
Contents
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1. The Macro Picture Today 1. The Macro Picture Today
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2. The Questions for Macroeconomics 2. The Questions for Macroeconomics
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General Purpose Question: Macroeconomics General Purpose Question: Macroeconomics
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History History
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Production and Distribution Production and Distribution
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Effective Demand Effective Demand
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General Purpose Question: Equilibrium and Expectations General Purpose Question: Equilibrium and Expectations
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Money Money
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Banking and Interest Banking and Interest
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Labor Market Labor Market
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Inflation and Phillips Curves Inflation and Phillips Curves
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Taxation and Government Spending Taxation and Government Spending
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International Macro: Balance of Payments, Globalization International Macro: Balance of Payments, Globalization
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3. Comparing the Approaches 3. Comparing the Approaches
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Old Keynesians, Blending into the Neoclassical Synthesis Old Keynesians, Blending into the Neoclassical Synthesis
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New Keynesians New Keynesians
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Monetarists Monetarists
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New Classicals New Classicals
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New Consensus New Consensus
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Critical Remarks Critical Remarks
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Assertions of Stylized Facts Assertions of Stylized Facts
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Post-Keynesians Post-Keynesians
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Bielefeld–New School or Flaschel and Semmler and Coauthors Bielefeld–New School or Flaschel and Semmler and Coauthors
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Nell’s Transformational Growth Approach Nell’s Transformational Growth Approach
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Conclusions Conclusions
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Notes Notes
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References References
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15 Reinventing Macroeconomics: What are the Questions?
Get accessEdward J. Nell is the Malcolm B. Smith Professor of Economics at the New School for Social Research in New York City.
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Published:01 October 2013
Cite
Abstract
Joan Robinson asked, “What are the Questions?” in her seventy-fifth year. Economics, she felt, was no longer focusing on the important issues; it had become bogged down in the mathematical detail of models. She asked this because she wanted to force the profession to face the fact that there was very little apparent progress in economics. It was time to ask again what was economics supposed to explain, in particular, not only how growth took place, but what was the point of growth and economic expansion, what were they for? This chapter considers two kinds of questions. First are those that concern how each of the different parts of the macro-system work—production, labor market, money and banking, taxation and government spending. Second are those questions about how these different parts interact, how they are tied together to make a system that works in a certain way—inflation and Phillips curves, for example.
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