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Macroeconomics under Pressure: The Feedback Effects of Economic Expertise

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  • Matthieu Renault

    (Université de Côte d'Azur
    CNRS, GREDEG)

Abstract

Macroeconomics is said to exert a decisive influence on policy-makers/-making through economic expertise. This influence is usually assumed or taken for granted in- and outside academic circles. Yet, the reverse proposal, i.e. policy-makers' influence on macroeconomics, appears to be far less elusive and as significant. This paper sheds light on three such significant "feedback effects" of expertise on macroeconomics based on Edmond Malinvaud's writings. First, expertise has made the discipline highly sensitive to the results of economic policies. Second, expertise has impelled macroeconomics to behave as a tool for decision-making. Third, it has spurred the discipline to search for a consensus since WWII, for this is a necessary condition for economic expertise to be operative.

Suggested Citation

  • Matthieu Renault, 2021. "Macroeconomics under Pressure: The Feedback Effects of Economic Expertise," GREDEG Working Papers 2021-02, Groupe de REcherche en Droit, Economie, Gestion (GREDEG CNRS), Université Côte d'Azur, France.
    • Handle: RePEc:gre:wpaper:2021-02
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    Cited by:

    1. Thierry Kirat & Frédéric Marty, 2021. "How Law and Economics Was Marketed in a Hostile World: The Institutionalization of the Field in the United States from the Immediate Post-War Period to the Reagan Years," GREDEG Working Papers 2021-03, Groupe de REcherche en Droit, Economie, Gestion (GREDEG CNRS), Université Côte d'Azur, France.

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    More about this item

    Keywords

    Expertise; Macroeconomics; Keynesianism; Edmond Malinvaud;
    All these keywords.

    JEL classification:

    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
    • B23 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Econometrics; Quantitative and Mathematical Studies
    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology

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