~ Macroeconomic Theory ~

Source: James K. Galbraith and William Darity,"Macroeconomics",1994.


Paul Davidson, commenting on his goals, says: "This task is undertaken with some hope that, in current turbulent times, economists' minds are again open to the possibility of a fresh, nonclassical axiomatic analysis to apply to the real world's economic problems as we approach the twenty-first century. This belief in the possible receptivity of mainstream economics to Keynes's 'difference in analysis' is suggested in the following quote from Alan Blinder, co-author of one of the most popular 'New Keynesian' textbooks. Blinder has recently recognized that: 'New Classical Economics' is no longer an attractive intellectual fad in large part because it is not a theory about the world we actually live in. That approach was essentially a mathematical construct that really doesn't apply to the real world. In contrast, Keynesian economics was never intended to be an abstract theory, but a model for practical policy to solve a real world problem. Keynesian macroeconomics was theoretically messy, it wasn't neat mathematically, it didn't have all the strings tied, it had a lot of loose ends and still does. The whole thrust of the intellectual revolution led by Robert E. Lucas, Jr, of the University of Chicago and others was to tie up all the theoretical strings in nice, neat mathematical bows. Everything had to be precise. There was some masquerading among some people, not necessarily by Lucas, that this theorizing had something to do with the real economy."
    Paul Davidson, "Post Keynesian Macroeconomic Theory", p.12, 1994.


"The Century Foundation"

Robert Heilbroner & William Milberg, "The Crisis of Vision in Modern Economic Thought",1995.

Robert Heilbroner, "Teachings from the Worldly Philosophy", 1996.

E. Ray Caterbery, "The Literate Economist", 1995.

Randy Albelda, C. Gunn, W. Waller, "Alternatives to Economic Orthodoxy: A Reader in Political Economy", 1987.

E.K. Hunt, "History of Economic Thought: A Critical Perspective", 7th ed., 1995.

Daniel Fusfeld, "The Age of the Economist", 8th ed., 2001.