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The Post-crisis Critique of the NCM: Theoretical Aspects

In: Critique of the New Consensus Macroeconomics and Implications for India

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  • Dilip M. Nachane

    (Indira Gandhi Institute of Development Research)

Abstract

Turbulent economic events in the past have often triggered substantial changes in ruling economic paradigms. It was expected by many that the Global Crisis would provoke a similar outcome. We show in this chapter that by and large, this expectation was belied, and the NCM emerged almost unscathed through the various criticisms levelled both on its theoretical and policy aspects. This chapter is devoted to a detailed review of the theoretical criticisms levelled against the main tenets of the NCM particularly the hypotheses of rational expectations, representative agent, efficient markets, etc. There is also a detailed critique of DSGE models as these forms an integral component of the NCM.

Suggested Citation

  • Dilip M. Nachane, 2018. "The Post-crisis Critique of the NCM: Theoretical Aspects," India Studies in Business and Economics, in: Critique of the New Consensus Macroeconomics and Implications for India, chapter 0, pages 233-254, Springer.
    • Handle: RePEc:spr:isbchp:978-81-322-3920-8_11
    DOI: 10.1007/978-81-322-3920-8_11
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