Competing schools of thought in macroeconomics ‐ an ever‐emerging consensus?

Abstract

Using recent literature, examines developments in seven macroeconomic schools of thought: orthodox Keynesian, monetarist, new classical, real business cycle theory, new Keynesian, Austrian and post‐Keynesian. Describes all of these and classifies them as orthodox, new or radical. After setting out the differences, discusses the degree of agreement between the schools of thought. Concludes that macroeconomics is constantly evolving, resulting in new disagreements requiring a new consensus.

Citation

Gerrard, B. (1996), "Competing schools of thought in macroeconomics ‐ an ever‐emerging consensus?", Journal of Economic Studies, Vol. 23 No. 1, pp. 53-69. https://doi.org/10.1108/01443589610106543