Revival of classical political economy: An exposition
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.
|Date of creation:||29 Jan 1996|
|Date of revision:||24 Nov 2010|
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Web page: https://mpra.ub.uni-muenchen.de
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- Sheri M. Markose, 2005.
"Computability and Evolutionary Complexity: Markets as Complex Adaptive Systems (CAS),"
Royal Economic Society, vol. 115(504), pages 159-192, 06.
- Markose, Sheri M, 2004. "Computability and Evolutionary Complexity: Markets As Complex Adaptive Systems (CAS)," Economics Discussion Papers 3730, University of Essex, Department of Economics.
- repec:esx:essedp:574 is not listed on IDEAS
- 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. Full references (including those not matched with items on IDEAS)
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