Template-type: ReDIF-Paper 1.0
Author-Name: Marchionatti, Roberto
Author-Email: roberto.marchionatti@unito.it
Author-Name: Sella, Lisa 
Author-Email: lisa.sella@ircres.cnr.it
Author-Workplace-Name: University of Turin
Author-Workplace-Homepage: http://www.est.unito.it/
Title: Is Neo-Walrasian Macroeconomics a Dead End?
Abstract: After the ‘new Great Crisis’ exploded in 2008 it is widely recognized that mainstream macroeconomics - the 
last result of Lucas’s anti-Keynesian revolution of the 1980s which tried to give macroeconomics sound neo-Walrasian 
microeconomic bases - has failed to anticipate and then appraise the crisis. Has this crisis revealed a failure of 
this macroeconomics as a scientific theory? Mainstream macroeconomists defend their models on the basis of their 
alleged superiority in terms of clarity and coherence. The thesis of this paper is that this claim about superiority 
is false. The paper argues that the reasons for the failure of mainstream macroeconomics – in particular its poor 
predictive performance and interpretative weakness - reside in the implications of the neo-Walrasian legacy and the 
problems connected with the implementation of that programme 
Length: 41 pages
Creation-Date: 2015-05
File-URL: http://www.est.unito.it/do/home.pl/Download?doc=/allegati/wp2015dip/wp_21_2015.pdf
File-Format: Application/PDF
Handle: RePEc:uto:cesmep:201502