Revival of classical political economy: An exposition

V Hans ()

MPRA Paper from University Library of Munich, Germany

Abstract: The purpose of this paper is twofold: first, to discuss the theoretical foundations and policy implications of two of the offshoots of modern macroeconomics viz., supply-side economics and rational expectations; and second to evaluate the recent development of thinking in macroeconomics. Thereby it tries to bring forth the current state of macroeconomics, although the term “current” itself is a difficult term to define as the only constant thing is ‘change’, more so in case of an evolutionary science like economics. While highlighting the celebrated classical-Keynesian debate, it thoroughly examines the supply-side economics and rational expectations hypothesis with due importance to their practical application.

Keywords: Classical political economy; Keynesians; Laffer curve; Phillips curve; Rational Expectations; Reaganomics; Supply-side Economics; tax cuts (search for similar items in EconPapers)
JEL-codes: B12 E12 (search for similar items in EconPapers)
Date: 1996-01-29, Revised 2010-11-24
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:26962

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