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class="mw-content-ltr mw-parser-output" lang="en" dir="ltr"><div class="shortdescription nomobile noexcerpt noprint searchaux" style="display:none">Postwar academic movement in economics</div> <style data-mw-deduplicate="TemplateStyles:r1236090951">.mw-parser-output .hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">For the contemporary consensus in macroeconomics, see <a href="/wiki/New_neoclassical_synthesis" title="New neoclassical synthesis">New neoclassical synthesis</a>.</div> <p class="mw-empty-elt"> </p> <style data-mw-deduplicate="TemplateStyles:r1129693374">.mw-parser-output .hlist dl,.mw-parser-output .hlist ol,.mw-parser-output .hlist ul{margin:0;padding:0}.mw-parser-output .hlist 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.sidebar-list-title,html.skin-theme-clientpref-night .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle{background:transparent!important}html.skin-theme-clientpref-night .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle a{color:var(--color-progressive)!important}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .sidebar:not(.notheme) .sidebar-list-title,html.skin-theme-clientpref-os .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle{background:transparent!important}html.skin-theme-clientpref-os .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle a{color:var(--color-progressive)!important}}@media print{body.ns-0 .mw-parser-output .sidebar{display:none!important}}</style><table class="sidebar sidebar-collapse nomobile nowraplinks"><tbody><tr><td class="sidebar-pretitle">Part of <a href="/wiki/Category:Macroeconomics" title="Category:Macroeconomics">a series</a> on</td></tr><tr><th class="sidebar-title-with-pretitle"><a href="/wiki/Macroeconomics" title="Macroeconomics">Macroeconomics</a></th></tr><tr><td class="sidebar-image" style="padding-top:0.6em;"><span class="notpageimage" typeof="mw:File"><a href="/wiki/File:Ec_8_(26088200676)_(cropped).jpg" class="mw-file-description"><img alt="Federal Reserve" src="//upload.wikimedia.org/wikipedia/commons/thumb/8/8f/Ec_8_%2826088200676%29_%28cropped%29.jpg/220px-Ec_8_%2826088200676%29_%28cropped%29.jpg" decoding="async" width="220" height="150" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/8/8f/Ec_8_%2826088200676%29_%28cropped%29.jpg/330px-Ec_8_%2826088200676%29_%28cropped%29.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/8/8f/Ec_8_%2826088200676%29_%28cropped%29.jpg/440px-Ec_8_%2826088200676%29_%28cropped%29.jpg 2x" data-file-width="2400" data-file-height="1633" /></a></span></td></tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;text-align:center;;color: var(--color-base)">Basic concepts</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Aggregate_demand" title="Aggregate demand">Aggregate demand</a></li> <li><a href="/wiki/Aggregate_supply" title="Aggregate supply">Aggregate supply</a></li> <li><a href="/wiki/Business_cycle" title="Business cycle">Business cycle</a></li> <li><a href="/wiki/Compound_annual_growth_rate" title="Compound annual growth rate">CAGR</a></li> <li><a href="/wiki/Deflation" title="Deflation">Deflation</a></li> <li><a href="/wiki/Demand_shock" title="Demand shock">Demand shock</a></li> <li><a href="/wiki/Disinflation" title="Disinflation">Disinflation</a></li> <li><a href="/wiki/Effective_demand" title="Effective demand">Effective demand</a></li> <li>Expectations <ul><li><a href="/wiki/Adaptive_expectations" title="Adaptive expectations">Adaptive</a></li> <li><a href="/wiki/Rational_expectations" title="Rational expectations">Rational</a></li></ul></li> <li><a href="/wiki/Financial_crisis" title="Financial crisis">Financial crisis</a></li> <li><a href="/wiki/Economic_growth" title="Economic growth">Growth</a></li> <li><a href="/wiki/Inflation" title="Inflation">Inflation</a> <ul><li><a href="/wiki/Demand-pull_inflation" title="Demand-pull inflation">Demand-pull</a></li> <li><a href="/wiki/Cost-push_inflation" title="Cost-push inflation">Cost-push</a></li></ul></li> <li><a href="/wiki/Interest_rate" title="Interest rate">Interest rate</a></li> <li><a href="/wiki/Investment_(macroeconomics)" title="Investment (macroeconomics)">Investment</a></li> <li><a href="/wiki/Liquidity_trap" title="Liquidity trap">Liquidity trap</a></li> <li><a href="/wiki/Measures_of_national_income_and_output" title="Measures of national income and output">Measures of national income and output</a> <ul><li><a href="/wiki/Gross_domestic_product" title="Gross domestic product">GDP</a></li> <li><a href="/wiki/Gross_national_income" title="Gross national income">GNI</a></li> <li><a href="/wiki/Net_national_income" title="Net national income">NNI</a></li></ul></li> <li><a href="/wiki/Microfoundations" title="Microfoundations">Microfoundations</a></li> <li><a href="/wiki/Money" title="Money">Money</a> <ul><li><a href="/wiki/Endogenous_money" title="Endogenous money">Endogenous</a></li></ul></li> <li><a href="/wiki/Money_creation" title="Money creation">Money creation</a></li> <li><a href="/wiki/Demand_for_money" title="Demand for money">Demand for money</a> <ul><li><a href="/wiki/Liquidity_preference" title="Liquidity preference">Liquidity preference</a></li></ul></li> <li><a href="/wiki/Money_supply" title="Money supply">Money supply</a></li> <li><a href="/wiki/National_accounts" title="National accounts">National accounts</a> <ul><li><a href="/wiki/System_of_National_Accounts" title="System of National Accounts">SNA</a></li></ul></li> <li><a href="/wiki/Nominal_rigidity" title="Nominal rigidity">Nominal rigidity</a></li> <li><a href="/wiki/Price_level" title="Price level">Price level</a></li> <li><a href="/wiki/Recession" title="Recession">Recession</a></li> <li><a href="/wiki/Shrinkflation" title="Shrinkflation">Shrinkflation</a></li> <li><a href="/wiki/Stagflation" title="Stagflation">Stagflation</a></li> <li><a href="/wiki/Supply_shock" title="Supply shock">Supply shock</a></li> <li><a href="/wiki/National_saving" title="National saving">Saving</a></li> <li><a href="/wiki/Unemployment" title="Unemployment">Unemployment</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;text-align:center;;color: var(--color-base)">Policies</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Fiscal_policy" title="Fiscal policy">Fiscal</a></li> <li><a href="/wiki/Monetary_policy" title="Monetary policy">Monetary</a></li> <li><a href="/wiki/Commercial_policy" title="Commercial policy">Commercial</a></li> <li><a href="/wiki/Central_bank" title="Central bank">Central bank</a></li> <li><a href="/wiki/Universal_basic_income" title="Universal basic income">Universal basic income</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;text-align:center;;color: var(--color-base)">Models</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/IS%E2%80%93LM_model" title="IS–LM model">IS–LM</a></li> <li><a href="/wiki/AD%E2%80%93AS_model" title="AD–AS model">AD–AS</a></li> <li><a href="/wiki/Keynesian_cross" title="Keynesian cross">Keynesian cross</a></li> <li><a href="/wiki/Multiplier_(economics)" title="Multiplier (economics)">Multiplier</a></li> <li><a href="/wiki/Accelerator_effect" title="Accelerator effect">Accelerator</a></li> <li><a href="/wiki/Phillips_curve" title="Phillips curve">Phillips curve</a></li> <li><a href="/wiki/Arrow%E2%80%93Debreu_model" title="Arrow–Debreu model">Arrow–Debreu</a></li> <li><a href="/wiki/Harrod%E2%80%93Domar_model" title="Harrod–Domar model">Harrod–Domar</a>Нмиф</li> <li><a href="/wiki/Solow%E2%80%93Swan_model" title="Solow–Swan model">Solow–Swan</a></li> <li><a href="/wiki/Ramsey%E2%80%93Cass%E2%80%93Koopmans_model" title="Ramsey–Cass–Koopmans model">Ramsey–Cass–Koopmans</a></li> <li><a href="/wiki/Overlapping_generations_model" title="Overlapping generations model">Overlapping generations</a></li> <li><a href="/wiki/General_equilibrium_theory" title="General equilibrium theory">General equilibrium</a> <ul><li><a href="/wiki/Dynamic_stochastic_general_equilibrium" title="Dynamic stochastic general equilibrium">DSGE</a></li></ul></li> <li><a href="/wiki/Endogenous_growth_theory" title="Endogenous growth theory">Endogenous growth</a></li> <li><a href="/wiki/Matching_theory_(economics)" class="mw-redirect" title="Matching theory (economics)">Matching theory</a></li> <li><a href="/wiki/Mundell%E2%80%93Fleming_model" title="Mundell–Fleming model">Mundell–Fleming</a></li> <li><a href="/wiki/Overshooting_model" title="Overshooting model">Overshooting</a></li> <li><a href="/wiki/NAIRU" title="NAIRU">NAIRU</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;text-align:center;;color: var(--color-base)">Related fields</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Econometrics" title="Econometrics">Econometrics</a></li> <li><a href="/wiki/Economic_statistics" title="Economic statistics">Economic statistics</a></li> <li><a href="/wiki/Monetary_economics" title="Monetary economics">Monetary economics</a></li> <li><a href="/wiki/Development_economics" title="Development economics">Development economics</a></li> <li><a href="/wiki/International_economics" title="International economics">International economics</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;text-align:center;;color: var(--color-base)"><a href="/wiki/History_of_macroeconomic_thought" title="History of macroeconomic thought">Schools</a></div><div class="sidebar-list-content mw-collapsible-content hlist"><i>Mainstream</i> <ul><li><a href="/wiki/Keynesian_economics" title="Keynesian economics">Keynesian</a> <ul><li><a href="/wiki/Neo-Keynesian_economics" class="mw-redirect" title="Neo-Keynesian economics">Neo-</a></li> <li><a href="/wiki/New_Keynesian_economics" title="New Keynesian economics">New</a></li></ul></li> <li><a href="/wiki/Monetarism" title="Monetarism">Monetarism</a></li> <li><a href="/wiki/New_classical_macroeconomics" title="New classical macroeconomics">New classical</a> <ul><li><a href="/wiki/Real_business-cycle_theory" title="Real business-cycle theory">Real business-cycle theory</a></li></ul></li> <li><a href="/wiki/Stockholm_school_(economics)" class="mw-redirect" title="Stockholm school (economics)">Stockholm</a></li> <li><a href="/wiki/Supply-side_economics" title="Supply-side economics">Supply-side</a></li> <li><a