IDEAS home Printed from https://ideas.repec.org/a/fle/journl/v51y2017i1p93-106.html
   My bibliography  Save this article

New-, Neo-Paleo- and Post-Keynesianism: Is a New Macroeconomic Paradigm Possible?

Author

Listed:
  • Teodoro Dario Togati

    (Università di Torino)

Abstract

This paper emphasizes two major reasons why in the present context a paradigm shift in macroeconomics is unlikely to materialize, in contrast with what happened in the 1930s. First of all, the standard paradigm – despite its predictive and explanatory failures – appears to be an internally consistent research programme, built around a unifying framework like the Arrow-Debreu model. Secondly, various types of ‘Keynesian’ critics of the standard paradigm, while raising relevant issues, such as the role of animal spirits in the analysis, seem to miss the target of building a new paradigm precisely because they fail to rely upon a truly alternative unifying framework.

Suggested Citation

  • Teodoro Dario Togati, 2017. "New-, Neo-Paleo- and Post-Keynesianism: Is a New Macroeconomic Paradigm Possible?," Annals of the Fondazione Luigi Einaudi. An Interdisciplinary Journal of Economics, History and Political Science, Fondazione Luigi Einaudi, Torino (Italy), vol. 51(1), pages 93-106, June.
    • Handle: RePEc:fle:journl:v:51:y:2017:i:1:p:93-106
    DOI: 10.26331/1005
    as

    Download full text from publisher

    File URL: https://www.annalsfondazioneluigieinaudi.it/images/LI/R28201701_E-3505-Togati.pdf
    Download Restriction: no
    File URL: https://libkey.io/10.26331/1005?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    More about this item

    Keywords

    Animal spirits; General equilibrism; Macroeconomic research programs; Keynes;
    All these keywords.

    JEL classification:

    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
    • E13 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Neoclassical

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:fle:journl:v:51:y:2017:i:1:p:93-106. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Mario Aldo Cedrini (email available below). General contact details of provider: https://edirc.repec.org/data/fleinit.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.