| Description |
1 online resource (xxvi, 318 pages) : illustrations |
| Series |
Springer studies in the history of economic thought, 2662-6101 |
|
Springer studies in the history of economic thought, 2662-6101
|
| Contents |
Pt. I. Theory and policy around the Great Depression -- pt. II. Keynes's and Hayek's new thinking : 1936 to 1946 -- pt. III. 1950s to 1980s : the years of Keynesianism and the counter revolutions -- pt. IV. Macroeconomics before the long recession : the return of micro and decline of macro |
| Summary |
This book assesses major schools of thought in macroeconomic theory between the Great Depression and the Long Recession, focusing on their analysis of cycles, crises and macro-policy. It explores the road from the dominance of Keynesian ideas to those of New Classical Macroeconomics (NCM) toward the end of the millennium. The book covers the early influential work of Knut Wicksell; the economic debates of the 1930s, with core contributions from John Maynard Keynes and Friedrich von Hayek; the rise of Keynesianism in the 1950s and its decline since the 1970s; the rise of Monetarism in the 1960s; and NCM's subsequent rise to prominence. Finally, the book outlines how macroeconomics has evolved from its birth in the 1930s as a theory separate from microeconomics, resulting in a split between macro- and micro-theories, and ended up with a new hegemonic paradigm based on microfoundations. The ensuing policy thinking witnessed a transformation from "active" macro-policy after the Great Depression to a far more "passive" macro-policy during the last quarter of the twentieth century, which may have contributed to missing the signs of the impending Long Recession of 2008 |
| Bibliography |
Includes bibliographical references and index |
| Notes |
Online resource; title from PDF title page (SpringerLink, viewed May 11, 2022) |
| Subject |
Macroeconomics.
|
|
Macroeconomics
|
| Form |
Electronic book
|
| ISBN |
9783030977030 |
|
303097703X |
|
