On the character of macroeconomics, macroeconomic policy and econometrics: the need for another macroeconomic policy conception
The work argues that the “traditional” macroeconomic policy conception that emerged in the fifties and sixties was rightly challenged in the seventies, although on the basis of an insufficiently grounded belief in the equilibrating tendencies in market economies. According to the author, the traditi...
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| Format: | Article |
| Language: | English |
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Associazione Economia civile
2013-11-01
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| Series: | PSL Quarterly Review |
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| Online Access: | https://rosa.uniroma1.it/rosa04/psl_quarterly_review/article/view/11108 |
| _version_ | 1811172488346861568 |
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| author | L.H. HOODGDUIN |
| author_facet | L.H. HOODGDUIN |
| author_sort | L.H. HOODGDUIN |
| collection | DOAJ |
| description | The work argues that the “traditional” macroeconomic policy conception that emerged in the fifties and sixties was rightly challenged in the seventies, although on the basis of an insufficiently grounded belief in the equilibrating tendencies in market economies. According to the author, the traditional policy conception should be rejected for its misconception of the character of macroeconomics which led to an overly pretentious claim for the possibilities of macroeconomics and macroeconometric model-building in the field of policy. Furthermore, it is argued that the possibility of important deficiencies in the functioning of market economies cannot be precluded on either theoretical or empirical grounds.
JEL: E60, C01
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| first_indexed | 2024-04-10T17:30:57Z |
| format | Article |
| id | doaj.art-08537b2571cb4ef4b23324125bae3077 |
| institution | Directory Open Access Journal |
| issn | 2037-3635 2037-3643 |
| language | English |
| last_indexed | 2024-04-10T17:30:57Z |
| publishDate | 2013-11-01 |
| publisher | Associazione Economia civile |
| record_format | Article |
| series | PSL Quarterly Review |
| spelling | doaj.art-08537b2571cb4ef4b23324125bae30772023-02-03T16:45:27ZengAssociazione Economia civilePSL Quarterly Review2037-36352037-36432013-11-014116410.13133/2037-3643/11108On the character of macroeconomics, macroeconomic policy and econometrics: the need for another macroeconomic policy conceptionL.H. HOODGDUINThe work argues that the “traditional” macroeconomic policy conception that emerged in the fifties and sixties was rightly challenged in the seventies, although on the basis of an insufficiently grounded belief in the equilibrating tendencies in market economies. According to the author, the traditional policy conception should be rejected for its misconception of the character of macroeconomics which led to an overly pretentious claim for the possibilities of macroeconomics and macroeconometric model-building in the field of policy. Furthermore, it is argued that the possibility of important deficiencies in the functioning of market economies cannot be precluded on either theoretical or empirical grounds. JEL: E60, C01 https://rosa.uniroma1.it/rosa04/psl_quarterly_review/article/view/11108Macroeconomic policy conceptionequilibrating tendencies |
| spellingShingle | L.H. HOODGDUIN On the character of macroeconomics, macroeconomic policy and econometrics: the need for another macroeconomic policy conception PSL Quarterly Review Macroeconomic policy conception equilibrating tendencies |
| title | On the character of macroeconomics, macroeconomic policy and econometrics: the need for another macroeconomic policy conception |
| title_full | On the character of macroeconomics, macroeconomic policy and econometrics: the need for another macroeconomic policy conception |
| title_fullStr | On the character of macroeconomics, macroeconomic policy and econometrics: the need for another macroeconomic policy conception |
| title_full_unstemmed | On the character of macroeconomics, macroeconomic policy and econometrics: the need for another macroeconomic policy conception |
| title_short | On the character of macroeconomics, macroeconomic policy and econometrics: the need for another macroeconomic policy conception |
| title_sort | on the character of macroeconomics macroeconomic policy and econometrics the need for another macroeconomic policy conception |
| topic | Macroeconomic policy conception equilibrating tendencies |
| url | https://rosa.uniroma1.it/rosa04/psl_quarterly_review/article/view/11108 |
| work_keys_str_mv | AT lhhoodgduin onthecharacterofmacroeconomicsmacroeconomicpolicyandeconometricstheneedforanothermacroeconomicpolicyconception |