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Economic Theory ten years after the crisis: Just tweaking around the edges? and/or A bit of repair at the seams?

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  • Vassilis Droucopoulos

    (Emeritus Professor of the Department of Economics of the University of Athens.)

Abstract

It is my intention to address, primarily within the scope of mainstream macroeconomic theory, three of the questions making up the main theme of the conference, namely: How a very problematic theory continues to survive and dominate both the policy and the academic scene. What are the processes in the economy and the society that sustain its dominance? What is the condition of the economic Orthodoxy (particularly under its current form of the New Macroeconomic Consensus, that is the hybrid of mild neoliberalism with conservative New Keynesianism)? A good many orthodox economists hold the view that there is no necessity for a paradigm shift. On the contrary, a mere evolution towards a more pluralistic discipline would suffice. Hence the title of my talk.

Suggested Citation

  • Vassilis Droucopoulos, 2018. "Economic Theory ten years after the crisis: Just tweaking around the edges? and/or A bit of repair at the seams?," Working Papers 2001, Greek Scientific Association of Political Economy - GAPE, revised Dec 2018.
    • Handle: RePEc:abe:wpaper:2001
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    File URL: http://poleconom.uth.gr/RePEc/abe/wpaper/DP-2018-1-Droucopoulos.pdf
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    References listed on IDEAS

    as
    1. Joseph E. Stiglitz, 2015. "Reconstructing Macroeconomic Theory to Manage Economic Policy," Palgrave Macmillan Books, in: Éloi Laurent & Jacques Cacheux (ed.), Fruitful Economics, chapter 1, pages 20-56, Palgrave Macmillan.
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    3. Olivier Blanchard & Giovanni Dell'Ariccia & Paolo Mauro, 2010. "Rethinking Macroeconomic Policy," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 42(s1), pages 199-215, September.
    4. David Colander, 2011. "Is the Fundamental Science of Macroeconomics Sound?," Review of Radical Political Economics, Union for Radical Political Economics, vol. 43(3), pages 302-309, September.
    5. Roberto Mazzoleni & Richard R. Nelson, 2013. "An interpretive history of challenges to neoclassical microeconomics and how they have fared," Industrial and Corporate Change, Oxford University Press and the Associazione ICC, vol. 22(6), pages 1409-1451, December.
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    More about this item

    Keywords

    Economic Pluralism; Macroeconomic Theory;

    JEL classification:

    • A20 - General Economics and Teaching - - Economic Education and Teaching of Economics - - - General
    • B40 - Schools of Economic Thought and Methodology - - Economic Methodology - - - General
    • B50 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - General

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