Macroeconomic Theory After the Crisis

Amitava Dutt

Review of Radical Political Economics, 2011, vol. 43, issue 3, 310-316

Abstract: Mainstream macroeconomic theory, especially as synthesized in the New Neoclassical Synthesis, is argued to have many problematic aspects, problems which have been especially underscored by the recent economic crisis, and which relate to its method, its views of the economy, and its goals and its policy implications. These failings call for greater pluralism in macroeconomic theory and greater acceptance of alternative approaches. One of these—which is based on accounting identities and behavioral and institutional relations, which stresses the importance of uncertainty and power, emphasizes the goals of reducing unemployment and distributional fairness, and views policymaking as an art—is particularly worthy of attention.JEL classification: B22, B41, E00

Keywords: macroeconomic theory; aggregate demand; economic crisis; uncertainty; rationality (search for similar items in EconPapers)
Date: 2011
References: Add references at CitEc
Citations: View citations in EconPapers (1)

Downloads: (external link)
http://rrp.sagepub.com/content/43/3/310.abstract (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:sae:reorpe:v:43:y:2011:i:3:p:310-316

Access Statistics for this article

More articles in Review of Radical Political Economics from Union for Radical Political Economics
Bibliographic data for series maintained by SAGE Publications ().