A note on the logical refutation of neoclassical macroeconomics

Gilson Schwartz ()

Brazilian Journal of Political Economy, 1989, vol. 9, issue 1, 83-88

Abstract: Neoclassical theories are often criticized from an externalist point of view (political,sociological, historical, etc.). Internal inconsistencies are said to be impossible, forgiven some premises “neoclassical analysis is logically coherent “, This note stands againstthis generally held conception by reviewing one of the possible logical criticisms of neoclassicalmacroeconomics. Bernard Schmitt, a Swiss economist known as a late Keynesian, haswritten on the subject. His argument starts out with a discussion of time in economic theoryand its relation to standard national accounting. The conclusion is that neoclassical macroeconomicsis rooted in some illegitimate metaphor between prices and quantities adjustments. JEL Classification: B41; B21.

Keywords: Neoclassical theory; methodology of economy (search for similar items in EconPapers)
Date: 1989
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