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EDMOND MALINVAUD’S CRITICISMS OF THE NEW CLASSICAL ECONOMICS: RESTORING THE NATURE AND THE RATIONALE OF THE OLD KEYNESIANS’ OPPOSITION

Published online by Cambridge University Press:  22 January 2021

Matthieu Renault
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Abstract

Unlike standard accounts, recent research in the history of macroeconomics has given increasing attention to the Old Keynesians’ criticisms of the New Classical Economics. In this paper, I address the case of Edmond Malinvaud, who began opposing the New Classical Economics from the early 1980s and did so throughout the following thirty years. This study shows that his opposition was radical, i.e., multi-dimensional and systematic, and owes to the methodology and the practice of macroeconometric modeling. In turn, this twofold result sheds light on the nature and the rationale of the Old Keynesians’ opposition to the New Classical Economics from the 1970s onwards, which can be interpreted along the same lines.

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Articles
Information
Journal of the History of Economic Thought , Volume 42 , Issue 4 , December 2020 , pp. 563 - 585
Copyright
© The History of Economics Society, 2021

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Footnotes

Matthieu Renault: Université Côte d’Azur. I am grateful to Pedro Duarte for his careful readings and sound advice. I benefited from the helpful comments of Richard Lipsey (who dropped his anonymity during the refereeing process), Mauro Boianovsky, Marcel Boumans, Antonella Rancan, Michaël Assous, Aurélien Goutsmedt, Francesco Sergi, Erich Pinzón-Fuchs, Matthieu Ballandonne, Adrien Villa, and participants at the HES (Chicago 2018), the ESHET (Madrid 2018), and the ANPEC conferences (Rio 2018), and seminars at the University São Paulo (FEA-USP) and Paris 1. Comments and suggestions by two anonymous referees, as well as by JHET’s editor Jimena Hurtado, helped improve the quality of this paper. Special thanks are due to Helena Ciorra for her excellent research assistance. Research funding from the Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP) is gratefully acknowledged. The usual caveat applies.

References

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