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Edmond Malinvaud´s Criticisms of the New Classical Economics: Restoring the Nature and the Rationale of the Old Keynesians´ Opposition

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  • Matthieu Renault

Abstract

Contrarily to standard accounts of the history of macroeconomics, recent research has increasingly paid attention to the Old Keynesians’ criticisms of the New Classical Economics. In this paper, I study another study case through Edmond Malinvaud’s criticisms of the New Classical Economics from the 1980s onwards. I argue that his opposition was radical in the sense that it was both multi-dimensional and systematic. I show, then, that the way he opposed reveals his own conception of macroeconomics, which owed much to the methodology and the practice of macroeconometric modeling. Finally, I suggest that the study of Malinvaud’s opposition to the New Classical Economics shed light on both the nature and rationale of the Old Keynesians’.

Suggested Citation

  • Matthieu Renault, 2018. "Edmond Malinvaud´s Criticisms of the New Classical Economics: Restoring the Nature and the Rationale of the Old Keynesians´ Opposition," Working Papers, Department of Economics 2018_21, University of São Paulo (FEA-USP).
    • Handle: RePEc:spa:wpaper:2018wpecon21
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    More about this item

    Keywords

    History of Macroeconomics; Edmond Malinvaud; Old Keynesians; Neoclassical Synthesis; The New Classical Economics; Macroeconometric modeling;
    All these keywords.

    JEL classification:

    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
    • B23 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Econometrics; Quantitative and Mathematical Studies
    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology

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