href="/wiki/New_neoclassical_synthesis" title="New neoclassical synthesis">New neoclassical synthesis</a></li> <li><a href="/wiki/Saltwater_and_freshwater_economics" title="Saltwater and freshwater economics">Saltwater and freshwater</a></li></ul> <p><i>Heterodox</i> </p> <ul><li><a href="/wiki/Austrian_School" class="mw-redirect" title="Austrian School">Austrian</a></li> <li><a href="/wiki/Chartalism" title="Chartalism">Chartalism</a> <ul><li><a href="/wiki/Modern_monetary_theory" title="Modern monetary theory">Modern monetary theory</a></li></ul></li> <li><a href="/wiki/Ecological_economics" title="Ecological economics">Ecological</a></li> <li><a href="/wiki/Post-Keynesian_economics" title="Post-Keynesian economics">Post-Keynesian</a> <ul><li><a href="/wiki/Monetary_circuit_theory" title="Monetary circuit theory">Circuitism</a></li></ul></li> <li><a href="/wiki/Disequilibrium_macroeconomics" title="Disequilibrium macroeconomics">Disequilibrium</a></li> <li><a href="/wiki/Marxian_economics" title="Marxian economics">Marxian</a></li> <li><a href="/wiki/Market_monetarism" title="Market monetarism">Market monetarism</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;text-align:center;;color: var(--color-base)"><a href="/wiki/Category:Macroeconomists" title="Category:Macroeconomists">People</a></div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Fran%C3%A7ois_Quesnay" title="François Quesnay">François Quesnay</a></li> <li><a href="/wiki/Adam_Smith" title="Adam Smith">Adam Smith</a></li> <li><a href="/wiki/Thomas_Robert_Malthus" title="Thomas Robert Malthus">Thomas Robert Malthus</a></li> <li><a href="/wiki/Karl_Marx" title="Karl Marx">Karl Marx</a></li> <li><a href="/wiki/L%C3%A9on_Walras" title="Léon Walras">Léon Walras</a></li> <li><a href="/wiki/Knut_Wicksell" title="Knut Wicksell">Knut Wicksell</a></li> <li><a href="/wiki/Irving_Fisher" title="Irving Fisher">Irving Fisher</a></li> <li><a href="/wiki/Wesley_Clair_Mitchell" title="Wesley Clair Mitchell">Wesley Clair Mitchell</a></li> <li><a href="/wiki/John_Maynard_Keynes" title="John Maynard Keynes">John Maynard Keynes</a></li> <li><a href="/wiki/Alvin_Hansen" title="Alvin Hansen">Alvin Hansen</a></li> <li><a href="/wiki/Micha%C5%82_Kalecki" title="Michał Kalecki">Michał Kalecki</a></li> <li><a href="/wiki/Gunnar_Myrdal" title="Gunnar Myrdal">Gunnar Myrdal</a></li> <li><a href="/wiki/Simon_Kuznets" title="Simon Kuznets">Simon Kuznets</a></li> <li><a href="/wiki/Joan_Robinson" title="Joan Robinson">Joan Robinson</a></li> <li><a href="/wiki/Friedrich_Hayek" title="Friedrich Hayek">Friedrich Hayek</a></li> <li><a href="/wiki/John_Hicks" title="John Hicks">John Hicks</a></li> <li><a href="/wiki/Richard_Stone" title="Richard Stone">Richard Stone</a></li> <li><a href="/wiki/Hyman_Minsky" title="Hyman Minsky">Hyman Minsky</a></li> <li><a href="/wiki/Milton_Friedman" title="Milton Friedman">Milton Friedman</a></li> <li><a href="/wiki/Paul_Samuelson" title="Paul Samuelson">Paul Samuelson</a></li> <li><a href="/wiki/Lawrence_Klein" title="Lawrence Klein">Lawrence Klein</a></li> <li><a href="/wiki/Edmund_Phelps" title="Edmund Phelps">Edmund Phelps</a></li> <li><a href="/wiki/Robert_Lucas_Jr." title="Robert Lucas Jr.">Robert Lucas Jr.</a></li> <li><a href="/wiki/Edward_C._Prescott" title="Edward C. Prescott">Edward C. Prescott</a></li> <li><a href="/wiki/Peter_Diamond" title="Peter Diamond">Peter Diamond</a></li> <li><a href="/wiki/William_Nordhaus" title="William Nordhaus">William Nordhaus</a></li> <li><a href="/wiki/Joseph_Stiglitz" title="Joseph Stiglitz">Joseph Stiglitz</a></li> <li><a href="/wiki/Thomas_J._Sargent" title="Thomas J. Sargent">Thomas J. Sargent</a></li> <li><a href="/wiki/Paul_Krugman" title="Paul Krugman">Paul Krugman</a></li> <li><a href="/wiki/Greg_Mankiw" title="Greg Mankiw">N. Gregory Mankiw</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;text-align:center;;color: var(--color-base)">See also</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Macroeconomic_model" title="Macroeconomic model">Macroeconomic model</a></li> <li><a href="/wiki/List_of_important_publications_in_economics#Macroeconomics" title="List of important publications in economics">Publications in macroeconomics</a></li> <li><a href="/wiki/Economics" title="Economics">Economics</a> <ul><li><a href="/wiki/Applied_economics" title="Applied economics">Applied</a></li></ul></li> <li><a href="/wiki/Microeconomics" title="Microeconomics">Microeconomics</a></li> <li><a href="/wiki/Political_economy" title="Political economy">Political economy</a></li> <li><a href="/wiki/Mathematical_economics" title="Mathematical economics">Mathematical economics</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-below plainlist"> <ul><li><span class="nowrap"><span class="noviewer" typeof="mw:File"><span><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/16px-Bills_and_coins.svg.png" decoding="async" width="16" height="8" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/24px-Bills_and_coins.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/32px-Bills_and_coins.svg.png 2x" data-file-width="960" data-file-height="465" /></span></span> </span><a href="/wiki/Portal:Money" title="Portal:Money">Money portal</a></li> <li><span class="nowrap"><span class="noviewer" typeof="mw:File"><a href="/wiki/File:Emblem-money.svg" class="mw-file-description"><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/16px-Emblem-money.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/24px-Emblem-money.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/32px-Emblem-money.svg.png 2x" data-file-width="48" data-file-height="48" /></a></span> </span><a href="/wiki/Portal:Business" title="Portal:Business">Business portal</a></li></ul></td></tr><tr><td class="sidebar-navbar"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1239400231">.mw-parser-output .navbar{display:inline;font-size:88%;font-weight:normal}.mw-parser-output .navbar-collapse{float:left;text-align:left}.mw-parser-output .navbar-boxtext{word-spacing:0}.mw-parser-output .navbar ul{display:inline-block;white-space:nowrap;line-height:inherit}.mw-parser-output .navbar-brackets::before{margin-right:-0.125em;content:"[ "}.mw-parser-output .navbar-brackets::after{margin-left:-0.125em;content:" ]"}.mw-parser-output .navbar li{word-spacing:-0.125em}.mw-parser-output .navbar a>span,.mw-parser-output .navbar a>abbr{text-decoration:inherit}.mw-parser-output .navbar-mini abbr{font-variant:small-caps;border-bottom:none;text-decoration:none;cursor:inherit}.mw-parser-output .navbar-ct-full{font-size:114%;margin:0 7em}.mw-parser-output .navbar-ct-mini{font-size:114%;margin:0 4em}html.skin-theme-clientpref-night .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}@media(prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}}@media print{.mw-parser-output .navbar{display:none!important}}</style><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Macroeconomics_sidebar" title="Template:Macroeconomics sidebar"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Macroeconomics_sidebar" title="Template talk:Macroeconomics sidebar"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Macroeconomics_sidebar" title="Special:EditPage/Template:Macroeconomics sidebar"><abbr title="Edit this template">e</abbr></a></li></ul></div></td></tr></tbody></table> <p>The <b>neoclassical synthesis (NCS)</b>, or <b>neoclassical–Keynesian synthesis</b><sup id="cite_ref-:8_1-0" class="reference"><a href="#cite_note-:8-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> is an academic movement and paradigm in <a href="/wiki/Economics" title="Economics">economics</a> that worked towards reconciling the <a href="/wiki/Macroeconomic" class="mw-redirect" title="Macroeconomic">macroeconomic</a> thought of <a href="/wiki/John_Maynard_Keynes" title="John Maynard Keynes">John Maynard Keynes</a> in his book <i><a href="/wiki/The_General_Theory_of_Employment,_Interest_and_Money" title="The General Theory of Employment, Interest and Money">The General Theory of Employment, Interest and Money</a></i> (1936) with <a href="/wiki/Neoclassical_economics" title="Neoclassical economics">neoclassical economics</a>. </p><p>The neoclassical synthesis is a macroeconomic theory that emerged in the mid-20th century, combining the ideas of neoclassical economics with Keynesian economics. The synthesis was an attempt to reconcile the apparent differences between the two schools of thought and create a more comprehensive theory of macroeconomics. </p><p>It was formulated most notably by <a href="/wiki/John_Hicks" title="John Hicks">John Hicks</a> (1937),<sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> <a href="/wiki/Franco_Modigliani" title="Franco Modigliani">Franco Modigliani</a> (1944),<sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> and <a href="/wiki/Paul_Samuelson" title="Paul Samuelson">Paul Samuelson</a> (1948),<sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> who dominated economics in the post-war period and formed the mainstream of macroeconomic thought in the 1950s, 60s, and 70s.<sup id="cite_ref-New_School_5-0" class="reference"><a href="#cite_note-New_School-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> </p><p>The Keynesian school of economics had gained widespread acceptance during the <a href="/wiki/Great_Depression" title="Great Depression">Great Depression</a>, as governments used deficit spending and <a href="/wiki/Monetary_policy" title="Monetary policy">monetary policy</a> to stimulate economic activity and reduce unemployment. However, neoclassical economists argued that Keynesian policies could lead to inflation and other economic problems. They believed that markets would eventually adjust to restore equilibrium, and that government intervention could disrupt this process </p><p>In the 1950s and 1960s, economists like Paul Samuelson and <a href="/wiki/Robert_Solow" title="Robert Solow">Robert Solow</a> developed the neoclassical synthesis, which attempted to reconcile these two schools of thought. The neoclassical synthesis emphasized the role of market forces in the economy, while also acknowledging the need for government intervention in certain circumstances. According to the neoclassical synthesis, the economy operates according to the principles of neoclassical economics in the long run, but in the short run, Keynesian policies can be effective in stimulating economic growth and reducing unemployment. The synthesis also emphasized the importance of monetary policy in controlling inflation and maintaining economic stability. Overall, the neoclassical synthesis was a significant development in the field of macroeconomics, as it brought together two previously competing schools of thought and created a more comprehensive theory of the economy. </p><p>A series of developments occurred that shook the neoclassical synthesis in the 1970s as the advent of <a href="/wiki/Stagflation" title="Stagflation">stagflation</a> and the work of <a href="/wiki/Monetarism" title="Monetarism">monetarists</a> like <a href="/wiki/Milton_Friedman" title="Milton Friedman">Milton Friedman</a> cast doubt on neo-Keynesian conceptions of monetary theory. The conditions of the period proved the impossibility of maintaining <a href="/wiki/Sustainable_growth" class="mw-redirect" title="Sustainable growth">sustainable growth</a> and low level of inflation via the measures suggested by the school.