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  • Print publication year: 2019
  • Online publication date: November 2019

7 - The Macroeconomics of the Neoclassical Synthesis

from Part III - The Disgregation of the Mainstream

Summary

In the framework of a critical illustration of the contemporary history of economics, this chapter illustrates the development of the neoclassical synthesis, from Hicks to Modigliani; its appropriation of the Phillips curve, some Marshallian varieties of the neoclassical synthesis, the developments of growth theory since Solow’s model, stressing the theoretical limits of these developments. A brief appendix synthetically provides an algebraic representation of these developments, while stressing their limits. A final section surveys the variegated field of development analysis.