Is Neo-Walrasian Macroeconomics a Dead End?

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

Department of Economics and Statistics Cognetti de Martiis. 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: 2015-06
New Economics Papers: this item is included in nep-dge, nep-his, nep-hpe, nep-mac and nep-pke
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

Downloads: (external link)
http://www.est.unito.it/do/home.pl/Download?doc=/a ... 15dip/wp_21_2015.pdf (application/pdf)

Related works:
Working Paper: Is Neo-Walrasian Macroeconomics a Dead End? (2015)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:uto:dipeco:201521

Access Statistics for this paper

More papers in Department of Economics and Statistics Cognetti de Martiis. Working Papers from University of Turin Contact information at EDIRC.
Bibliographic data for series maintained by Laura Ballestra () and Cinzia Carlevaris ().