<sup id="cite_ref-:0_6-0" class="reference"><a href="#cite_note-:0-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> The result would be a series of new ideas to bring tools to macroeconomic analysis that would be capable of explaining the economic events of the 1970s. Subsequent <a href="/wiki/New_Keynesian_economics" title="New Keynesian economics">new Keynesian</a> and <a href="/wiki/New_classical_macroeconomics" title="New classical macroeconomics">new classical</a> economists strived to provide macroeconomics with <a href="/wiki/Microeconomic" class="mw-redirect" title="Microeconomic">microeconomic</a> foundations, incorporating traditionally Keynesian and neoclassical characteristics respectively. These schools eventually came to form a "<a href="/wiki/New_neoclassical_synthesis" title="New neoclassical synthesis">new neoclassical synthesis</a>", analogous to the neoclassical one,<sup id="cite_ref-:0_6-1" class="reference"><a href="#cite_note-:0-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-:1_7-0" class="reference"><a href="#cite_note-:1-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> that currently underpins the mainstream of macroeconomic theory.<sup id="cite_ref-columbia.edu_8-0" class="reference"><a href="#cite_note-columbia.edu-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-scholar.harvard.edu_9-0" class="reference"><a href="#cite_note-scholar.harvard.edu-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-richmondfed.org_10-0" class="reference"><a href="#cite_note-richmondfed.org-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Emergence_of_the_neoclassical_synthesis">Emergence of the neoclassical synthesis</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Neoclassical_synthesis&action=edit&section=1" title="Edit section: Emergence of the neoclassical synthesis"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Several of these accounts, taken from <a href="/wiki/Peter_Howitt_(economist)" title="Peter Howitt (economist)">Peter Howitt</a>, <a href="/wiki/Greg_Mankiw" title="Greg Mankiw">N. Gregory Mankiw</a>, and Michael Woodford's writings, are presented here for the reader's consideration: </p><p>It seemed logical to regard <a href="/wiki/Keynesian_theory" class="mw-redirect" title="Keynesian theory">Keynesian theory</a> as relating to short-run fluctuations and general equilibrium theory as applying to long-run difficulties where adjustment problems could be safely neglected because wages were widely believed to be less than totally flexible in the short term. The "neoclassical synthesis" is the name given to this perspective.<sup id="cite_ref-11" class="reference"><a href="#cite_note-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> Since macroeconomics emerged as a distinct field of study, how to reconcile these two economic visions—one founded on Adam Smith's invisible hand and Alfred Marshall's supply and demand curves, the other on Keynes's analysis of an economy suffering from insufficient aggregate demand—has been a profound, nagging question. The 'neoclassical-Keynesian synthesis,' as it is frequently referred to, was supposed to have reconciled these ideas by early Keynesians like Samuelson, Modigliani, and Tobin. These economists thought that while the Keynesian description of the invisible hand may paralyze it in the short run was true, the classical theory of Smith and Marshall was correct in the long run.<sup id="cite_ref-:8_1-1" class="reference"><a href="#cite_note-:8-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> </p><p>After the <a href="/wiki/Great_Depression" title="Great Depression">Great Depression</a>, and particularly in America, the "neoclassical synthesis" became the dominant viewpoint. The neoclassical synthesis suggested that both the <a href="/wiki/Keynesian_economics" title="Keynesian economics">Keynesian theory</a> and the neoclassical general equilibrium theory could be seen as true, albeit incomplete, descriptions of economic reality. It was created, among others, in the first decade following Keynes' writing, by <a href="/wiki/John_Hicks" title="John Hicks">John R. Hicks</a> and <a href="/wiki/Paul_Samuelson" title="Paul Samuelson">Paul A. Samuelson.</a> </p><p>It was maintained that the traditional theory of general competitive equilibrium, once wages and prices had sufficiently had time to adjust to clear markets, would accurately describe the determination of prices and quantities in the long run. At the same time, it was suggested that the <a href="/w/index.php?title=Keynesian_model&action=edit&redlink=1" class="new" title="Keynesian model (page does not exist)">Keynesian model</a> could explain the short-term consequences of both economic disruptions and policy changes, before prices and wages had much time to react. The 'neoclassical synthesis' allowed postwar Keynesians to maintain that there was no fundamental incompatibility between microeconomic and macroeconomic theory.<sup id="cite_ref-columbia.edu_8-1" class="reference"><a href="#cite_note-columbia.edu-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> The specifics of how one got from the Keynesian short run to the "classical" long run were not really worked out. </p><p>All of these quotes point to the same conclusion: the concern of the neoclassical synthesis is the relationship between the short and long periods, the first of which is the area of study of Keynesian theory because it is characterized by stickiness and market non-clearing, and the latter by flexibility and market clearing. Here, in contrast to Samuelson's statements, the focus is more on theoretical advancements than on a consensus regarding policy.<sup id="cite_ref-12" class="reference"><a href="#cite_note-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> </p><p><a href="/wiki/Macroeconomics" title="Macroeconomics">Macroeconomics</a> had significant advancements between 1940 and 1970; as a result, Blanchard<sup id="cite_ref-:0_6-2" class="reference"><a href="#cite_note-:0-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> refers to this time as the "golden age" of macroeconomics. Major strides have also been achieved in the analysis of the three behavior functions—<a href="/wiki/Consumption_(economics)" title="Consumption (economics)">consumption</a>, <a href="/wiki/Investment" title="Investment">investment</a>, and <a href="/wiki/Demand_for_money" title="Demand for money">money demand</a>—that were the basis for the <a href="/wiki/IS%E2%80%93LM_model" title="IS–LM model">IS-LM model</a>. In an additional effort to quantify the hypotheses derived from theoretical models, macro-econometric models were created. In addition, the <a href="/wiki/Solow_model" class="mw-redirect" title="Solow model">Solow neoclassical economic growth model</a> was created at the same time to explore the factors that influence <a href="/wiki/Economic_growth" title="Economic growth">economic growth</a>. </p> <div class="mw-heading mw-heading2"><h2 id="Empirical_developments">Empirical developments</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Neoclassical_synthesis&action=edit&section=2" title="Edit section: Empirical developments"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The <a href="/wiki/IS%E2%80%93LM_model" title="IS–LM model">IS-LM model</a>, created by <a href="/wiki/John_Hicks" title="John Hicks">Hicks</a> (1937), is a tool for analysis that aims to condense a complex text like the GT into a straightforward model of three markets, one of which is residual. The LM curve depicts the equilibrium in the money market and uses output as an exogenous variable, while the IS curve portrays equilibrium in the goods market using the interest rate as an exogenous variable. Output and interest rate are determined by the junction of the IS and LM.<sup id="cite_ref-:9_13-0" class="reference"><a href="#cite_note-:9-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> </p><p>The existence of an inverse link between the growth rate of nominal wages and the unemployment rate was also discovered by <a href="/wiki/William_Phillips_(economist)" class="mw-redirect" title="William Phillips (economist)">Phillips</a><sup id="cite_ref-14" class="reference"><a href="#cite_note-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> (1958) as an empirical regularity. Later, it was discovered that this association was caused by the fact that reduced <a href="/wiki/Unemployment" title="Unemployment">unemployment</a> rates drive increased nominal salaries, which are linked to rising prices since they represent the labor costs of the average business. The idea of expectations on the <a href="/wiki/Inflation" title="Inflation">inflation</a> rate was also introduced as wage negotiations between employers and employees take into consideration agents' inflation expectations. Finally, the idea of the "<a href="/wiki/Natural_rate_of_unemployment" title="Natural rate of unemployment">natural rate of unemployment</a>" was adopted, and <a href="/wiki/Recession" title="Recession">recessions</a> and <a href="/wiki/Unemployment" title="Unemployment">unemployment</a> were seen as passing trends. Thus, <a href="/wiki/Aggregate_demand" title="Aggregate demand">aggregate demand</a> and the idea that it may temporarily lower unemployment at the expense of higher inflation prevailed in the Keynesian analysis framework.