Abstract
The term ‘neoclassical synthesis’ appears to have been coined by Paul Samuelson to denote the consensus view of macroeconomics which emerged in the mid 1950s in the US. To quote from the third edition of Economics (1955, p. 212).Unlike the old neoclassical economics, the new synthesis did not expect full employment to occur under laissez–faire; it believed however that, by proper use of monetary and fiscal policy, the old classical truths would however come back into relevance.
This chapter was originally published in The New Palgrave: A Dictionary of Economics, 1st edition, 1987. Edited by John Eatwell, Murray Milgate and Peter Newman
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Blanchard, O.J. (1987). Neoclassical Synthesis. In: The New Palgrave Dictionary of Economics. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-349-95121-5_1218-1
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DOI: https://doi.org/10.1057/978-1-349-95121-5_1218-1
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Neoclassical Synthesis- Published:
- 20 March 2017
DOI: https://doi.org/10.1057/978-1-349-95121-5_1218-2
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Neoclassical Synthesis- Published:
- 11 November 2016
DOI: https://doi.org/10.1057/978-1-349-95121-5_1218-1