Three revolutions in macroeconomics: their nature and influence

David Laidler

The 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
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Working Paper: Three Revolutions in Macroeconomics: Their Nature and Influence (2013)
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DOI: 10.1080/09672567.2014.972114

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