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Arestis and Sawyer’s Criticism on the New Consensus Macroeconomics: Some Issues Related to Emerging Countries

In: Macroeconomics, Finance and Money

Author

Listed:
  • Luiz Fernando de Paula
  • Fernando Ferrari-Filho

Abstract

As is well known, the New Consensus Macroeconomic (NCM) can be characterized as an extension of the New Keynesian Theory. The New Keynesian Theory was developed in the 1980s and aimed at presenting a theoretical framework to explain what the New Keynesians believe to be the essential aspect of Keynes’s General Theory: the existence of price and wage rigidities. For instance, according to Mankiw and Romer (1991, p.1), ‘[b]ecause wage and price rigidities are often viewed as central to Keynesian economics, much effort was aimed at showing how these rigidities arise from the microeconomics of wage and price setting’.

Suggested Citation

  • Luiz Fernando de Paula & Fernando Ferrari-Filho, 2010. "Arestis and Sawyer’s Criticism on the New Consensus Macroeconomics: Some Issues Related to Emerging Countries," Palgrave Macmillan Books, in: Giuseppe Fontana & John McCombie & Malcolm Sawyer (ed.), Macroeconomics, Finance and Money, chapter 2, pages 19-34, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-28558-3_2
    DOI: 10.1057/9780230285583_2
    as

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