Edmond Malinvaud´s Criticisms of the New Classical Economics: Restoring the Nature and the Rationale of the Old Keynesians´ Opposition

Matthieu Renault

No 2018_21, Working Papers, Department of Economics from University of São Paulo (FEA-USP)

Abstract: Contrarily to standard accounts of the history of macroeconomics, recent research has increasingly paid attention to the Old Keynesians’ criticisms of the New Classical Economics. In this paper, I study another study case through Edmond Malinvaud’s criticisms of the New Classical Economics from the 1980s onwards. I argue that his opposition was radical in the sense that it was both multi-dimensional and systematic. I show, then, that the way he opposed reveals his own conception of macroeconomics, which owed much to the methodology and the practice of macroeconometric modeling. Finally, I suggest that the study of Malinvaud’s opposition to the New Classical Economics shed light on both the nature and rationale of the Old Keynesians’.

Keywords: History of Macroeconomics; Edmond Malinvaud; Old Keynesians; Neoclassical Synthesis; The New Classical Economics; Macroeconometric modeling (search for similar items in EconPapers)
JEL-codes: B22 B23 B31 B41 (search for similar items in EconPapers)
Date: 2018-11-29
New Economics Papers: this item is included in nep-his, nep-hme, nep-hpe and nep-pke
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