Dictionary of Arguments


Philosophical and Scientific Issues in Dispute
 
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Entry
Reference
Macroeconomics Keynesianism Mause I 58
Macroeconomics/Keynesianism/VsLucas/VsMuth: In the mid-1980s, the New Keynesian Macroeconomics emerged as a reaction to the inability of the New Classical Macroeconomics to deal sensibly with macroeconomic problems. New: Task of the equilibrium hypothesis.
Market imperfections or market imbalances are expressly taken into account and are micro-economically explained. Three approaches:
1. Theories based on real price rigidities;
2. Theories investigating nominal price rigidities
3. Theories dealing with a possible failure of decentralized coordination.

Mause I 70
Macroeconomics/Keynesianism/Post-Keynesianism: Although the New Keynesian Macroeconomics takes up certain elements of Post-Keynesianism (e.g. the assumption of the imperfection of markets), it adheres to the neoclassical paradigm in other respects so that one can by no means speak of a replacement of Post-Keynesianism by the New Classical Macroeconomy.


Mause I
Karsten Mause
Christian Müller
Klaus Schubert,
Politik und Wirtschaft: Ein integratives Kompendium Wiesbaden 2018
Macroeconomics Muth Mause I 57f
Macroeconomics/MacroeconomicsVsMonetarism/MacroeconomicsVsKeynesianism/Muth/Lucas: Problems of monetarism or Keynesianism are the lack of explanation of wage and price rigidities or wage and price formation at all, or the arbitrary approach in modeling the expectations of economic entities. Ultimately, there was a lack of a microeconomic foundation for macroeconomics. The new Classical Macroeconomics, of which John F. Muth (1930-2005) and Robert E. Lucas (born 1937) are the main representatives tried to close this gap. Two assumptions are fundamental to this approach: On the one hand, it is assumed that expectations are rational, i.e. that the modelled economic entities utilize all information inherent in the model and therefore arrive at the same forecasts as the model itself. On the other hand, price flexibility and the permanent equilibrium of the markets are assumed. Accordingly, fluctuations in production and employment are not interpreted as imbalances but as a sequence of equilibrium positions.
New Classical Macroeconomics Thesis: There is no involuntary unemployment!
VsMuth/VsLucas/VsMacroeconomics: the macroeconomic problems observed were more or less defined away. There was no real foundation through a microeconomic approach.


Mause I
Karsten Mause
Christian Müller
Klaus Schubert,
Politik und Wirtschaft: Ein integratives Kompendium Wiesbaden 2018