Neoclassical Macroeconomics Reproposed

Giuseppe Chirichiello
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Giuseppe Chirichiello: University ‘La Sapienza’

Chapter 3 in Macroeconomic Models and Controversies, 1994, pp 93-131 from Palgrave Macmillan

Abstract: Abstract In reviewing Keynesian macroeconomic theory we established that it is divided into three phases: (1) the reconstruction of the traditional view; (2) criticism; and (3) the proposal of an alternative model. The debate on the theoretical innovations in Keynes’s work also involves all these three phases. Patinkin’s contribution to the debate (Patinkin, 1965) can be regarded as a re-elaboration of the so-called Pigou effect but it would be a restrictive view because it ignores the importance of phases (1) and (2). Patinkin, like Keynes, starts from a reconstruction of the neoclassical point of view, but his analysis is a criticism of the reconstruction Keynes made.

Keywords: Interest Rate; Real Wage; Real Interest Rate; Real Income; Bond Market (search for similar items in EconPapers)
Date: 1994
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-37106-4_4

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DOI: 10.1057/9780230371064_4

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