Theoretical Issues in Macroeconomics

James Tobin

Chapter 2 in Issues in Contemporary Macroeconomics and Distribution, 1985, pp 103-133 from Palgrave Macmillan

Abstract: Abstract Economics has always derived inspiration and energy from the burning issues of the day. Economists have shared the concerns of their fellow citizens and have addressed them as analysts, teachers, and advocates. Their own controversies have mirrored the ideological and political debates of their societies and epochs. From these encounters have developed principles and methods that outlasted their practical origins and gave our subject the cumulative continuity and internal dynamics of a discipline. Adam Smith’s challenge to mercantilism, Ricardo’s attack on the Corn Laws, and the Austrian School’s response to Marxism are examples.

Keywords: Monetary Policy; Theoretical Issue; Full Employment; Phillips Curve; General Equilibrium Theory (search for similar items in EconPapers)
Date: 1985
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DOI: 10.1007/978-1-349-06879-1_2

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