Macroeconomic policies on shaky foundations - whither mainstream economics?
|Veranstalter:||IMK in der Hans-Böckler-Stiftung|
|Ort:||Berlin, Best Western Hotel Steglitz International|
Mainstream economics seems to be changing. The homo economicus has repeatedly been called into questions; many macroeconomic models are not based on a market clearing equilibrium any more.
How profound are these changes in mainstream economics? What, if any, is the new orthodoxy in macroeconomics? What are the implications for Post-Keynesian macroeconomics? And how is the relationship between these developments and macroeconomic policies?
The 12th conference of the Research Network addressed these developments and questions. Invited papers by: Bruno Amable (Diversity of capitalism and macroeconomic policy), Philip Arestis (New Consensus macroeconomics and Keynesian critique), David Colander (How did macro theory get so far off track, and what can heterodox macroeconomists do to get it back on track?), Sheila Dow (Variety of opinion in mainstream economics: monetary policy-making by committee), Charles Goodhart (The continuing muddles of monetary theory: a steadfast refusal to face facts), John King (Microfoundations?), Marc Lavoie (Towards a post-Keynesian consensus in macroeconomics: Reconciling the Cambridge and the Wall Street views), Tom Palley (Macroeconomic policies and the modern mainstream in economics), Hans-Michael Trautwein (The new neoclassical synthesis: what renaissance?), and Gennaro Zezza (Fiscal policy in a model of the U.S. economy).