Seven Schools of Macroeconomic Thought
05/1990 · Clarendon Press
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This book offers an excellent survey of various macroeconomic topics which feature prominently in the research agenda and have inspired both theoretical and policy debate. The book presents an authoritative and comprehensive summary and original critique of modern macroeconomic approaches by a scholar whose own contribution to the field is considerable. In each of his seven chapters, the author reviews one school of economic thought. These are: the Keynesian school of macroeconomics; the monetarist school; the New Classical school; the New-Keynesian school; supply side macroeconomics, and `non-monetary' models of macroeconomics - the real business cycle theory and the `structuralist school' which views changes in unemployment as the outcome of shifts in the structural characteristics of the economy. The book is the text of the first series of Ryde Lectures, established by Lund University in Sweden.
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Edmund Phelps is McVickar Professor of Political Economy at Columbia University and Director of Columbia's Center on Capitalism and Society. He was the winner of the 2006 Nobel Prize in Economics. He holds many honorary doctorates and professorships, including from the Université libre de Bruxelles, Tsinghua University, and the Institut d'Etudes Politiques de Paris. He is a Fellow of the National Academy of Science and a Distinguished Fellow of the American Economic Association. In 2008, he was named Chevalier de la Légion d'Honneur and awarded the Premio Pico della Mirandola and the Kiel Global Economy Prize. In 2010, he was appointed Dean of New Huadu Business School at Minjiang University. In 2011, he received the Louise Blouin Creative Leadership Award and was named a Full Foreign Member of the Russian Academy of Sciences and in 2012 he was elected an Honorary Patron of the University Philosophical Society of Trinity College.
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