The History of Macroeconomics Viewed Against the Background of the Marshall-Walras Divide
Analysing the recent history of macroeconomics, my paper claims that the new classical revolution should be viewed as a substitution of Walrasian macroeconomics to the earlier prevailing Marshalian macroeconomics. The first part of the paper is concerned with two conceptual prerequisites, the relationship between macroeconomics and general equilibrium, the meaning of the â€œKeynesianismâ€ modifier. In a second part, the different facets of the Marshall-Walras divide are expounded. My general claim is substantiated in the third paper of the paper. Herein, I claim that the IS-LM model is a simplified Marshallian general equilibrium model while real business cycle models belong to the Walrasian reserach programme. Finally, I express my scepticism as to the possibility of a New Neoclassical Synthesis.
|Date of creation:||01 Jan 2004|
|Contact details of provider:|| Postal: Place Montesquieu 3, 1348 Louvain-la-Neuve (Belgium)|
Fax: +32 10473945
Web page: https://uclouvain.be/en/research-institutes/immaq/ires
More information through EDIRC
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Danthine, Jean-Pierre, 1997.
"In Search of a Successor to IS-LM,"
Oxford Review of Economic Policy,
Oxford University Press, vol. 13(3), pages 135-144, Autumn.
- Jean-Pierre DANTHINE, 1997. "In Search of a Successor to IS-LM," Cahiers de Recherches Economiques du Département d'Econométrie et d'Economie politique (DEEP) 9710, Université de Lausanne, Faculté des HEC, DEEP.
- JASKOLD GABSZEWICZ, Jean & VIAL, Jean-Philippe, "undated".
"Oligopoly "à la Cournot" in a general equilibrium analysis,"
CORE Discussion Papers RP
106, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
- Jaskold Gabszewicz, Jean & Vial, Jean-Philippe, 1972. "Oligopoly "A la cournot" in a general equilibrium analysis," Journal of Economic Theory, Elsevier, vol. 4(3), pages 381-400, June.
- Friedman, Milton, 1972. "Comments on the Critics," Journal of Political Economy, University of Chicago Press, vol. 80(5), pages 906-950, Sept.-Oct.
- Michael De Vroey, 2000.
"IS-LM à la Hicks versus IS-LM à la Modigliani,"
History of Political Economy,
Duke University Press, vol. 32(2), pages 293-316, Summer.
- De Vroey, Michel, 1997. "IS-LM "Ã la Hicks" versus IS-LM "Ã la Modigliani"," Discussion Papers (IRES - Institut de Recherches Economiques et Sociales) 1998003, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
- Goulven Rubin, 2004.
"Patinkin on IS-LM: an Alternative to Modigliani,"
- De Vroey, Michel, 2002. "Equilibrium and Disequilibrium in Walrasian and Neo-Walrasian Economics," Journal of the History of Economic Thought, Cambridge University Press, vol. 24(04), pages 405-426, December.
- Robert G. King, 1993. "Will the New Keynesian Macroeconomics Resurrect the IS-LM Model?," Journal of Economic Perspectives, American Economic Association, vol. 7(1), pages 67-82, Winter.
- Alessandro Vercelli, 1999. "The evolution of IS-LM models: empirical evidence and theoretical presuppositions," Journal of Economic Methodology, Taylor & Francis Journals, vol. 6(2), pages 199-219.
- Tobin, James, 1981. "The Monetarist Counter-Revolution Today-An Appraisal," Economic Journal, Royal Economic Society, vol. 91(361), pages 29-42, March.
- Michel De Vroey, 2001. "Friedman and Lucas on the Phillips Curve: From a Disequilibrium to an Equilibrium Approach," Eastern Economic Journal, Eastern Economic Association, vol. 27(2), pages 127-148, Spring.
- Olivier Blanchard, 2000.
"What do we know about Macroeconomics that Fisher and Wicksell did not?,"
NBER Working Papers
7550, National Bureau of Economic Research, Inc.
- Olivier Blanchard, 2000. "What Do We Know about Macroeconomics that Fisher and Wicksell Did Not?," The Quarterly Journal of Economics, Oxford University Press, vol. 115(4), pages 1375-1409.
- Barro, Robert J & Grossman, Herschel I, 1971. "A General Disequilibrium Model of Income and Employment," American Economic Review, American Economic Association, vol. 61(1), pages 82-93, March.
- Roger E. A. Farmer, 1999. "Macroeconomics of Self-fulfilling Prophecies, 2nd Edition," MIT Press Books, The MIT Press, edition 2, volume 1, number 0262062038, September.
- Frank Hahn & Robert Solow, 1997. "A Critical Essay on Modern Macroeconomic Theory," MIT Press Books, The MIT Press, edition 1, volume 1, number 026258154x, September.
- Pascal Bridel, 2002. "Patinkin, Walras and the 'money-in-the-utility-function' tradition," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 9(2), pages 268-292.
- Laidler, David, 1981. "Monetarism: An Interpretation and an Assessment," Economic Journal, Royal Economic Society, vol. 91(361), pages 1-28, March.
- repec:eme:jespps:v:24:y:1997:i:4:p:191-221 is not listed on IDEAS
- Oliver D. Hart, 1979. "Monopolistic Competition in a Large Economy with Differentiated Commodities," Review of Economic Studies, Oxford University Press, vol. 46(1), pages 1-30.
- Marvin Goodfriend & Robert King, 1997.
"The New Neoclassical Synthesis and the Role of Monetary Policy,"
in: NBER Macroeconomics Annual 1997, Volume 12, pages 231-296
National Bureau of Economic Research, Inc.
- Marvin Goodfriend & Robert G. King, 1998. "The new neoclassical synthesis and the role of monetary policy," Working Paper 98-05, Federal Reserve Bank of Richmond.
- Johnson, Harry G, 1971. "The Keynesian Revolution and the Monetarist Counter-Revolution," American Economic Review, American Economic Association, vol. 61(2), pages 1-14, May.
- Michel De Vroey, 1998. "Is the tatonnement hypothesis a good caricature of market forces?," Journal of Economic Methodology, Taylor & Francis Journals, vol. 5(2), pages 201-221.
- De Vroey, Michel, 1999. "Equilibrium and Disequilibrium in Economic Theory: A Confrontation of the Classical, Marshallian and Walras-Hicksian Conceptions," Economics and Philosophy, Cambridge University Press, vol. 15(02), pages 161-185, October.
- anonymous, 1992. "Interview with Milton Friedman," The Region, Federal Reserve Bank of Minneapolis, issue June.
- Lucas, Robert E, Jr, 1981. "Tobin and Monetarism: A Review Article," Journal of Economic Literature, American Economic Association, vol. 19(2), pages 558-567, June.
- Brian Snowdon & Howard Vane, 1998. "Transforming macroeconomics: an interview with Robert E. Lucas Jr," Journal of Economic Methodology, Taylor & Francis Journals, vol. 5(1), pages 115-146.
- Snowdon, Brian & Vane, Howard R., 1996. "The development of modern macroeconomics: Reflections in the light of Johnson's analysis after twenty-five years," Journal of Macroeconomics, Elsevier, vol. 18(3), pages 381-401.
- Laidler,David, 1999.
"Fabricating the Keynesian Revolution,"
Cambridge University Press, number 9780521645966.
- Michel De Vroey, 2003. "Perfect information a la Walras versus perfect information a la Marshall," Journal of Economic Methodology, Taylor & Francis Journals, vol. 10(4), pages 465-492.
When requesting a correction, please mention this item's handle: RePEc:ctl:louvir:2004017. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Anne DAVISTER-LOGIST)
If references are entirely missing, you can add them using this form.