viewby=journal&productid=45614

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.:

as in new window
  1. 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.
  2. Robert G. King, 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.
  3. 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.
  4. Michel De Vroey, 2003. "Perfect information a la Walras versus perfect information a la Marshall," Journal of Economic Methodology, Taylor & Francis Journals, vol. 10(4), pages 465-492.
  5. repec:cup:cbooks:9780521641739 is not listed on IDEAS
  6. De Vroey, Michel, 1999. "Equilibrium and Disequilibrium in Economic Theory: A Confrontation of the Classical, Marshallian and Walras-Hicksian Conceptions," Economics and Philosophy, Cambridge University Press, vol. 15(02), pages 161-185, October.
  7. Roger E. A. Farmer, 1999. "Macroeconomics of Self-fulfilling Prophecies, 2nd Edition," MIT Press Books, The MIT Press, edition 2, volume 1, number 0262062038, August.
  8. repec:cup:cbooks:9780521645966 is not listed on IDEAS
  9. Alessandro Vercelli, 1999. "The evolution of IS-LM models: empirical evidence and theoretical presuppositions," Journal of Economic Methodology, Taylor & Francis Journals, vol. 6(2), pages 199-219.
  10. Michael De Vroey, 2000. "IS-LM à la Hicks versus IS-LM à la Modigliani," History of Political Economy, Duke University Press, vol. 32(2), pages 293-316, Summer.
  11. 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.
  12. 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.
  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. 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.
  15. Frank Hahn & Robert Solow, 1997. "A Critical Essay on Modern Macroeconomic Theory," MIT Press Books, The MIT Press, edition 1, volume 1, number 026258154x, August.
  16. Pascal Bridel, 2002. "Patinkin, Walras and the 'money-in-the-utility-function' tradition," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 9(2), pages 268-292.
  17. Goulven Rubin, 2004. "Patinkin on IS-LM: An Alternative to Modigliani," History of Political Economy, Duke University Press, vol. 36(5), pages 190-216, Supplemen.
  18. Marvin Goodfriend & Robert King, 1997. "The New Neoclassical Synthesis and the Role of Monetary Policy," NBER Chapters, in: NBER Macroeconomics Annual 1997, Volume 12, pages 231-296 National Bureau of Economic Research, Inc.
  19. anonymous, 1992. "Interview with Milton Friedman," The Region, Federal Reserve Bank of Minneapolis, issue June.
  20. Brian Snowdon & Howard Vane, 1998. "Transforming macroeconomics: an interview with Robert E. Lucas Jr," Journal of Economic Methodology, Taylor & Francis Journals, vol. 5(1), pages 115-146.
  21. Michel De Vroey, 1998. "Is the tatonnement hypothesis a good caricature of market forces?," Journal of Economic Methodology, Taylor & Francis Journals, vol. 5(2), pages 201-221.
  22. Goulven Rubin, 2004. "Patinkin on IS-LM: an Alternative to Modigliani," Post-Print halshs-00635213, HAL.
  23. 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.
  24. 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.
  25. Olivier Blanchard, 2000. "What do we know about Macroeconomics that Fisher and Wicksell did not?," NBER Working Papers 7550, National Bureau of Economic Research, Inc.
  26. Hart, Oliver D, 1979. "Monopolistic Competition in a Large Economy with Differentiated Commodities," Review of Economic Studies, Wiley Blackwell, vol. 46(1), pages 1-30, January.
  27. Tobin, James, 1981. "The Monetarist Counter-Revolution Today-An Appraisal," Economic Journal, Royal Economic Society, vol. 91(361), pages 29-42, March.
  28. Laidler, David, 1981. "Monetarism: An Interpretation and an Assessment," Economic Journal, Royal Economic Society, vol. 91(361), pages 1-28, March.
  29. De Vroey, Michel, 2002. "Equilibrium and Disequilibrium in Walrasian and Neo-Walrasian Economics," Journal of the History of Economic Thought, Cambridge University Press, vol. 24(04), pages 405-426, December.
  30. Friedman, Milton, 1972. "Comments on the Critics," Journal of Political Economy, University of Chicago Press, vol. 80(5), pages 906-50, Sept.-Oct.
Full references (including those not matched with items on IDEAS)

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

When requesting a correction, please mention this item's handle: RePEc:hop:hopeec:v:36:y:2004:i:5:p:57-91. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Center for the History of Political Economy Webmaster)

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.

This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.