Book contents
- Pasinetti and the Classical Keynesians
- Pasinetti and the Classical Keynesians
- Copyright page
- Contents
- Contributors
- Foreword
- Introduction
- 1 Reality (and Not Simply Abstract Rationality) as the Starting Point of Economic Theory
- 2 Economic Logic with Internal Consistency (and Not Only Formal Rigour)
- 3 Malthus and the Classics (Not Walras and the Marginalists) as the Major Inspiring Source in the History of Economic Thought
- 4 Non-ergodic (in Place of Stationary, Timeless) Economic Systems
- 5 Causality vs. Interdependence
- 6 Macroeconomics before Microeconomics
- 7 Disequilibrium and Instability (Not Equilibrium) as the Normal State of the Industrial Economies
- 8 Necessity of Finding an Appropriate Analytical Framework for Dealing with Technical Change and Economic Growth
- 9 A Strong, Deeply Felt, Social Concern
- 10 Why the Classic-Keynesian Trend May Be of Interest to a Young Scholar Today
- 11 Pasinetti’s Separation Theorem
- Author Index
- References
6 - Macroeconomics before Microeconomics
A Sceptic’s Guide to Macroeconomics
Published online by Cambridge University Press: 17 February 2022
Book contents
- Pasinetti and the Classical Keynesians
- Pasinetti and the Classical Keynesians
- Copyright page
- Contents
- Contributors
- Foreword
- Introduction
- 1 Reality (and Not Simply Abstract Rationality) as the Starting Point of Economic Theory
- 2 Economic Logic with Internal Consistency (and Not Only Formal Rigour)
- 3 Malthus and the Classics (Not Walras and the Marginalists) as the Major Inspiring Source in the History of Economic Thought
- 4 Non-ergodic (in Place of Stationary, Timeless) Economic Systems
- 5 Causality vs. Interdependence
- 6 Macroeconomics before Microeconomics
- 7 Disequilibrium and Instability (Not Equilibrium) as the Normal State of the Industrial Economies
- 8 Necessity of Finding an Appropriate Analytical Framework for Dealing with Technical Change and Economic Growth
- 9 A Strong, Deeply Felt, Social Concern
- 10 Why the Classic-Keynesian Trend May Be of Interest to a Young Scholar Today
- 11 Pasinetti’s Separation Theorem
- Author Index
- References
Summary
This chapter traces the main currents in the development of macroeconomic thinking over the last seventy years. It adopts a sceptical stance towards the incorporation of Keynes’s theory of effective demand into mainstream thinking and examines the shortcomings of such approaches as they have emerged and developed over time. It pays particular attention to the neoclassical synthesis, the new neoclassical synthesis, general-equilibrium macroeconomics and new classical macroeconomics. It concludes with a brief overview of some potential ways ahead and of their prospects and problems.
Keywords
- Type
- Chapter
- Information
- Pasinetti and the Classical KeynesiansNine Methodological Issues, pp. 157 - 186Publisher: Cambridge University PressPrint publication year: 2022
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