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This book examines new classical macroeconomics from a comparative
and critical point of view that confronts the original texts and
later comments as a first dimension of comparison. The second
dimension appears in a historical context, since none of the new
classical doctrines can be analyzed ignoring the parallelism and
discrepancies with the theory of Keynes, Friedman or Phelps.
Radicalism of new classical macroeconomics has brought fundamental
changes in economic thought, but the doctrines got vulgarized and
distorted thanks to the mass of followers. Nowadays, economic
theory and policy, trying to find their ways, have a less clear
relationship than ever. Therefore, this volume is aimed at mapping
and reconsidering the policy instruments and transmission
mechanisms offered by the new classicals. Its central question
points to the real nature of new classical macroeconomics: what
consequences are grounded by the assumptions new classicals used.
Moreover, issues raised by automatic fiscal stabilizers and fiscal
reforms are analyzed as well, even if they were out of the range of
classical texts. The book draws a picture of new classical
macroeconomics stressing the analogies with Keynesian
countercyclical policies, instead of the discrepancies commonly
held.
The Friedman-Lucas Transition in Macroeconomics: A Structuralist
Approach considers how and to what extent monetarist and new
classical theories of the business-cycle can be regarded as
approximately true descriptions of a cycle's causal structure or
whether they can be no more than useful predictive instruments.
This book will be of interest to upper-division undergraduates,
graduate students, researchers and professionals concerned with
practical, theoretical and historical aspects of macroeconomics and
business-cycle modeling.
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Donker Web
Fanie Viljoen
Paperback
(2)
R270
R200
Discovery Miles 2 000
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