<sup id="cite_ref-:9_13-1" class="reference"><a href="#cite_note-:9-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> </p><p>These fundamental tools, which combine the <a href="/wiki/IS%E2%80%93LM_model" title="IS–LM model">IS-LM</a> model with <a href="/wiki/Phillips_curve" title="Phillips curve">the Phillips curve</a>, made it possible to ascertain the macroeconomist's primary interest variables: output, employment, interest rates, and inflation rates. </p><p>There was still a gap after the IS-LM-Phillips curve model became widely accepted as the unit of analysis in macroeconomic theory: putting numbers on variables like the marginal propensity to consume, the propensity to invest, or the sensitivity of money demand to interest rates, so that macroeconomic forecasts could be made or economic policy combinations could be simulated. In other words, they needed to test the key theories deduced from the models. In the early 1950s, <a href="/wiki/Lawrence_Klein" title="Lawrence Klein">Klein</a> of the <a href="/wiki/University_of_Pennsylvania" title="University of Pennsylvania">University of Pennsylvania</a> and <a href="/wiki/Modigliani%E2%80%93Miller_theorem" title="Modigliani–Miller theorem">Modigliani</a> of <a href="/wiki/Massachusetts_Institute_of_Technology" title="Massachusetts Institute of Technology">MIT</a> were the first to create this task. </p><p>The work of <a href="/wiki/James_Tobin" title="James Tobin">Tobin</a> (1969) is exceptional in the study of factors influencing investment because it popularized the <a href="/wiki/Q_theory" class="mw-redirect" title="Q theory">"Q Theory"</a> idea, which is based on the expected present value of future <a href="/w/index.php?title=Capital_profits&action=edit&redlink=1" class="new" title="Capital profits (page does not exist)">capital profits</a>. The q's Tobin ratio measures the difference between the value of <a href="/wiki/Capital_stock" class="mw-redirect" title="Capital stock">capital stock</a> at replacement cost and the cost of acquiring the company on the <a href="/wiki/Financial_market" title="Financial market">financial market</a> (the stock market). The business can determine the ideal time to issue shares to finance a new investment project by keeping an eye on the <a href="/wiki/Tobin%27s_q" title="Tobin's q">Tobin's Q</a>. If it is higher than 1, their replacement cost is larger than their stock price on the financial market. In order for the business to profitably raise its investment, shares may be issued. Other insights into financial markets have been developed using Tobin's theory as a foundation. </p><p>However, in the area of money demand, <a href="/wiki/James_Tobin" title="James Tobin">Tobin</a><sup id="cite_ref-:10_15-0" class="reference"><a href="#cite_note-:10-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup>(1956) and <a href="/wiki/William_Baumol" title="William Baumol">Baumol</a> (1952) each made a unique contribution from the perspective of an inventory to the theory of money demand. These theories assume that money serves primarily as a means of trade and that bonds serve as a store of value. According to this hypothesis, families decide how to allocate their wealth by holding some in cash and some in various assets that generate interest. This choice is based on risk, performance, and liquidity.<sup id="cite_ref-:10_15-1" class="reference"><a href="#cite_note-:10-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> </p><p>Families must "trade-off" between the return they miss out on and the costs of selling other assets to get the money they need for their transactions. The process of exchanging money for bonds and vice versa is permanent and creates transaction costs. Over the course of a particular period, the family spends a certain amount of money for its expenses. When it runs out, it returns to the bank for an equivalent amount. The demand for money increases as the price rises.<sup id="cite_ref-:10_15-2" class="reference"><a href="#cite_note-:10-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Macroeconomic_principles_underlying_microeconomics">Macroeconomic principles underlying microeconomics</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Neoclassical_synthesis&action=edit&section=3" title="Edit section: Macroeconomic principles underlying microeconomics"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In parallel, significant advancements in the theory of <a href="/wiki/Consumption_(economics)" title="Consumption (economics)">consumption</a>, <a href="/wiki/Investment" title="Investment">investment</a>, and <a href="/wiki/Liquidity" title="Liquidity">liquidity</a> preference were made in specialized journals. </p><p>Given that <a href="/wiki/John_Maynard_Keynes" title="John Maynard Keynes">Keynes</a> believed that this variable was only associated with current income, the developments of <a href="/wiki/Milton_Friedman" title="Milton Friedman">Friedman</a> (1957), with the <a href="/wiki/Consumption_(economics)" title="Consumption (economics)">theory of consumption</a> based in permanent income, and <a href="/wiki/Franco_Modigliani" title="Franco Modigliani">Modigliani</a> (1954, 1963), with the theory of consumption based on the life cycle hypothesis, represented a significant advance in the study of the determinants of consumption. </p><p>According to <a href="/wiki/Milton_Friedman" title="Milton Friedman">Friedman's</a> model, an individual plans a steady level of consumption in relation to permanent income, which is defined as the average of current income and future income that the agent anticipates receiving over the course of his lifetime. Despite the uncertainty surrounding future income, the model includes the development of expectations as a crucial component for its application. </p><p>In his application proposal, <a href="/wiki/Franco_Modigliani" title="Franco Modigliani">Modigliani</a><sup id="cite_ref-16" class="reference"><a href="#cite_note-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> puts special attention on how income changes over the course of an agent's life. The person wants to maintain a steady level of consumption, therefore while he is young and has a low income, he typically borrows because he anticipates having larger wages during his productive era of life. The person "dis-saves" when he reaches old age and his income is below his level of consumption expenditures. It is necessary to presuppose the presence of a sophisticated financial system with open access for this system to function.<sup id="cite_ref-17" class="reference"><a href="#cite_note-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Main_contributors">Main contributors</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Neoclassical_synthesis&action=edit&section=4" title="Edit section: Main contributors"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p><a href="/wiki/John_Maynard_Keynes" title="John Maynard Keynes">John Maynard Keynes</a> provided the framework for synthesizing a host of economic ideas present between 1900 and 1940 and that synthesis bears his name, known as <a href="/wiki/Keynesian_economics" title="Keynesian economics">Keynesian economics</a>. The first generation of neo-Keynesians was focused on unifying the ideas into workable paradigms, combining them with ideas from <a href="/wiki/Classical_economics" title="Classical economics">classical economics</a> and the writings of <a href="/wiki/Alfred_Marshall" title="Alfred Marshall">Alfred Marshall</a>. <a href="/wiki/Paul_Samuelson" title="Paul Samuelson">Paul Samuelson</a> started the program of neoclassical synthesis, outlining two main objects of study: </p> <ol><li>Static theories: equilibrium is described as a result of actions of rational price-taking agents;</li> <li>Dynamic theories: price adjustments toward equilibrium after shocks realization, with prices moving in the direction of excess demand functions proportionally to the functions' magnitudes.<sup id="cite_ref-:1_7-1" class="reference"><a href="#cite_note-:1-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup></li></ol> <p>Much of neo-Keynesian economic theory was developed by leaders of economic profession, such as <a href="/wiki/John_Hicks" title="John Hicks">John Hicks</a>, <a href="/wiki/Maurice_Allais" title="Maurice Allais">Maurice Allais</a>, <a href="/wiki/Franco_Modigliani" title="Franco Modigliani">Franco Modigliani</a>, Paul Samuelson, <a href="/wiki/Alvin_Hansen" title="Alvin Hansen">Alvin Hansen</a>, <a href="/wiki/Lawrence_Klein" title="Lawrence Klein">Lawrence Klein</a>, <a href="/wiki/James_Tobin" title="James Tobin">James Tobin</a> and <a href="/wiki/Don_Patinkin" title="Don Patinkin">Don Patinkin</a>.<sup id="cite_ref-:3_18-0" class="reference"><a href="#cite_note-:3-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> The process began soon after the publication of Keynes' <i><a href="/wiki/The_General_Theory_of_Employment,_Interest,_and_Money" class="mw-redirect" title="The General Theory of Employment, Interest, and Money">General Theory</a></i> with the <a href="/wiki/IS/LM_model" class="mw-redirect" title="IS/LM model">IS-LM model</a> (investment saving–liquidity preference money supply) first presented by John Hicks in a 1937 article.<sup id="cite_ref-19" class="reference"><a href="#cite_note-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> It continued with adaptations of the <a href="/wiki/Supply_and_demand" title="Supply and demand">supply and demand</a> model of markets to Keynesian theory. It represents incentives and costs as playing a pervasive role in shaping <a href="/wiki/Decision_making" class="mw-redirect" title="Decision making">decision making</a>. An immediate example of this is the <a href="/wiki/Consumer_theory" class="mw-redirect" title="Consumer theory">consumer theory</a> of individual demand, which isolates how prices (as costs) and income affect quantity demanded. </p><p>The term "neoclassical synthesis" appears to be coined by Paul Samuelson in his influential textbook <a href="/wiki/Economics_(textbook)" title="Economics (textbook)"><i>Economics</i></a>.