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Revival of classical political economy: An exposition


  • Hans, V. Basil


The purpose of this paper is twofold: first, to discuss the theoretical foundations and policy implications of two of the offshoots of modern macroeconomics viz., supply-side economics and rational expectations; and second to evaluate the recent development of thinking in macroeconomics. Thereby it tries to bring forth the current state of macroeconomics, although the term “current” itself is a difficult term to define as the only constant thing is ‘change’, more so in case of an evolutionary science like economics. While highlighting the celebrated classical-Keynesian debate, it thoroughly examines the supply-side economics and rational expectations hypothesis with due importance to their practical application.

Suggested Citation

  • Hans, V. Basil, 1996. "Revival of classical political economy: An exposition," MPRA Paper 26962, University Library of Munich, Germany, revised 24 Nov 2010.
  • Handle: RePEc:pra:mprapa:26962

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    References listed on IDEAS

    1. Sheri M. Markose, 2005. "Computability and Evolutionary Complexity: Markets as Complex Adaptive Systems (CAS)," Economic Journal, Royal Economic Society, vol. 115(504), pages 159-192, June.
    2. Smith, Adam, 1776. "An Inquiry into the Nature and Causes of the Wealth of Nations," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, number smith1776.
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    More about this item


    Classical political economy; Keynesians; Laffer curve; Phillips curve; Rational Expectations; Reaganomics; Supply-side Economics; tax cuts;

    JEL classification:

    • B12 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Classical (includes Adam Smith)
    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian


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