Premium
The Evolution of Ideas in Macroeconomics *
Author(s) -
TAYLOR JOHN B.
Publication year - 1989
Publication title -
economic record
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.365
H-Index - 42
eISSN - 1475-4932
pISSN - 0013-0249
DOI - 10.1111/j.1475-4932.1989.tb00927.x
Subject(s) - citation , library science , foundation (evidence) , sociology , political science , computer science , law
Historians of economic thought frequently use 'revolution' or 'counter-revolution' to highlight fundamental changes in economic thinking. A reader of any one of the tnany surveys of macroeconomic thought during the past 30 years will tind inany references to revolutions and counter-revolutions. Of course there was the Kcytrsiuit revolution which spread rapidly during the 1940s and 1950s. Since then. there appears to have been at least one revolution or counterrevolution pcr decade. When Harry Johnson wrveycd macroeconomic dcvelopments at the end of the 1960s. he focused on the m t w t t r r i c f counter-revolution to the Keynesian revolution.' By the end of the 1970s many reviewers were writing of the rational tqwcrutioris revolution referring to any one or niore of three related developments during the 1970s: ( I ) new classical niodels. ( 2 ) rational expectations models with sticky prices and wages. and ( 3 ) new policy concepts such as the Lucas critique and time inconAtency.2 Now at the end of the 1980s some