<sup id="cite_ref-:0_6-3" class="reference"><a href="#cite_note-:0-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> According to Samuelson, the neoclassical synthesis should have become a new general economic theory, that could unite positive aspects of previous economic research and become a consensus, over which all members of the economic community believed that the active fiscal and monetary interventions can be used for stabilizing economy and ensuring full employment.<sup id="cite_ref-:1_7-2" class="reference"><a href="#cite_note-:1-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> Following <a href="/wiki/Paul_Samuelson" title="Paul Samuelson">him</a>, the market economy, based on the reasons described by J. Keynes, cannot provide full employment on its own. But if monetary and fiscal policy is used to tackle underemployment, it will put the economy on a trajectory that applies the principles of classical equilibrium analysis to explain relative prices and resource allocation.<sup id="cite_ref-20" class="reference"><a href="#cite_note-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> The broader neo-Keynesian intellectual program would eventually produce <a href="/wiki/Monetarism" title="Monetarism">monetarism</a> and other versions of Keynesian macroeconomics in the 1960s. </p> <div class="mw-heading mw-heading2"><h2 id="Main_provisions">Main provisions</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Neoclassical_synthesis&action=edit&section=5" title="Edit section: Main provisions"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li>Firms and individuals are considered as largely rational, and their behavior can be studied by standard microeconomic methods.<sup id="cite_ref-:0_6-4" class="reference"><a href="#cite_note-:0-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup></li> <li><a href="/wiki/Animal_spirits_(Keynes)" title="Animal spirits (Keynes)">Animal spirits</a> still matter; they are perceived as the main source of movements in aggregate demand through investment.<sup id="cite_ref-:0_6-5" class="reference"><a href="#cite_note-:0-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup></li> <li>Prices and wages do not adjust quickly to clear markets; thus, markets cannot be considered as <a href="/wiki/Competitive_Market" class="mw-redirect" title="Competitive Market">competitive</a>.<sup id="cite_ref-:0_6-6" class="reference"><a href="#cite_note-:0-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup></li> <li>There is no automatic labor market equilibrium condition implied, but this equilibrium can be achieved through appropriate <a href="/wiki/Monetary_policy" title="Monetary policy">monetary</a> and <a href="/wiki/Fiscal_policy" title="Fiscal policy">fiscal</a> policies.<sup id="cite_ref-21" class="reference"><a href="#cite_note-21"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup></li> <li>The implication of <a href="/wiki/T%C3%A2tonnement" class="mw-redirect" title="Tâtonnement">tâtonnement</a>: prices adjust to excess demand or supply along the lines of the dynamic processes of adjustment suggested by <a href="/wiki/Paul_Samuelson" title="Paul Samuelson">Paul Samuelson</a> in «Foundations of Economic Analysis» (Samuelson, 1947).<sup id="cite_ref-:0_6-7" class="reference"><a href="#cite_note-:0-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup></li> <li>Implication of very active interventionist state: besides the Keynesian macro-economic policy and traditional regulatory and antitrust activities in troublesome areas of industrial organization, it also implies active state participation in areas of <a href="/wiki/Market_failure" title="Market failure">market failures</a>, social costs and benefits.<sup id="cite_ref-22" class="reference"><a href="#cite_note-22"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup></li> <li>An economic management is considered as a search for the appropriate mix of monetary and fiscal policies, with relative weight of them being based on the relative elasticities of the IS and LM curves.<sup id="cite_ref-23" class="reference"><a href="#cite_note-23"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup></li> <li>An important role is devoted to the empirical studies of the impact of different economic policies.<sup id="cite_ref-:0_6-8" class="reference"><a href="#cite_note-:0-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup></li> <li>Extensive use of mathematics as a tool for economic analysis.<sup id="cite_ref-24" class="reference"><a href="#cite_note-24"><span class="cite-bracket">[</span>24<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-25" class="reference"><a href="#cite_note-25"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup></li></ul> <div class="mw-heading mw-heading2"><h2 id="Development">Development</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Neoclassical_synthesis&action=edit&section=6" title="Edit section: Development"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure typeof="mw:File/Thumb"><a href="/wiki/File:Philipsus60.png" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/d/d4/Philipsus60.png/350px-Philipsus60.png" decoding="async" width="350" height="247" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/d/d4/Philipsus60.png/525px-Philipsus60.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/d/d4/Philipsus60.png/700px-Philipsus60.png 2x" data-file-width="1123" data-file-height="794" /></a><figcaption>The <a href="/wiki/Phillips_curve" title="Phillips curve">Phillips curve</a> in the U.S. in the 1960s</figcaption></figure> <p>The interpretation of J. Keynes suggested by neoclassical synthesis economists is based on the mixture of basic features of <a href="/wiki/General_equilibrium_theory" title="General equilibrium theory">general equilibrium theory</a> with <a href="/wiki/Keynesian_economics" title="Keynesian economics">Keynesian</a> concepts.<sup id="cite_ref-:3_18-1" class="reference"><a href="#cite_note-:3-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> Thus, most models of neoclassical synthesis have been labelled as "pragmatic macroeconomics".<sup id="cite_ref-:3_18-2" class="reference"><a href="#cite_note-:3-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> Neo-Keynesians generally looked at labor contracts as sources of wage stickiness to generate equilibrium models of unemployment. Their efforts resulted in the development of the IS–LM model and other formal modelling of Keynes' ideas. </p><p>The development of the neoclassical synthesis started in 1937 with <a href="/wiki/John_Hicks" title="John Hicks">J. Hicks's</a> publication of the paper <i>Mr. Keynes and Classics</i>, where he proposed the <a href="/wiki/IS%E2%80%93LM_model" title="IS–LM model">IS-LM scheme</a> that has put the Keynesian theory into the more traditional terms of a simplified general equilibrium model with three markets: goods, money, and financial assets.<sup id="cite_ref-:4_26-0" class="reference"><a href="#cite_note-:4-26"><span class="cite-bracket">[</span>26<span class="cite-bracket">]</span></a></sup> This work marked the beginning of neo-Keynesian macroeconomics.<sup id="cite_ref-:3_18-3" class="reference"><a href="#cite_note-:3-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> Later, in the 1940s–1950s, the ideas of J. Hicks were supported by <a href="/wiki/Franco_Modigliani" title="Franco Modigliani">F. Modigliani</a> and <a href="/wiki/Paul_Samuelson" title="Paul Samuelson">Paul Samuelson</a>.<sup id="cite_ref-:3_18-4" class="reference"><a href="#cite_note-:3-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> <a href="/wiki/Franco_Modigliani" title="Franco Modigliani">F. Modigliani</a> in 1944 elaborated on J. Hicks publication, expanding the IS-LM scheme by incorporating the labor market into the model.<sup id="cite_ref-:4_26-1" class="reference"><a href="#cite_note-:4-26"><span class="cite-bracket">[</span>26<span class="cite-bracket">]</span></a></sup> P. Samuelson coined the term "neoclassical synthesis" in 1955<sup id="cite_ref-:1_7-3" class="reference"><a href="#cite_note-:1-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> and put much effort into building and promoting the theory, in particular through his influential book <i>Economics</i>, first published in 1948.<sup id="cite_ref-:5_27-0" class="reference"><a href="#cite_note-:5-27"><span class="cite-bracket">[</span>27<span class="cite-bracket">]</span></a></sup> One of the main contributions of P. Samuelson made in the first edition of <i>Economics</i> was the 45-degree diagram (frequently known as "<a href="/wiki/Keynesian_cross" title="Keynesian cross">Keynesian cross</a>"), that reconciled the competing economics of J.M. Keynes and neoclassical school by placing the neoclassical theory of price and income formation in the context of market competition with Keynesian macroeconomics as a theory of government intervention.<sup id="cite_ref-:5_27-1" class="reference"><a href="#cite_note-:5-27"><span class="cite-bracket">[</span>27<span class="cite-bracket">]</span></a></sup> </p> <figure typeof="mw:File/Thumb"><a href="/wiki/File:Islm.svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/b/b9/Islm.svg/250px-Islm.svg.png" decoding="async" width="250" height="250" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/b/b9/Islm.svg/375px-Islm.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/b/b9/Islm.svg/500px-Islm.svg.png 2x" data-file-width="400" data-file-height="400" /></a><figcaption>The <a href="/wiki/IS%E2%80%93LM_model" title="IS–LM model">IS–LM model</a> is used to analyze the effect of demand shocks on the economy.</figcaption></figure> <p>Many breakthroughs in the development of neoclassical synthesis had happened by the 1950s, with the creation of the <a href="/wiki/IS%E2%80%93LM_model" title="IS–LM model">IS-LM model</a> by J. Hicks (1937) and <a href="/wiki/Alvin_Hansen" title="Alvin Hansen">A. Hansen</a> (1949), the clarification of the role of the rigidity of nominal wages in the Keynesian model in the work of F. Modigliani (1944), the identification of the importance of the wealth effects and the role of public debt in the work of <a href="/wiki/Lloyd_Metzler" title="Lloyd Metzler">L.Metzler</a> (1951), and <a href="/wiki/Don_Patinkin" title="Don Patinkin">D. Patinkin's</a> clarification of the structure of the macroeconomic model (1956).