The Revival of Laissez-faire in American Macroeconomic Theory: A Case Study of the Pioneers
In the 1970s, the Keynesian orthodoxy in macroeconomics began to break down. In direct contrast to Keynesian recommendations of discretionary policy, models advocating laissez-faire came to the forefront of economic theory, from monetarism to public choice theory to new classical economics. This book provides a comprehensive account of this watershed and traces the evolution of laissez-faire using the cases of its main proponents.
What people are saying - Write a review
We haven't found any reviews in the usual places.
Henry Calvert Simons author of the blueprint
Friedrich von Hayek and the Austrian influence
Milton Friedman and monetarism
4 other sections not shown
Other editions - View all
accepted action alternative analysis argued assumed assumption Austrian became behavior believed Buchanan business cycle capital central changes Chicago choice classical competition concept consisted decisions demand determined developed discussion early economic activity economic theory economists effect empirical equilibrium ethical example existing expectations explain extended fact factors finance fiscal followed foundation framework freedom Friedman Hayek human hypothesis ideas important income increased individual inflation influence institutions interest Keynesian Knight knowledge laissez-faire later liberalism Lucas macroeconomic means method monetary natural neoclassical observed organization particular philosophy planning political positive positive economics predictions presented Press problem production quantity question rational recommended regarding response result role rules scientific Second Simons social society structure subjective supply theoretical theory tion ultimately uncertainty University values