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The Great Detour

Author

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  • Peter Skott

    () (University of Massachusetts Amherst)

Abstract

This note comments on the state of macroeconomics, arguing that the ‘micro founded’ macro that developed after 1970s has been a wasteful detour. The paper will appear in a symposium in Homo Oeconomicus, vol. 27 (2), 2010, on the crisis and the response from the British Academy to the questions from the British Queen. JEL Categories: E1, B41

Suggested Citation

  • Peter Skott, 2010. "The Great Detour," UMASS Amherst Economics Working Papers 2010-07, University of Massachusetts Amherst, Department of Economics.
  • Handle: RePEc:ums:papers:2010-07
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    File URL: http://www.umass.edu/economics/publications/2010-07.pdf
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    References listed on IDEAS

    as
    1. Amitava K. Dutt & Peter Skott, 2005. "Keynesian Theory and the AD-AS Framework: A Reconsideration," UMASS Amherst Economics Working Papers 2005-11, University of Massachusetts Amherst, Department of Economics.
    2. Ryoo, Soon, 2010. "Long waves and short cycles in a model of endogenous financial fragility," Journal of Economic Behavior & Organization, Elsevier, vol. 74(3), pages 163-186, June.
    3. V. V. Chari & Patrick J. Kehoe, 2006. "Modern Macroeconomics in Practice: How Theory Is Shaping Policy," Journal of Economic Perspectives, American Economic Association, vol. 20(4), pages 3-28, Fall.
    4. Thomas I. Palley, 2007. "Financialization: What It Is and Why It Matters," Working Papers wp153, Political Economy Research Institute, University of Massachusetts at Amherst.
    5. Skott,Peter, 2008. "Conflict and Effective Demand in Economic Growth," Cambridge Books, Cambridge University Press, number 9780521066310, April.
    6. Alan P. Kirman, 1992. "Whom or What Does the Representative Individual Represent?," Journal of Economic Perspectives, American Economic Association, vol. 6(2), pages 117-136, Spring.
    7. 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.
    8. Chiarella,Carl & Flaschel,Peter & Franke,Reiner, 2011. "Foundations for a Disequilibrium Theory of the Business Cycle," Cambridge Books, Cambridge University Press, number 9780521369923, April.
    Full references (including those not matched with items on IDEAS)

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    Cited by:

    1. Shanti Chakravarty & Anthony Dobbins & Lynn Hodgkinson, 2013. "Poverty of Agency Theory and Poverty of Managerial Practice: The Royal Bank of Scotland Fiasco," Working Papers 13013, Bangor Business School, Prifysgol Bangor University (Cymru / Wales).

    More about this item

    JEL classification:

    • E1 - Macroeconomics and Monetary Economics - - General Aggregative Models
    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology

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