The development of modern macroeconomics: reflections in the light of Johnson's analysis after twenty-five years

Article Abstract:

Harry Johnson proffered two reasons for the rapid acceptance and progress of Keynesian economics in the postwar period. One factor he cited was the 'scientific characteristics' of the new ideas which contributed to their intellectual acceptance. These 'internal scientific characteristics' are important in explaining the impact of new classical macroeconomics on the development of modern macroeconomics. The fourth characteristic, which states that Keynesian ideas represent a 'new more appealing methodology,' may be the most significant of the contributions of new classical macroeconomics.

Chicago school of economics, Monetarism

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Modern macroeconomics and its evolution from a monetarist perspective

Article Abstract:

Professor Milton Friedman, considered the most influential macroeconomist of the 60s and 70s, greatly contributed to a monetarist framework of evaluating economic development. His theory of market force equilibria which challenged the Keynesian theory of activist intervention of market failures influenced a world-wide economic era. His papers and books expounded and criticized economic strategies of US and European nations after the Depression. Today, his theoretical and empirical foundations are the foundation of many economic policies.

Economic Views, Economic policy, Interview, Beliefs, opinions and attitudes, Money market, Money markets, Friedman, Milton

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The decline of a paradigm: the quantity theory and recovery in the 1930s

Article Abstract:

The decline of the use of quantity theory paradigm to explain the Great Depression and the economic recovery ensuing is puzzling as there was no compelling reason for economists to abandon it and yet they did. The Keynesian model did not surface until after a decade later yet economists declined to continue the use of the available quantity theory to explain prevailing macroeconomic conditions at the time.

Econometrics & Model Building, Econometrics, Business models, Quantity theory of money, 1930 AD

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