Details

Autor(en) / Beteiligte

• Laidler, David

Titel

Three revolutions in macroeconomics: their nature and influence

Ist Teil von

• The European journal of the history of economic thought, 2015-01, Vol.22 (1), p.1-25

Ort / Verlag

London: Routledge

Erscheinungsjahr

2015

Link zum Volltext

Quelle

Business Source Ultimate

Beschreibungen/Notizen

• Harry Johnson's 1971 ideas about the factors affecting the success of the Keynesian Revolution and the Monetarist Counter-revolution are summarised and extended to the analysis of the Rational Expectations-New Classical (RE-NC) Revolution. It is then argued that whereas Monetarism brought about a revival of the quantity theory of money from the limbo into which Keynesianism had pushed it, RE-NC modelling was responsible for that theory's most recent disappearance. This happened despite the fact that, initially, RE-NC economics appeared to be a mainly technical extension and refinement of Monetarism, rather than a radically new economic doctrine. Some implications of this story for todays' macroeconomics are briefly discussed.