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Neoclassical Macroeconomics Reproposed

In: Macroeconomic Models and Controversies

Author

Listed:
  • Giuseppe Chirichiello

    (University ‘La Sapienza’)

Abstract

In reviewing Keynesian macroeconomic theory we established that it is divided into three phases: (1) the reconstruction of the traditional view; (2) criticism; and (3) the proposal of an alternative model. The debate on the theoretical innovations in Keynes’s work also involves all these three phases. Patinkin’s contribution to the debate (Patinkin, 1965) can be regarded as a re-elaboration of the so-called Pigou effect but it would be a restrictive view because it ignores the importance of phases (1) and (2). Patinkin, like Keynes, starts from a reconstruction of the neoclassical point of view, but his analysis is a criticism of the reconstruction Keynes made.

Suggested Citation

  • Giuseppe Chirichiello, 1994. "Neoclassical Macroeconomics Reproposed," Palgrave Macmillan Books, in: Macroeconomic Models and Controversies, chapter 3, pages 93-131, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-37106-4_4
    DOI: 10.1057/9780230371064_4
    as

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