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The Critique of Neoclassical Macroeconomics Summarised

In: A Critique of Neoclassical Macroeconomics

Author

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  • John Weeks

    (Middlebury College)

Abstract

The purpose of this book has been to analyse critically neoclassical macroeconomics as it is taught. The presentation has gone into considerable detail, and the reader might have lost track of the basic purpose of the critique. The basic purpose has been to refute the fundamental macroeconomic ‘parables’ of neoclassical theory: (1) other things equal, more employment requires a lower ‘real wage’ (commodity wage); and (2) other things equal, increases in the price level are proportional to increases in the money supply. Each parable can be restated in the more journalistic and ideological form in which one frequently encounters them: (1) cutting wages will bring full employment; and (2) inflation is the result of increases in the money supply.

Suggested Citation

  • John Weeks, 1989. "The Critique of Neoclassical Macroeconomics Summarised," Palgrave Macmillan Books, in: A Critique of Neoclassical Macroeconomics, chapter 16, pages 223-236, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-20296-6_16
    DOI: 10.1007/978-1-349-20296-6_16
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