Neoclassical synthesis
Jump to navigation
Jump to search
Neoclassical synthesis is a postwar academic movement in economics that attempts to absorb the macroeconomic thought of John Maynard Keynes into the thought of neoclassical economics. Mainstream economics is largely dominated by the resulting synthesis, being largely Keynesian in macroeconomics and neoclassical in microeconomics.
 |
This economics-related article is a stub. You can help Wikiquote by expanding it. |
Quotes[edit]
- The Neoclassical Synthesis was taken as an article of faith. Fundamental questions about the failures of the market system, such as the causes of periodic depressions and the unemployment that accompanied them, were avoided.
- B. Greenwald and J. E. Stiglitz, "Keynesian, New Keynesian and New Classical Economics", Oxford Economic Papers (1987)
- That was building up during the '50s, in the so-called neoclassical synthesis, better called the neoclassical-neo-Keynesian synthesis, I think. The main thing was that classical economics didn't explain the Great Depesssion and didn't give you any hope of solving it. Keynesian economics did.
- James Tobin, in Conversations with Economists (1983) by Arjo Klamer