<sup id="cite_ref-:0_6-9" class="reference"><a href="#cite_note-:0-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Legacy">Legacy</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Neoclassical_synthesis&action=edit&section=7" title="Edit section: Legacy"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Through the 1950s, moderate degrees of government-led demand in industrial development and use of fiscal and monetary counter-cyclical policies continued and reached a peak in the "go go" 1960s, where it seemed to many neo-Keynesians that prosperity was now permanent. By the beginning of 1970s, the research program formulated after WWII was generally completed, and the neoclassical synthesis had proved to be very successful.<sup id="cite_ref-:0_6-10" class="reference"><a href="#cite_note-:0-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> However, with the <a href="/wiki/1973_oil_crisis" title="1973 oil crisis">oil shock of 1973</a> and the economic problems of the 1970s, many economies experienced "<a href="/wiki/Stagflation" title="Stagflation">stagflation</a>": high and rising unemployment, coupled with high and rising inflation, contradicting the Phillips curve's normal behaviour. </p><p>As the scientific success of the neoclassical synthesis was largely due to its empirical success, this stagflation led to a collapse of the consensus around the neoclassical synthesis and it was attacked for its inability to explain events.<sup id="cite_ref-:0_6-11" class="reference"><a href="#cite_note-:0-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-:1_7-4" class="reference"><a href="#cite_note-:1-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> Although neoclassical synthesis models were further expanded to include shocks, empirics exposed the main flaw that lay in the core of the theory: the asymmetry of considering individual agents as highly rational but markets as inefficient (particularly labour markets).<sup id="cite_ref-:0_6-12" class="reference"><a href="#cite_note-:0-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> R. Lucas and T. Sargent highly criticized the theory, claiming that predictions [based on this theory] were widely incorrect, and "that the doctrine on which they were based was fundamentally flawed is now a simple matter of fact".<sup id="cite_ref-28" class="reference"><a href="#cite_note-28"><span class="cite-bracket">[</span>28<span class="cite-bracket">]</span></a></sup> </p><p>Stagflation meant that both expansionary (anti-recession) and contractionary (anti-inflation) policies had to be applied simultaneously, a clear impossibility. This produced a "policy bind" and the collapse of the neoclassical-Keynesian consensus on the economy, leading to the development of <a href="/wiki/New_classical_macroeconomics" title="New classical macroeconomics">new classical macroeconomics</a> and <a href="/wiki/New_Keynesian_economics" title="New Keynesian economics">new Keynesianism</a>.<sup id="cite_ref-29" class="reference"><a href="#cite_note-29"><span class="cite-bracket">[</span>29<span class="cite-bracket">]</span></a></sup> Through the work of those such as <a href="/wiki/Stanley_Fischer" title="Stanley Fischer">S.Fischer</a> (1977) and <a href="/wiki/John_B._Taylor" title="John B. Taylor">J.Taylor</a> (1980), who demonstrated that the <a href="/wiki/Phillips_curve" title="Phillips curve">Philips curve</a> can be replaced by a model of explicit nominal price and wage-setting with saving most of the traditional results,<sup id="cite_ref-:0_6-13" class="reference"><a href="#cite_note-:0-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> these two schools would come together to create the <a href="/wiki/New_neoclassical_synthesis" title="New neoclassical synthesis">new neoclassical synthesis</a> that forms the basis of mainstream economics today.<sup id="cite_ref-columbia.edu_8-2" class="reference"><a href="#cite_note-columbia.edu-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-scholar.harvard.edu_9-1" class="reference"><a href="#cite_note-scholar.harvard.edu-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-richmondfed.org_10-1" class="reference"><a href="#cite_note-richmondfed.org-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> </p><p>Following the emergence of the new Keynesian school in the 1970s, neo-Keynesians have sometimes been referred to as "Old-Keynesians".<sup id="cite_ref-30" class="reference"><a href="#cite_note-30"><span class="cite-bracket">[</span>30<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Application_of_the_neoclassical_synthesis">Application of the neoclassical synthesis</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Neoclassical_synthesis&action=edit&section=8" title="Edit section: Application of the neoclassical synthesis"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading3"><h3 id="Monetary_and_fiscal_policy">Monetary and fiscal policy</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Neoclassical_synthesis&action=edit&section=9" title="Edit section: Monetary and fiscal policy"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In the area of macroeconomic policy, particularly monetary and fiscal policy, is where the application of neoclassical synthesis has been the most apparent. It argues that changes in money supply through monetary policy or government spending and taxation through fiscal policy can affect aggregate demand in the short run.<sup id="cite_ref-:2_31-0" class="reference"><a href="#cite_note-:2-31"><span class="cite-bracket">[</span>31<span class="cite-bracket">]</span></a></sup> This leads to an impact on the level of output and employment in the economy.It also acknowledges that government spending or changes in money supply will not have in a long run any impact on real economic variables like employment and output, because prices and wages will shift to restore equilibrium.<sup id="cite_ref-:2_31-1" class="reference"><a href="#cite_note-:2-31"><span class="cite-bracket">[</span>31<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Trade_and_globalization">Trade and globalization</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Neoclassical_synthesis&action=edit&section=10" title="Edit section: Trade and globalization"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Neoclassical synthesis suggests that in the long run, free trade would be beneficial for most of the countries. It has a simple reasoning such that it allows resources to be allocated more efficiently, therefore it leads to countries having higher productivity and innovation. It also suggests that countries should produce mainly goods and services in which they have apparent advantage against other countries (they can produce at a lower cost) and then trade with other countries goods and services that they are not capable of producing at such a productive level. If all countries involved followed this theory, it will lead to a more efficient allocation of resources and increased output and welfare. <a href="/wiki/Paul_Krugman" title="Paul Krugman">Krugman's</a> work on balance-of-payments crises<sup id="cite_ref-32" class="reference"><a href="#cite_note-32"><span class="cite-bracket">[</span>32<span class="cite-bracket">]</span></a></sup> is one of the examples how the neoclassical synthesis has been applied to finance and international trade. </p><p>In the short run, it may cause that some workers and industries will experience dislocation and hardship as a result of increased competition from foreign firms. This situation could lead to workers losing their jobs and decrease in wages for certain industries, particularly those that are not competitive globally. To minimalize these issues, the neoclassical synthesis suggests that governments could assist affected industries and workers with helpful policies. One of them is income support that would help the workers to face the salary reduction or retraining programs. In the <a href="/wiki/Elhanan_Helpman" title="Elhanan Helpman">Helpman, E.'</a> book "Understanding Global Trade",<sup id="cite_ref-:6_33-0" class="reference"><a href="#cite_note-:6-33"><span class="cite-bracket">[</span>33<span class="cite-bracket">]</span></a></sup> he helps root out this problem and overall issues regarding neoclassical synthesis and its application on global trade. </p><p>The neoclassical synthesis has been called out in recent years by many scholars for not taking into consideration issues such as income inequality, environmental sustainability, and the distributional effects of globalization. Research shows that the whole theory emphasis on efficiency gains may overlook these critical problems and scholars ask for more detailed and nuanced approach to understanding how globalization and trade truly works.<sup id="cite_ref-:6_33-1" class="reference"><a href="#cite_note-:6-33"><span class="cite-bracket">[</span>33<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Labor_markets">Labor markets</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Neoclassical_synthesis&action=edit&section=11" title="Edit section: Labor markets"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>When it comes to <a href="/wiki/Labor_markets" class="mw-redirect" title="Labor markets">labor markets</a>, neoclassical synthesis focuses on employment levels and how the wages are determined in a competitive labor market. According to this theory, the determination of wages is the intersection of the demand and <a href="/wiki/Labour_supply" title="Labour supply">supply labor</a>.<sup id="cite_ref-:7_34-0" class="reference"><a href="#cite_note-:7-34"><span class="cite-bracket">[</span>34<span class="cite-bracket">]</span></a></sup> </p><p>The demand of labor is derived from <a href="/wiki/Marginal_product_of_labor" title="Marginal product of labor">marginal product of labor</a>. Firms will then hire additional workers until they get to the point where marginal product of labor is at the same or lower values than the wage rate. From this idea, the firm will maximize their profit.