Is Neo-Walrasian Macroeconomics a Dead End?

Roberto Marchionatti and Lisa Sella ()
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Lisa Sella: University of Turin, http://www.est.unito.it/

CESMEP Working Papers from University of Turin

Abstract: After the ‘new Great Crisis’ exploded in 2008 it is widely recognized that mainstream macroeconomics - the last result of Lucas’s anti-Keynesian revolution of the 1980s which tried to give macroeconomics sound neo-Walrasian microeconomic bases - has failed to anticipate and then appraise the crisis. Has this crisis revealed a failure of this macroeconomics as a scientific theory? Mainstream macroeconomists defend their models on the basis of their alleged superiority in terms of clarity and coherence. The thesis of this paper is that this claim about superiority is false. The paper argues that the reasons for the failure of mainstream macroeconomics – in particular its poor predictive performance and interpretative weakness - reside in the implications of the neo-Walrasian legacy and the problems connected with the implementation of that programme

Pages: 41 pages
Date: 2015-05
New Economics Papers: this item is included in nep-his, nep-hpe, nep-mac and nep-pke
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Citations: View citations in EconPapers (1)

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Working Paper: Is Neo-Walrasian Macroeconomics a Dead End? (2015)
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Persistent link: https://EconPapers.repec.org/RePEc:uto:cesmep:201502

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