Review on the Study of Macroeconomics for Its Sustainability into the Digital Economy and Real World: Heterodox Insights

Antonio Sanchez-Bayon (), César Bernal Bravo and Pedro Mellado Moreno
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César Bernal Bravo: Universidad Rey Juan Carlos
Pedro Mellado Moreno: Universidad Rey Juan Carlos

Chapter Chapter 16 in Global Investment Decisions in the Circular Economy, 2025, pp 215-227 from Springer

Abstract: Abstract The study of macroeconomics according to the neoclassical synthesis (NS) is in crisis for internal and external reasons. Internal weaknesses based in the formal reductionism and instrumentalism (i.e., F-twist, mathiness). External weaknesses caused by the lack of adaptation to social reality changes (i.e., digitalization and globalization 2.0, polycrisis). In order to make sustainable the study of macroeconomics, it should be open to heterodox mainstream approaches, such as Austrian economics and neoinstitutional economics, accustomed to the principle of reality and uncertainty, as well as to dynamic processes and entrepreneurship. This work offers a review of biases, with proposals of digital alphabetization to improve the study of macroeconomics and thus get students to revalue it and rediscover its usefulness in the face of the looming fifth industrial revolution.

Keywords: Macroeconomic crisis; Mainline macroeconomics; Digitalization; Fifth industrial revolution (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:spr:conchp:978-3-031-86236-6_16

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DOI: 10.1007/978-3-031-86236-6_16

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