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  3. Methodological Foundations of Macroeconomics
  • Cited by 74
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    • Publisher:
      Cambridge University Press
      Publication date:
      05 January 2012
      26 September 1991
      ISBN:
      9780511896217
      9780521392945
      9780521074735
      DOI:
      https://doi.org/10.1017/CBO9780511896217
      Dimensions:
      (228 x 152 mm)
      Weight & Pages:
      0.541kg, 288 Pages
      Dimensions:
      (228 x 152 mm)
      Weight & Pages:
      0.43kg, 288 Pages
      • Subjects:
      Economics, Economic Thought, Philosophy and Methodology, Economic Theory
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    Subjects:
    Economics, Economic Thought, Philosophy and Methodology, Economic Theory
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    Book description

    This book is an investigation of the methodological and epistemological foundations of macroeconomic theory, based on an examination of the theories of Keynes and Lucas. It is divided into two parts. In the first Professor Vercelli discusses the methodological issues which lie behind the conflict among different schools of thought in macroeconomics (equilibrium and disequilibrium, risk and uncertainty, rationality and causality). These issues are central to the current debate not only in many branches of economics, but also in other scientific disciplines. The traditional point of view of science based on equilibrium, stability and determinism has been increasingly challenged by a new point of view in which disequilibrium, instability and uncertainty play a crucial role. This, the author argues, is bound to put macroeconomics in a new, more promising position. In the second part of the book the author compares the two main alternative research programmes in macroeconomics: that outlined by Keynes in his 'General Theory', and that suggested by Lucas, the leader of the new classical economists.

    Reviews

    "The book provides an extensive and up-to-date list of references and helpful subject and author indices. The book is well written and will be a valuable source to academicians." Southern Economic Journal

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