IDEAS home Printed from https://ideas.repec.org/h/spr/spshcp/978-3-031-58580-7_13.html
   My bibliography  Save this book chapter

Disequilibrium Macroeconomics: From Its Brief AscentClower to the Rapid Decline

In: Competing Schools of Economic Thought

Author

Listed:
  • Lefteris Tsoulfidis

    (University of Macedonia)

Abstract

The neoclassical synthesis prevailed for decades as the authentic interpretation of Keynes. This dominance is attributed, on the one hand, to the simplicity of the presentation of Keynesian ideas and, on the other hand, to the provision of the necessary rationale for the contemplation of fiscal and monetary policy. The neoclassical synthesis developed by Hicks, Samuelson, and Modigliani, was considered the true general theory, as it could be applied to any stage of the business cycle and not only during depressions, as the General Theory of Keynes. The depressions are caused either by rigid money wages, or because the rate of interest is in the liquidity trap region, or, perhaps even worse, a combination of rigidity of money wages and liquidity trap interest rate. However, once the economy is at its full employment stage, through appropriate government intervention, the system operates according to (neo)classical theory.

Suggested Citation

  • Lefteris Tsoulfidis, 2024. "Disequilibrium Macroeconomics: From Its Brief AscentClower to the Rapid Decline," Springer Studies in the History of Economic Thought, in: Competing Schools of Economic Thought, edition 2, chapter 0, pages 327-340, Springer.
    • Handle: RePEc:spr:spshcp:978-3-031-58580-7_13
    DOI: 10.1007/978-3-031-58580-7_13
    as

    Download full text from publisher

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.

    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:spr:spshcp:978-3-031-58580-7_13. 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: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.springer.com .

    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.