A Critique of Neoclassical Macroeconomics - Softcover

Weeks, John

Softcover

ISBN 10: 0333493826 ISBN 13: 9780333493823

Publisher: Palgrave Macmillan, 1989

Synopsis

The purpose of this book is to provide a critique of the standard neoclassical macroeconomic model. This model is the basis of certain "parables" which play a major role in policy-making and in the way that the layman conceives of economic policy and management.

About this title

Product Description:

A Critique of Neoclassical Macroeconomics

Synopsis:

The purpose of this book is to provide a critique of the standard neoclassical macroeconomic model. This model is the basis of certain "parables" which play a major role in policy-making and in the way that the layman conceives of economic policy and management. Two of the most important parables are, firstly, "more employment is stimulated by lower real wages" and secondly, "inflation is the result of an increase in the money supply". The author attempts to demonstrate that both of these generally accepted parables are derived from a highly abstract model whose internal logic is extremely problematical. Further, the logical difficulties arise within a model whose assumptions make it at best a very special case. It is demonstrated that these generally-accepted conclusions are not only of questionable empirical relevance, but based upon questionable logic.

About this edition

• Publisher: Palgrave Macmillan
• Publication date: 1989
• ISBN 10: 0333493826
• ISBN 13: 9780333493823
• Binding: Paperback
• Number of pages: 311