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Macroeconomics pp 361-378 | Cite as

The New Classical Macroeconomics

  • Rosalind Levačić
  • Alexander Rebmann
Chapter

Abstract

During the 1970s there has been a powerful resurgence of the (neo-)classical ideas which had been attacked and superseded by the Keynesian revolution. In classical thinking any explanation of cyclical fluctuations in economic activity has to be consistent with
  1. (a)

    market-clearing, and

     
  2. (b)

    optimising behaviour by rational economic agents.

     

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References

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Further reading

  1. Lucas [5], Lucas and Sargent [61, Buiter [171, Tobin [18] and Grossman [19].Google Scholar

Copyright information

© Rosalind Levačić and Alexander Rebmann 1982

Authors and Affiliations

  • Rosalind Levačić
  • Alexander Rebmann

There are no affiliations available

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