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An Important Inconsistency at the Heart of the Standard Macroeconomic Model

In: The Stock-Flow Consistent Approach

Author

Listed:
  • Wynne Godley
  • Anwar Shaikh

Abstract

The standard neoclassical model is the foundation of most mainstream macroeconomics. Its basic structure dominates the analysis of macroeconomic phenomena, the teaching of the subject and even the formation of economic policy. And, of course, the modern quantity theory of money and its attendant monetarist prescriptions are grounded in the model’s strict separation between real and nominal variables.

Suggested Citation

  • Wynne Godley & Anwar Shaikh, 2012. "An Important Inconsistency at the Heart of the Standard Macroeconomic Model," Palgrave Macmillan Books, in: Marc Lavoie & Gennaro Zezza (ed.), The Stock-Flow Consistent Approach, chapter 3, pages 65-80, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-35384-8_4
    DOI: 10.1057/9780230353848_4
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    Cited by:

    1. is not listed on IDEAS
    2. Roberto Veneziani & Luca Zamparelli & Michalis Nikiforos & Gennaro Zezza, 2017. "Stock-Flow Consistent Macroeconomic Models: A Survey," Journal of Economic Surveys, Wiley Blackwell, vol. 31(5), pages 1204-1239, December.
    3. Andrew Mearman, 2010. "What is this thing called ‘heterodox economics’?," Working Papers 1006, Department of Accounting, Economics and Finance, Bristol Business School, University of the West of England, Bristol.
    4. Li, Boyao, 2017. "The impact of the Basel III liquidity coverage ratio on macroeconomic stability: An agent-based approach," Economics Discussion Papers 2017-2, Kiel Institute for the World Economy.
    5. Kakarot-Handtke, Egmont, 2012. "The rhetoric of failure: a hyper-dialog about method in economics and how to get things going," MPRA Paper 43276, University Library of Munich, Germany.
    6. John E King, 2016. "Book review: Anwar Shaikh, Capitalism: Competition, Conflict, Crises," The Economic and Labour Relations Review, , vol. 27(4), pages 548-553, December.
    7. Jamee K. Moudud, 2000. "Crowding In or Crowding Out? A Classical-Harrodian Perspective," Macroeconomics 0012001, University Library of Munich, Germany.
    8. Emir Phillips, 2017. "The On-Going Price of Perceiving Money as a Veil," International Journal of Economics and Finance, Canadian Center of Science and Education, vol. 9(12), pages 215-228, December.
    9. Kakarot-Handtke, Egmont, 2012. "Intertwined real and monetary stochastic business cycles," MPRA Paper 42793, University Library of Munich, Germany.

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