Abstract
Is there a long wave in the business cycle? I doubt it. But Kondratief is right as far as the cycle in macro-economic paradigms is concerned. Like everything that comes in waves, paradigms have their ups and downs. Over the last half century, we have witnessed the long upswing of Keynesian economics, culminating in the crest of the neo-classical/neo-Keynesian synthesis, and crashing onto the shores of reality with the foamy splash of rational expectations, on which the intellectual nouveaux riches of the new classical economists are happily surfing along.
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Wolfson, D.J. (1992). The scope for fiscal policy in the European Community. In: Fair, D.E., De Boissieu, C. (eds) Fiscal Policy, Taxation and the Financial System in an Increasingly Integrated Europe. Financial and Monetary Policy Studies, vol 22. Springer, Dordrecht. https://doi.org/10.1007/978-94-011-2628-1_20
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