<sup id="cite_ref-:7_34-1" class="reference"><a href="#cite_note-:7-34"><span class="cite-bracket">[</span>34<span class="cite-bracket">]</span></a></sup> For this reason, when the demand for goods and services increases, or increase in productivity happens, we will also acknowledge an increase in the <a href="/wiki/Labor_demand" title="Labor demand">demand for labor</a> and a pay rise. </p><p>On the other hand, talking about supply of labor. This variable is determined by tradeoff between two variables: the <a href="/wiki/Opportunity_cost" title="Opportunity cost">opportunity cost</a> of leisure and the wage rate. When there is an increase in wage rate, it implies that workers are willing to do more work and it ends by them entering the <a href="/wiki/Labor_force" class="mw-redirect" title="Labor force">labor force</a>. Nonetheless, the exact opposite can happen, resulting in workers choosing to work less and consume more leisure. From all these relations, we can conclude that the supply of labor is related to the wage rate in a positive manner, but negatively for the opportunity of leisure.<sup id="cite_ref-:7_34-2" class="reference"><a href="#cite_note-:7-34"><span class="cite-bracket">[</span>34<span class="cite-bracket">]</span></a></sup> </p><p>In conclusion, the neoclassical synthesis argues that over time in a competitive labor market, wages and employment levels will simply adjust to reach their equilibrium. Only problem this faces is that in short run there might be some issues connected to minimal wage law, <a href="/wiki/Labor-unions" class="mw-redirect" title="Labor-unions">labor unions</a> or efficiency wages, which may prevent the labor market from reaching equilibrium even in longer period of time. In these situations, government can help, specifically their policies that try to promote competition, information dissemination, flexibility. These three policies may help to facilitate wage and adjust employment. </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Neoclassical_synthesis&action=edit&section=12" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a href="/wiki/New_classical_macroeconomics" title="New classical macroeconomics">New classical macroeconomics</a></li> <li><a href="/wiki/New_neoclassical_synthesis" title="New neoclassical synthesis">New neoclassical synthesis</a></li></ul> <dl><dt>General</dt></dl> <ul><li><a href="/wiki/History_of_macroeconomic_thought" title="History of macroeconomic thought">History of macroeconomic thought</a></li> <li><a href="/wiki/Mainstream_economics" title="Mainstream economics">Mainstream economics</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="Notes">Notes</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Neoclassical_synthesis&action=edit&section=13" title="Edit section: Notes"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist"> <div class="mw-references-wrap mw-references-columns"><ol class="references"> <li id="cite_note-:8-1"><span class="mw-cite-backlink">^ <a href="#cite_ref-:8_1-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-:8_1-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><a href="/wiki/Mankiw,_N._Gregory" class="mw-redirect" title="Mankiw, N. 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Cambridge University Press. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1017%2F9781108777766.007">10.1017/9781108777766.007</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1-108-77776-6" title="Special:BookSources/978-1-108-77776-6"><bdi>978-1-108-77776-6</bdi></a>. <a href="/wiki/S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:229277539">229277539</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Age+of+Fragmentation%3A+A+History+of+Contemporary+Economic+Thought&rft.edition=1&rft.pub=Cambridge+University+Press&rft.date=2019-11-30&rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A229277539%23id-name%3DS2CID&rft_id=info%3Adoi%2F10.1017%2F9781108777766.007&rft.isbn=978-1-108-77776-6&rft.aulast=Roncaglia&rft.aufirst=Alessandro&rft_id=https%3A%2F%2Fwww.cambridge.org%2Fcore%2Fproduct%2Fidentifier%2F9781108777766%2Ftype%2Fbook&rfr_id=info%3Asid%2Fen.wikipedia.org%3ANeoclassical+synthesis" class="Z3988"></span></span> </li> <li id="cite_note-:5-27"><span class="mw-cite-backlink">^ <a href="#cite_ref-:5_27-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-:5_27-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFA." class="citation book cs1">A., Pearce, Kerry. <a rel="nofollow" class="external text" href="http://worldcat.org/oclc/849114534"><i>After the Revolution: Paul Samuelson and the textbook Keynesian model</i></a>. [s.n.] <a href="/wiki/OCLC_(identifier)" class="mw-redirect" title="OCLC (identifier)">OCLC</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/oclc/849114534">849114534</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=After+the+Revolution%3A+Paul+Samuelson+and+the+textbook+Keynesian+model&rft.pub=%5Bs.n.%5D&rft_id=info%3Aoclcnum%2F849114534&rft.aulast=A.&rft.aufirst=Pearce%2C+Kerry&rft_id=http%3A%2F%2Fworldcat.org%2Foclc%2F849114534&rfr_id=info%3Asid%2Fen.wikipedia.org%3ANeoclassical+synthesis" class="Z3988"></span><span class="cs1-maint citation-comment"><code class="cs1-code">{{<a href="/wiki/Template:Cite_book" title="Template:Cite book">cite book</a>}}</code>: CS1 maint: multiple names: authors list (<a href="/wiki/Category:CS1_maint:_multiple_names:_authors_list" title="Category:CS1 maint: multiple names: authors list">link</a>)</span></span> </li> <li id="cite_note-28"><span class="mw-cite-backlink"><b><a href="#cite_ref-28">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFLucasSargent1997" class="citation cs2">Lucas, Robert; Sargent, Thomas (August 29, 1997), <a rel="nofollow" class="external text" href="https://dx.doi.org/10.4324/9780203443965.ch11">"After Keynesian macroeconomics"</a>, <i>A Macroeconomics Reader</i>, Routledge, <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.4324%2F9780203443965.ch11">10.4324/9780203443965.ch11</a>, <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-415-15715-5" title="Special:BookSources/978-0-415-15715-5"><bdi>978-0-415-15715-5</bdi></a><span class="reference-accessdate">, retrieved <span class="nowrap">April 4,</span> 2021</span></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=A+Macroeconomics+Reader&rft.atitle=After+Keynesian+macroeconomics&rft.date=1997-08-29&rft_id=info%3Adoi%2F10.4324%2F9780203443965.ch11&rft.isbn=978-0-415-15715-5&rft.aulast=Lucas&rft.aufirst=Robert&rft.au=Sargent%2C+Thomas&rft_id=http%3A%2F%2Fdx.doi.org%2F10.4324%2F9780203443965.ch11&rfr_id=info%3Asid%2Fen.wikipedia.org%3ANeoclassical+synthesis" class="Z3988"></span></span> </li> <li id="cite_note-29"><span class="mw-cite-backlink"><b><a href="#cite_ref-29">^</a></b></span> <span class="reference-text">Chapter 1. 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Harvard University Press.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Understanding+Global+Trade&rft.pub=Harvard+University+Press&rft.date=2011&rft.aulast=Helpman&rft.aufirst=Elhanan&rfr_id=info%3Asid%2Fen.wikipedia.org%3ANeoclassical+synthesis" class="Z3988"></span></span> </li> <li id="cite_note-:7-34"><span class="mw-cite-backlink">^ <a href="#cite_ref-:7_34-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-:7_34-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-:7_34-2"><sup><i><b>c</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMankiw2017" class="citation book cs1">Mankiw, Gregory (2017). <i>Principles of Microeconomics</i>. 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title="Semiotics">semiotics</a></li></ul></li> <li><a href="/wiki/Political_science" title="Political science">Political science</a> <ul><li><a href="/wiki/International_relations" title="International relations">international relations</a></li> <li><a href="/wiki/Comparative_politics" title="Comparative politics">comparative</a></li> <li><a href="/wiki/Political_philosophy" title="Political philosophy">philosophy</a></li> <li><a href="/wiki/Public_policy" title="Public policy">public policy</a></li> <li><a href="/wiki/Public_administration" title="Public administration">public administration</a></li></ul></li> <li><a href="/wiki/Psychology" title="Psychology">Psychology</a> <ul><li><a href="/wiki/Abnormal_psychology" title="Abnormal psychology">abnormal</a></li> <li><a href="/wiki/Cognitive_psychology" title="Cognitive psychology">cognitive</a></li> <li><a href="/wiki/Developmental_psychology" title="Developmental psychology">developmental</a></li> <li><a href="/wiki/Personality_psychology" title="Personality psychology">personality</a></li> <li><a href="/wiki/Social_psychology" title="Social psychology">social</a></li></ul></li> <li><a href="/wiki/Sociology" title="Sociology">Sociology</a> <ul><li><a href="/wiki/Criminology" title="Criminology">criminology</a></li> <li><a href="/wiki/Demography" title="Demography">demography</a></li> <li><a href="/wiki/Sociology_of_the_Internet" title="Sociology of the Internet">internet</a></li> <li><a href="/wiki/Rural_sociology" title="Rural sociology">rural</a></li> <li><a href="/wiki/Urban_sociology" title="Urban sociology">urban</a></li></ul></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Interdisciplinary</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li>Administration <ul><li><a href="/wiki/Business_administration" title="Business administration">business</a></li> <li><a href="/wiki/Public_administration" title="Public administration">public</a></li></ul></li> <li><a href="/wiki/Anthrozoology" title="Anthrozoology">Anthrozoology</a></li> <li><a href="/wiki/Area_studies" title="Area studies">Area studies</a></li> <li><a href="/wiki/Business_studies" title="Business studies">Business studies</a></li> <li><a href="/wiki/Cognitive_science" title="Cognitive science">Cognitive science</a></li> <li><a href="/wiki/Communication_studies" title="Communication studies">Communication studies</a></li> <li><a href="/wiki/Community_studies" title="Community studies">Community studies</a></li> <li><a href="/wiki/Criminology" title="Criminology">Criminology</a></li> <li><a href="/wiki/Cultural_studies" title="Cultural studies">Cultural studies</a></li> <li><a href="/wiki/Development_studies" title="Development studies">Development studies</a></li> <li><a href="/wiki/Education" title="Education">Education</a></li> <li>Environmental <ul><li><a