A Critique of Neoclassical Macroeconomics

John Weeks

A Critique of Neoclassical Macroeconomics
Format
Hardback
Publisher
Palgrave Macmillan
Country
United Kingdom
Published
24 October 1989
Pages
290
ISBN
9780333449035

A Critique of Neoclassical Macroeconomics

John Weeks

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The purpose of this book is to provide a critique of the standard neoclassical macroeconomic model. This model is the basis of certain parables which play a major role in policy-making and in the way that the layman conceives of economic policy and management. Two of the most important parables are, firstly, more employment is stimulated by lower real wages and secondly, inflation is the result of an increase in the money supply . The author attempts to demonstrate that both of these generally accepted parables are derived from a highly abstract model whose internal logic is extremely problematical. Further, the logical difficulties arise within a model whose assumptions make it at best a very special case. It is demonstrated that these generally-accepted conclusions are not only of questionable empirical relevance, but based upon questionable logic.

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