Revival of classical political economy: An exposition
AbstractThe purpose of this paper is twofold: first, to discuss the theoretical foundations and policy implications of two of the offshoots of modern macroeconomics viz., supply-side economics and rational expectations; and second to evaluate the recent development of thinking in macroeconomics. Thereby it tries to bring forth the current state of macroeconomics, although the term “current” itself is a difficult term to define as the only constant thing is ‘change’, more so in case of an evolutionary science like economics. While highlighting the celebrated classical-Keynesian debate, it thoroughly examines the supply-side economics and rational expectations hypothesis with due importance to their practical application.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 26962.
Date of creation: 29 Jan 1996
Date of revision: 24 Nov 2010
Classical political economy; Keynesians; Laffer curve; Phillips curve; Rational Expectations; Reaganomics; Supply-side Economics; tax cuts;
Find related papers by JEL classification:
- B12 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Classical (includes Adam Smith)
- E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Sheri M. Markose, 2004.
"Computability and Evolutionary Complexity: Markets As Complex Adaptive Systems (CAS),"
Economics Discussion Papers
574, University of Essex, Department of Economics.
- Sheri M. Markose, 2005. "Computability and Evolutionary Complexity: Markets as Complex Adaptive Systems (CAS)," Economic Journal, Royal Economic Society, vol. 115(504), pages F159-F192, 06.
- Smith, Adam, 1776. "An Inquiry into the Nature and Causes of the Wealth of Nations," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, number smith1776.
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