A History of Macroeconomics from Keynes to Lucas and Beyond
| Author | : | |
| Rating | : | 4.22 (641 Votes) |
| Asin | : | 1107584949 |
| Format Type | : | paperback |
| Number of Pages | : | 445 Pages |
| Publish Date | : | 2017-10-02 |
| Language | : | English |
DESCRIPTION:
Lucas, Jr, John Dewey Distinguished Service Professor in Economics, University of Chicago"No branch of economics has witnessed as many revolutions and counter-revolutions as macroeconomics, starting from Keynes' General Theory eighty years ago. A thoroughly illuminating and enjoying read." Olivier J. Solow Professor of Economics, Massachusetts Institute of Technology"Macroeconomics is a complex evolving system of thinking. One wishes for a more linear and evolutionary process, one where most new contributions would naturally fit and the common core become steadily stronger. What makes this book enjoyable is that he has high hopes for economics, he flatters us that we are important, and he praises the progress we have achieved. "Mic
Michel De Vroey is a Professor Emeritus at the University of Louvain and visiting professor at the Université Saint Louis, Brussels. He has also published extensively in scholarly journals. . He has published several books, including Involuntary Unemployment: The Elusive Quest for a Theory (2007) and Keynes, Lucas: D'une macroéconomie l'autre (2009)
Central to it is the contrast between a Keynesian era and a Lucasian - or dynamic stochastic general equilibrium (DSGE) - era, each ruled by distinct methodological standards. This book retraces the history of macroeconomics from Keynes's General Theory to the present. While not eschewing analytical content, Michel De Vroey focuses on substantive assessments, and the models studied are presented in a pedagogical and vivid yet critical way.. In the Keynesian era, the book studies the following theories: Keynesian macroeconomics, monetarism, disequilibrium macro (Patinkin, Leijongufvud, and Clower) non-Walrasian equilibrium models, and first-generation new Keynesian models. The book also examines a few selected works aimed at presenting alternatives to Lucasian macro. Three stages are identified in the DSGE era: new classical macro (Lucas), RBC modelling, and second-generation new Keynesian modeling
"Instead of a dull history of macroeconomics" according to Roger Wende. Instead of a dull history of macroeconomics, this gives the flavor of academic fights, give and take, keep the best, discard dead ends. It show that Macroeconomics still had a very long way to go. I would say the "Novel prize for economics" was created long before economics can be called a science.. P. Johnson said A History of Business Cycle Theory. It's all about business cycle theory, with a little bit of inflation. NO significant growth theory, except as it plays into business cycles. No Acemoglu, no Paul Romer, no endogenous growth theory. Banks, banking, finance - no.It's not a history of "Macroconomics." It's a history of mainstream business cycle theory.If you're interested in the history of the great disputes: Keynes, ISLM, Friedman, Phelps, Leijonhufvud, Walrasian/Non-Walrasian/ Lucas, New Keynesians,RBC etc. etc then you will like this. Magisterial account Most macroeconomists tend to be specialists in one or the other of its contending schools. It is therefore a delight to read a sweeping account of the entire period since Keynes revolutionised the subject in 1936 with his General Theory. Apart from taking readers into areas with which they may be relatively unfamiliar, this book makes them think anew even about economists with whom they are familiar.Nevertheless, I have a bone to pick with de Vroey's treatment of Keynes. In the concluding crit