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Macroeconomic Theory After the Crisis

Author

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  • Amitava Krishna Dutt

    (University of Notre Dame, IN, USA)

Abstract

Mainstream macroeconomic theory, especially as synthesized in the New Neoclassical Synthesis, is argued to have many problematic aspects, problems which have been especially underscored by the recent economic crisis, and which relate to its method, its views of the economy, and its goals and its policy implications. These failings call for greater pluralism in macroeconomic theory and greater acceptance of alternative approaches. One of these—which is based on accounting identities and behavioral and institutional relations, which stresses the importance of uncertainty and power, emphasizes the goals of reducing unemployment and distributional fairness, and views policymaking as an art—is particularly worthy of attention.JEL classification: B22, B41, E00

Suggested Citation

  • Amitava Krishna Dutt, 2011. "Macroeconomic Theory After the Crisis," Review of Radical Political Economics, Union for Radical Political Economics, vol. 43(3), pages 310-316, September.
    • Handle: RePEc:sae:reorpe:v:43:y:2011:i:3:p:310-316
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    Citations

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    Cited by:

    1. Mark Setterfield, 2015. "Won’t Get Fooled Again – Or Will We? Monetary Policy, Model Uncertainty, and ‘Policy Model Complacency’," Working Papers 1516, New School for Social Research, Department of Economics, revised Jan 2016.

    More about this item

    Keywords

    macroeconomic theory; aggregate demand; economic crisis; uncertainty; rationality;
    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
    • E00 - Macroeconomics and Monetary Economics - - General - - - General

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