How far is Vienna from Chicago? An essay on the methodology of two schools of dogmatic liberalism
From the 194O's until the late 196O's,the unchallenged ruler of the intellectual kingdom of economics was a paradigm which - for lack of a better name - we shall simply call mainstream economics. Broadly speaking, mainstream economics may be described as a well-composed menu of quite distinct analytical tool-boxes which are eclectically used to solve the relevant problems at hand: neoclassical theory in the microeconomic domain, keynesian theory in the macroeconomic domain, and paretian welfare theory in the domain of normative economics.
|Date of creation:||1984|
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- Lucas, Robert E, Jr, 1980. "Methods and Problems in Business Cycle Theory," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 12(4), pages 696-715, November.
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