A review of the crisis in economics (Keynesianism versus monetarism)

Patrício Meller ()

Brazilian Journal of Political Economy, 1987, vol. 7, issue 4, 531-551

Abstract: This paper reviews the different elements suggesting the existence of a crisis inthe economic science. In particular it is examined the possibility or impossibility of coexistenceof different paradigms in Economics; is it possible the synthesis of different paradigms?why yes or why no? Also, it is reviewed the recent rnethodology discussion related to thelack of relevance and lack of explanation of Reality of present formal and esoteric theoreticmodels; modern formal theory is more interested in optimizing than in explaining. How didwe arrive to this state of affairs and what to do about it. Latin America faces urgent economicproblems, therefore relevance should be the main focus of most economic research. JEL Classification: B22; B41.

Keywords: Keynesianism; monetarism; history of economic thought; economic methodology (search for similar items in EconPapers)
Date: 1987
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