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Full-Text Articles in Social and Behavioral Sciences
2022-11 Peter Howitt – A Keynesian Still In Recovery, David Laidler
2022-11 Peter Howitt – A Keynesian Still In Recovery, David Laidler
Department of Economics Research Reports
Peter Howitt is best known for his contributions to growth theory, but his work in short-run economics, which began with his Ph.D thesis and still continues, is important and deserves attention. It lies firmly in the Keynesian macro-disequilibrium tradition of Clower and Leijonhufvud, and for a long time has been overshadowed by New-classical and New-Keynesian orthodoxy. However, the development of agent based modelling and behavioural economics will perhaps give disequilibrium macroeconomics a new lease on life.
2021-5 Lucas (1972), A Personal View From The Wrong Side Of The Subsequent Fifty Years, David Laidler
2021-5 Lucas (1972), A Personal View From The Wrong Side Of The Subsequent Fifty Years, David Laidler
Department of Economics Research Reports
Lucas (1972) was a paper that permanently changed the course of macroeconomics, even though its “money supply surprise” model lost its central place in the area within a decade because of empirical difficulties. However, Lucas’s novel methodology, based on clearing markets and rational expectations, still dominates orthodox macroeconomic theorising. An unfortunate side effect of this has been that, because mainstream models have no analytic room for money to play a key role in economic activity, the theoretical case for taking that role seriously was undermined just at the time when traditional monetarist macro-models were facing empirical problems. The consequences of …
2009-2 Lucas, Keynes, And The Crisis, David Laidler
2009-2 Lucas, Keynes, And The Crisis, David Laidler
Department of Economics Research Reports
No abstract provided.