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‘Real’ Analysis of an Unreal World

In: Economics for Sustainable Prosperity


  • Steven Hail

    (University of Adelaide)


The orthodox view macroeconomics up to at least 2008 was one of linear progress. Models and techniques had supposedly got better and better down the decades so that central bankers were now able to deliver a ‘great moderation’ through their skilled manipulation of official interest rates, and the problem of economic depressions had been solved. An alternative view was that it had essentially gone round in circles for over a century, had become increasingly unrealistic and misleading in the past 30 years, and was a failed paradigm which desperately needed replacing. This chapter provides a brief history of the development of the dominant orthodox macroeconomics of today from its neoclassical roots of more than 100 years ago.

Suggested Citation

  • Steven Hail, 2018. "‘Real’ Analysis of an Unreal World," Binzagr Institute for Sustainable Prosperity, in: Economics for Sustainable Prosperity, chapter 0, pages 21-62, Palgrave Macmillan.
  • Handle: RePEc:pal:bifchp:978-3-319-90981-3_2
    DOI: 10.1007/978-3-319-90981-3_2

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