Autori:
Sella, Lisa,
Marchionatti, RobertoTitolo:
Is Neo-Walrasian Macroeconomics a Dead End?Periodico:
Università degli studi di Torino. Dip. Di Economia e Statistica Cognetti de Martiis. Working paper seriesAnno:
2015 - Volume:
6 - Fascicolo:
21 - Pagina iniziale:
1 - Pagina finale:
41After the ‘new Great Crisis’ exploded in 2008 it is widely recognized that mainstream macroeconomics - the last result of Lucas’s anti-Keynesian revolution of the 1980s which tried to give macroeconomics sound neo-Walrasian microeconomic bases - has failed to anticipate and then appraise the crisis. Has this crisis revealed a failure of this macroeconomics as a scientific theory?
Mainstream macroeconomists defend their models on the basis of their alleged superiority in terms of clarity and coherence.
The thesis of this paper is that this claim about superiority is false. The paper argues that the reasons for the failure of
mainstream macroeconomics – in particular its poor predictive performance and interpretative weakness - reside in
the implications of the neo-Walrasian legacy and the problems connected with the implementation of that programme.
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