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Methodological Foundations of Macroeconomics

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  • Vercelli,Allessandro

Abstract

This book is an investigation of the methodological and epistemological foundations of macroeconomic theory, based on an examination of the theories of Keynes and Lucas. It is divided into two parts. In the first Professor Vercelli discusses the methodological issues which lie behind the conflict among different schools of thought in macroeconomics (equilibrium and disequilibrium, risk and uncertainty, rationality and causality). These issues are central to the current debate not only in many branches of economics, but also in other scientific disciplines. The traditional point of view of science based on equilibrium, stability and determinism has been increasingly challenged by a new point of view in which disequilibrium, instability and uncertainty play a crucial role. This, the author argues, is bound to put macroeconomics in a new, more promising position. In the second part of the book the author compares the two main alternative research programmes in macroeconomics: that outlined by Keynes in his 'General Theory', and that suggested by Lucas, the leader of the new classical economists.

Suggested Citation

  • Vercelli,Allessandro, 1991. "Methodological Foundations of Macroeconomics," Cambridge Books, Cambridge University Press, number 9780521392945, October.
  • Handle: RePEc:cup:cbooks:9780521392945
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    Cited by:

    1. Jean-Bernard Chatelain & Kirsten Ralf, 2012. "The Failure Of Financial Macroeconomics And What To Do About It," Manchester School, University of Manchester, vol. 80, pages 21-53, September.
    2. Serena Sordi & Alessandro Vercelli, "undated". "Financial Fragility and Economic Fluctuations: Numerical Simulations and Policy Implications," Modeling, Computing, and Mastering Complexity 2003 20, Society for Computational Economics.
    3. J. Barkley Rosser, 2001. "Alternative Keynesian and Post Keynesian Perspective on Uncertainty and Expectations," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 23(4), pages 545-566, July.
    4. M. G. Hayes, 2013. "The State of Short-term Expectation," Review of Political Economy, Taylor & Francis Journals, vol. 25(2), pages 205-224, April.
    5. Mohun, Simon & Veneziani, Roberto, 2010. "Reorienting economics?," MPRA Paper 30448, University Library of Munich, Germany.
    6. Cecilia Bermúdez, 2014. "La racionalidad en la formación de expectativas. Crítica de la hipótesis de expectativas racionales," Revista de Economía Institucional, Universidad Externado de Colombia - Facultad de Economía, vol. 16(30), pages 83-97, January-J.
    7. Bellino, Enrico & Nerozzi, Sebastiano, 2013. "Causality and interdependence in Pasinetti's works and in the modern classical approach," MPRA Paper 52179, University Library of Munich, Germany.
    8. Vercelli, Alessandro, 2000. "Structural financial instability and cyclical fluctuations," Structural Change and Economic Dynamics, Elsevier, vol. 11(1-2), pages 139-156, July.
    9. Bresser-Pereira, Luiz Carlos, 2006. "The two methods of economics," Textos para discussão 148, FGV/EESP - Escola de Economia de São Paulo, Getulio Vargas Foundation (Brazil).
    10. Sordi, Serena & Vercelli, Alessandro, 2006. "Financial fragility and economic fluctuations," Journal of Economic Behavior & Organization, Elsevier, vol. 61(4), pages 543-561, December.
    11. Muchlinski, Elke, 2011. "Die Rezeption der John Maynard Keynes Manuskripte von 1904 bis 1911. Anregungen für die deutschsprachige Diskussion," Discussion Papers 2011/7, Free University Berlin, School of Business & Economics.
    12. Alessandro Vercelli, 2009. "A Perspective on Minsky Moments--The Core of the Financial Instability Hypothesis in Light of the Subprime Crisis," Economics Working Paper Archive wp_579, Levy Economics Institute.
    13. Octavio Augusto Camargo Conceição, 2003. "Elementos para uma Teorização Apreciativa Institucionalista do Crescimento Econômico: uma Comparação das Abordagens de North, Matthews e Zysman," Anais do XXXI Encontro Nacional de Economia [Proceedings of the 31st Brazilian Economics Meeting] a38, ANPEC - Associação Nacional dos Centros de Pós-Graduação em Economia [Brazilian Association of Graduate Programs in Economics].
    14. Juniper, James, 2007. "Philosophizing with a hammer? A critique of Mirowski's markomata informed by continental philosophy," Journal of Economic Behavior & Organization, Elsevier, vol. 63(2), pages 266-283, June.
    15. Mário Luiz Possas & Esther Dweck, 2005. "A Multisectoral Micro-Macrodynamic Model," Working Papers 0012, Universidade Federal do Paraná, Department of Economics.
    16. André Luís C. de Lourenço, 2005. "O Pensamento De Hyman P. Minsky: Alterações De Percurso E Atualidade," Anais do XXXIII Encontro Nacional de Economia [Proceedings of the 33rd Brazilian Economics Meeting] 009, ANPEC - Associação Nacional dos Centros de Pós-Graduação em Economia [Brazilian Association of Graduate Programs in Economics].
    17. Angel Asensio, 2008. "(Post) Keynesian alternative to inflation targeting," Post-Print halshs-00335560, HAL.
    18. Alessandro Vercelli, 2010. "Economy and economics: the twin crises," Department of Economic Policy, Finance and Development (DEPFID) University of Siena 0410, Department of Economic Policy, Finance and Development (DEPFID), University of Siena.
    19. Faucheux, Sylvie & Froger, Geraldine, 1995. "Decision-making under environmental uncertainty," Ecological Economics, Elsevier, vol. 15(1), pages 29-42, October.
    20. Muchlinski, Elke, 2004. "Kontroversen in der internationalen Währungspolitik: Retrospektive zu Keynes-White-Boughton & IMF," Discussion Papers 2004/1, Free University Berlin, School of Business & Economics.
    21. Christophe Lavialle, 2001. "L'épistémologie de Keynes et "l'hypothèse Wittgenstein" : La cohérence logique de la Théorie Générale de l'emploi, de l'intérêt et de la monnaie," Cahiers d'Économie Politique, Programme National Persée, vol. 38(1), pages 25-64.
    22. Alessandro Vercelli, 2014. "Nuclear and financial meltdowns; The impact of the Fukushima accident on the transition to a low-carbon economy," Working papers wpaper76, Financialisation, Economy, Society & Sustainable Development (FESSUD) Project.
    23. Lima, Gilberto Tadeu, 1995. "Development, technological change and innovation, Schumpeter and neo-Schumpeterians," Textos para discussão 51, FGV/EESP - Escola de Economia de São Paulo, Getulio Vargas Foundation (Brazil).
    24. Alessandro Vercelli, 2011. "A Perspective on Minsky Moments: Revisiting the Core of the Financial Instability Hypothesis," Review of Political Economy, Taylor & Francis Journals, vol. 23(1), pages 49-67.

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