Introduction

Michael Carter and Rodney Maddock
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Michael Carter: The Australian National University
Rodney Maddock: The Australian National University

Chapter 1 in Rational Expectations, 1984, pp 1-11 from Palgrave Macmillan

Abstract: Abstract Macroeconomic theory has changed profoundly in the last ten years. Where economists once debated whether fiscal policy was more effective than monetary policy as a tool of macroeconomic management, they now argue about whether the macroeconomy can be managed at all. This bout of pessimism seems to have derived from two inter-related phenomena — the persistent high levels of inflation and unemployment in many countries of the world and the advent of a new set of theoretical propositions in economics, loosely termed rational expectations macrotheory. Not only do national economies seem to be out of control but a theory has emerged to tell us that there is little we can do about it.

Keywords: Monetary Policy; Rational Expectation; Capitalist Economy; Political Business Cycle; Social Science Theory (search for similar items in EconPapers)
Date: 1984
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DOI: 10.1007/978-1-349-17644-1_1

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