Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/277193 
Authors: 
Year of Publication: 
2010
Citation: 
[Journal:] Intervention. European Journal of Economics and Economic Policies [ISSN:] 2195-3376 [Volume:] 07 [Issue:] 2 [Year:] 2010 [Pages:] 283-302
Publisher: 
Metropolis-Verlag, Marburg
Abstract: 
Contrasts are drawn between mainstream macroeconomics (with the 'New Consensus in Macroeconomics' taken as the current manifestation) and heterodox macroeconomics and their abilities to comprehend the financial crises and world wide recession of 2007 – 09 for macroeconomic paradigms is discussed. Specifically, the contrasting ways in which the two schools of thought treat unemployment, human behaviour, aggregate and money and credit are discussed. It is concluded that the events of 2007 – 09 once again cast doubt on the abilities of mainstream macroeconomics to confront the realities of capitalist economies.
Subjects: 
macroeconomic paradigms
new consensus in macroeconomics
heterodox macroeconomics
economic crisis
JEL: 
B50
E12
E13
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by Logo
Document Type: 
Article

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