Rethinking the foundations of macroeconomics

Claude Gnos ()

Chapter 1 in A Modern Guide to Rethinking Economics, 2017, pp 17-27 from Edward Elgar Publishing

Abstract: The standard neoclassical method for building macroeconomics upon a microeconomic foundation has proven unable to anticipate and account for actual issues, especially the financial and economic crisis that burst in 2008. In this chapter we show that it would be appropriate to return to the method once used by classical writers, who considered the economy as a whole and referred to institutions and production conditions as the cornerstone of economic activity. This was also Keynes’s method, in developing the concept of a monetary economy of production. We show that a renewed analysis of the economy as a whole would open up a range of new perspectives on macroeconomics.

Keywords: Economics and Finance (search for similar items in EconPapers)
Date: 2017
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