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  • 6 - Macroeconomics before Microeconomics

  • Edited by Enrico Bellino, Università Cattolica del Sacro Cuore, Milano, Sebastiano Nerozzi, Università Cattolica del Sacro Cuore, Milano
  • Book:
    Pasinetti and the Classical Keynesians
    Published online:
    17 February 2022
    Print publication:
    24 February 2022, pp 157-186

  • Summary

    This chapter traces the main currents in the development of macroeconomic thinking over the last seventy years. It adopts a sceptical stance towards the incorporation of Keynes’s theory of effective demand into mainstream thinking and examines the shortcomings of such approaches as they have emerged and developed over time. It pays particular attention to the neoclassical synthesis, the new neoclassical synthesis, general-equilibrium macroeconomics and new classical macroeconomics. It concludes with a brief overview of some potential ways ahead and of their prospects and problems.