By Dario Togati
This outstanding quantity presents a severe evaluate of Neoclassical Synthesis, lengthy considered as the normal interpretation of Keynes. Taking factor with this orthodoxy, the writer deals a special interpretation of the root of contemporary macroeconomics, arguing that the topic derives from the clash among learn programmes encouraged by means of assorted paradigms in physics: the Newtonian programme of Hicks and the Einsteinian procedure of Keynes.
unique and provocative in its reflections, Keynes and the Neoclassical Synthesis not just deals a clean interpretation of Keynes yet makes an enormous contribution to debates inside post-Keynesian economics. it's going to therefore be of curiosity to all these drawn to Keynes' position within the heritage of monetary idea and macroeconomic method.
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Additional info for Keynes and the Neoclassical Synthesis: Einsteinian versus Newtonian Macroeconomics (Routledge Studies in the History of Economics)
They 17 THE TWO BASIC PARADIGMS OF MACROECONOMICS are particularly likely to be affected by ethical notions, since the wagecontract is very much a personal contract, and will only proceed smoothly if it is regarded as ‘fair’ by both parties… These rigidities are undoubtedly phenomena of great economic importance; for their existence explains why disturbances of the sort we are considering produce not only large changes in prices, but also large changes in production and employment. Mr. Keynes goes so far as to make the rigidity of wage-rates the corner-stone of his system.
If prices are expected to rise more in the future than at present, then expectations are classified as elastic. Now as pointed out, for example, by Lachmann (1943:19) the problem with this classification is that it does not explain why the elasticity should take on a particular value. A similar critique is made by Katona (1946) who argues that the Hicksian notion of elasticity is of a mechanical kind because it is not linked to the process through which agents come to form expectations. Hicks’s analysis is thus consistent with the view that agents’ expectation formation follows a few simple rules of thumb.
More specifically, it is correct to stress that it presupposes a break with some of the key features of the positivist methodology dominant in the nineteenth century. It seems to imply, for example, a weakening of the realist claims underlying the models of the British Classics or the early Neoclassical writers such as Walras or Marshall, as well as a critique of the role the mechanistic model plays in the social sciences. Indeed, according to Weber the use of ideal types is the most important difference between the natural and the social sciences.