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-)classical theory that is relevant only to "depression economics"-refuting the interpretation offered by J. R. Hicks (1937) in his … depression economics continues to describe the mainstream's failure to engage in relevant monetary economics. …
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The dominant postwar tradition in economics assumes the utility maximization of economic agents drives markets toward … embark on disequilibrium paths. Sometimes these departures are dangerously far reaching. Three great interwar economists set …
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The Financial Crisis of 2008, and the Great Recession in its wake, have shaken up macroeconomics. The paradigm of the "New" Neoclassical Synthesis, which seemed to provide a robust framework of analysis for short-run macro not long ago, fails to capture key elements of the recent crisis. This...
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