The Theory of New Classical Macroeconomics

A Positive Critique

  • Peter Galbács
Part of the Contributions to Economics book series (CE)

Table of contents

  1. Front Matter
    Pages i-xxi
  2. Peter Galbács
    Pages 149-219
  3. Peter Galbács
    Pages 221-281
  4. Peter Galbács
    Pages 283-347
  5. Peter Galbács
    Pages 349-368

About this book

Introduction

This book examines new classical macroeconomics from a comparative and critical point of view that confronts the original texts and later comments as a first dimension of comparison. The second dimension appears in a historical context, since none of the new classical doctrines can be analyzed ignoring the parallelism and discrepancies with the theory of Keynes, Friedman or Phelps. Radicalism of new classical macroeconomics has brought fundamental changes in economic thought, but the doctrines got vulgarized and distorted thanks to the mass of followers. Nowadays, economic theory and policy, trying to find their ways, have a less clear relationship than ever. Therefore, this volume is aimed at mapping and reconsidering the policy instruments and transmission mechanisms offered by the new classicals. Its central question points to the real nature of new classical macroeconomics: what consequences are grounded by the assumptions new classicals used. Moreover, issues raised by automatic fiscal stabilizers and fiscal reforms are analyzed as well, even if they were out of the range of classical texts. The book draws a picture of new classical macroeconomics stressing the analogies with Keynesian countercyclical policies, instead of the discrepancies commonly held.

Keywords

Fiscal Policy Methodology of Economics Monetarism Monetary Policy Neoclassical Economics New Classical Macroeconomics

Authors and affiliations

  • Peter Galbács
    • 1
  1. 1.Budapest Business SchoolMiskolcHungary

Bibliographic information

  • DOI https://doi.org/10.1007/978-3-319-17578-2
  • Copyright Information Springer International Publishing Switzerland 2015
  • Publisher Name Springer, Cham
  • eBook Packages Business and Economics
  • Print ISBN 978-3-319-17577-5
  • Online ISBN 978-3-319-17578-2
  • Series Print ISSN 1431-1933
  • Series Online ISSN 2197-7178
  • About this book