Debates in macroeconomics from the Great Depression to the Long Recession : cycles, crises and policy responses / Arie Arnon.
Arnon, Arie, author.
2022
HB172.5
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Title Debates in macroeconomics from the Great Depression to the Long Recession : cycles, crises and policy responses / Arie Arnon.
Author Arnon, Arie, author.
ISBN 9783030977030 (electronic bk.)
303097703X (electronic bk.)
9783030977023 (print)
3030977021
DOI https://doi.org/10.1007/978-3-030-97703-0
Published Cham, Switzerland : Springer, 2022.
Language English
Description 1 online resource (xxvi, 318 pages) : illustrations.
Other Standard Identifiers 10.1007/978-3-030-97703-0 doi
Call Number HB172.5
Dewey Decimal Classification 339
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, etc. Note Includes bibliographical references and index.
Access Note Access limited to authorized users.
Source of Description Online resource; title from PDF title page (SpringerLink, viewed May 11, 2022).
Series Springer studies in the history of economic thought, 2662-6101
Available in Other Form Print version: 9783030977023
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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.

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