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The World View of New Classical Macroeconomics

In: The Theory of New Classical Macroeconomics

Author

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  • Peter Galbács

    (Budapest Business School)

Abstract

We start conducting thorough research in this chapter. First of all, an attempt is made to find the ultimate sources of the main idea of new classical macroeconomics and mainstream theory as a whole: where does the tradition of freedom come from and what does it really mean for economics? In this context, the importance of the platonic tradition is highlighted again. Later on, analyzing some significant macro models, an insight into the implicit logical order that governs new classical macroeconomics in the background is gained. The central topic is the examination of how new classicals described the mechanisms of the labour market. The theoretical role of trade unions and the new classical ‘style’ of depicting wage bargaining processes are also reviewed below. As we will see, new classicals argued assuming the conclusion (i.e. petitio principii), since the most important assumption (i.e. axiom) in the theory of general macroeconomic equilibrium is the equilibrium itself. The idea of a stable economy evanishes, if we suspend this axiom.

Suggested Citation

  • Peter Galbács, 2015. "The World View of New Classical Macroeconomics," Contributions to Economics, in: The Theory of New Classical Macroeconomics, edition 127, chapter 0, pages 91-147, Springer.
    • Handle: RePEc:spr:conchp:978-3-319-17578-2_3
    DOI: 10.1007/978-3-319-17578-2_3
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