 Three revolutions in macroeconomics: their nature and influenceThe European Journal of the History of Economic Thought, 2015, vol. 22, issue 1, 1-25 Abstract: Harry Johnson's 1971 ideas about the factors affecting the success of the Keynesian Revolution and the Monetarist Counter-revolution are summarised and extended to the analysis of the Rational Expectations-New Classical (RE-NC) Revolution. It is then argued that whereas Monetarism brought about a revival of the quantity theory of money from the limbo into which Keynesianism had pushed it, RE-NC modelling was responsible for that theory's most recent disappearance. This happened despite the fact that, initially, RE-NC economics appeared to be a mainly technical extension and refinement of Monetarism, rather than a radically new economic doctrine. Some implications of this story for todays' macroeconomics are briefly discussed. Date: 2015 Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:taf:eujhet:v:22:y:2015:i:1:p:1-25 Ordering information: This journal article can be ordered from DOI: 10.1080/09672567.2014.972114 Access Statistics for this article The European Journal of the History of Economic Thought is currently edited by Richard Sturn, Hans Michael Trautwein, Muriel Dal-Pont-Legrand and Maxime Desmarais-Tremblay More articles in The European Journal of the History of Economic Thought from Taylor & Francis Journals |
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