href="/wiki/Environmental_social_science" title="Environmental social science">social science</a></li> <li><a href="/wiki/Environmental_studies" title="Environmental studies">studies</a></li></ul></li> <li><a href="/wiki/Food_studies" title="Food studies">Food studies</a></li> <li><a href="/wiki/Gender_studies" title="Gender studies">Gender studies</a></li> <li><a href="/wiki/Global_studies" title="Global studies">Global studies</a></li> <li><a href="/wiki/Historical_sociology" title="Historical sociology">Historical sociology</a></li> <li><a href="/wiki/History_of_technology" title="History of technology">History of technology</a></li> <li><a href="/wiki/Human_ecology" title="Human ecology">Human ecology</a></li> <li><a href="/wiki/Information_science" title="Information science">Information science</a></li> <li><a href="/wiki/International_relations" title="International relations">International studies</a></li> <li><a href="/wiki/Linguistics" title="Linguistics">Linguistics</a></li> <li><a href="/wiki/Management" title="Management">Management</a></li> <li><a href="/wiki/Media_studies" title="Media studies">Media studies</a></li> <li>Philosophies <ul><li><a href="/wiki/Philosophy_of_science" title="Philosophy of science">science</a></li> <li><a href="/wiki/Philosophy_and_economics" title="Philosophy and economics"> economics</a></li> <li><a href="/wiki/Philosophy_of_history" title="Philosophy of history">history</a></li> <li><a href="/wiki/Philosophy_of_psychology" title="Philosophy of psychology">psychology</a></li> <li><a href="/wiki/Philosophy_of_social_science" title="Philosophy of social science">social science</a></li></ul></li> <li>Planning <ul><li><a href="/wiki/Land-use_planning" title="Land-use planning">land use</a></li> <li><a href="/wiki/Regional_planning" title="Regional planning">regional</a></li> <li><a href="/wiki/Urban_planning" title="Urban planning">urban</a></li></ul></li> <li><a href="/wiki/Political_ecology" title="Political ecology">Political ecology</a></li> <li><a href="/wiki/Political_economy" title="Political economy">Political economy</a></li> <li><a href="/wiki/Political_sociology" title="Political sociology">Political sociology</a></li> <li><a href="/wiki/Public_health" title="Public health">Public health</a></li> <li><a href="/wiki/Regional_science" title="Regional science">Regional science</a></li> <li><a href="/wiki/Science_and_technology_studies" title="Science and technology studies">Science and technology studies</a></li> <li><a href="/wiki/Science_studies" title="Science studies">Science studies</a> <ul><li><a href="/wiki/History_of_science" title="History of science">historical</a></li> <li><a href="/wiki/Quantum_social_science" title="Quantum social science">Quantum social science</a></li></ul></li> <li><a href="/wiki/Social_work" title="Social work">Social work</a></li> <li><a href="/wiki/Vegan_studies" title="Vegan studies">Vegan studies</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">List</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/List_of_social_science_journals" title="List of social science journals">List of social science journals</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Other categorizations</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Behavioral_sciences" class="mw-redirect" title="Behavioral sciences">Behavioral sciences</a></li> <li><i><a href="/wiki/Geisteswissenschaft" title="Geisteswissenschaft">Geisteswissenschaft</a></i></li> <li><a href="/wiki/Human_science" title="Human science">Human science</a></li> <li><a href="/wiki/Humanities" title="Humanities">Humanities</a></li></ul> </div></td></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><span 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<li><span class="noviewer" typeof="mw:File"><a href="/wiki/File:Wikiversity_logo_2017.svg" class="mw-file-description" title="Wikiversity page"><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/0/0b/Wikiversity_logo_2017.svg/16px-Wikiversity_logo_2017.svg.png" decoding="async" width="16" height="13" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/0/0b/Wikiversity_logo_2017.svg/24px-Wikiversity_logo_2017.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/0/0b/Wikiversity_logo_2017.svg/32px-Wikiversity_logo_2017.svg.png 2x" data-file-width="626" data-file-height="512" /></a></span> <b><a href="https://en.wikiversity.org/wiki/Portal:Social_Sciences" class="extiw" title="wikiversity:Portal:Social Sciences">Wikiversity</a></b></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"><style data-mw-deduplicate="TemplateStyles:r1066933788">.mw-parser-output .excerpt-hat .mw-editsection-like{font-style:normal}</style><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1066933788"></div><div role="navigation" class="navbox" aria-labelledby="Economics" style="padding:3px"><table class="nowraplinks hlist mw-collapsible mw-collapsed navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Economics" title="Template:Economics"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Economics" title="Template talk:Economics"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Economics" title="Special:EditPage/Template:Economics"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Economics" style="font-size:114%;margin:0 4em"><a href="/wiki/Economics" title="Economics">Economics</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Economics#Theoretical_research" title="Economics">Theoretical</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Microeconomics" title="Microeconomics">Microeconomics</a> <ul><li><a href="/wiki/Decision_theory" title="Decision theory">Decision theory</a></li> <li><a href="/wiki/Price_theory" class="mw-redirect" title="Price theory">Price theory</a></li> <li><a href="/wiki/Game_theory" title="Game theory">Game theory</a></li> <li><a href="/wiki/Contract_theory" title="Contract theory">Contract theory</a></li> <li><a href="/wiki/Mechanism_design" title="Mechanism design">Mechanism design</a></li></ul></li> <li><a href="/wiki/Macroeconomics" title="Macroeconomics">Macroeconomics</a></li> <li><a href="/wiki/Mathematical_economics" title="Mathematical economics">Mathematical economics</a></li> <li><a href="/wiki/Complexity_economics" title="Complexity economics">Complexity economics</a></li> <li><a href="/wiki/Computational_economics" title="Computational economics">Computational economics</a> <ul><li><a href="/wiki/Agent-based_computational_economics" title="Agent-based computational economics">Agent-based computational economics</a></li></ul></li> <li><a href="/wiki/Behavioral_economics" title="Behavioral economics">Behavioral economics</a></li> <li><a href="/wiki/Pluralism_in_economics" title="Pluralism in economics">Pluralism in economics</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Economics#Empirical_research" title="Economics">Empirical</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Econometrics" title="Econometrics">Econometrics</a> <ul><li><a href="/wiki/Economic_statistics" title="Economic statistics">Economic statistics</a></li></ul></li> <li><a href="/wiki/Experimental_economics" title="Experimental economics">Experimental economics</a></li> <li><a href="/wiki/Economic_history" title="Economic history">Economic history</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Applied_economics" title="Applied economics">Applied</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <div class="excerpt-block"><div class="excerpt"> <ul><li><a href="/wiki/Agricultural_economics" title="Agricultural economics">Agricultural</a></li> <li><a href="/wiki/Behavioral_economics" title="Behavioral economics">Behavioral</a></li> <li><a href="/wiki/Business_economics" title="Business economics">Business</a></li> <li><a href="/wiki/Cultural_economics" title="Cultural economics">Cultural</a></li> <li><a href="/wiki/Democracy_and_economic_growth" title="Democracy and economic growth">Democracy</a></li> <li><a href="/wiki/Demographic_economics" title="Demographic economics">Demographic</a></li> <li><a href="/wiki/Development_economics" title="Development economics">Development</a></li> <li><a href="/wiki/Economics_of_digitization" title="Economics of digitization">Digitization</a></li> <li><a href="/wiki/Ecological_economics" title="Ecological economics">Ecological</a></li> <li><a href="/wiki/Education_economics" title="Education economics">Education</a></li> <li><a href="/wiki/Engineering_economics" title="Engineering economics">Engineering</a></li> <li><a href="/wiki/Environmental_economics" title="Environmental economics">Environmental</a></li> <li><a href="/wiki/Evolutionary_economics" title="Evolutionary economics">Evolutionary</a></li> <li><a href="/wiki/Expeditionary_economics" title="Expeditionary economics">Expeditionary</a></li> <li><a href="/wiki/Feminist_economics" title="Feminist economics">Feminist</a></li> <li><a href="/wiki/Financial_economics" title="Financial economics">Financial</a></li> <li><a href="/wiki/Economic_geography" title="Economic geography">Geographical</a></li> <li><a href="/wiki/Happiness_economics" title="Happiness economics">Happiness</a></li> <li><a href="/wiki/Health_economics" title="Health economics">Health</a></li> <li><a href="/wiki/Economic_history" title="Economic history">Historical</a></li> <li><a href="/wiki/Humanistic_economics" title="Humanistic economics">Humanistic</a></li> <li><a href="/wiki/Industrial_organization" title="Industrial organization">Industrial organization</a></li> <li><a href="/wiki/Information_economics" title="Information economics">Information</a></li> <li><a href="/wiki/Institutional_economics" title="Institutional economics">Institutional</a></li> <li><a href="/wiki/Knowledge_economy" title="Knowledge economy">Knowledge</a></li> <li><a href="/wiki/Labour_economics" title="Labour economics">Labour</a></li> <li><a href="/wiki/Law_and_economics" title="Law and economics">Law</a></li> <li><a href="/wiki/Managerial_economics" title="Managerial economics">Managerial</a></li> <li><a href="/wiki/Monetary_economics" title="Monetary economics">Monetary</a></li> <li><a href="/wiki/Natural_resource_economics" title="Natural resource economics">Natural resource</a></li> <li><a href="/wiki/Organizational_economics" title="Organizational economics">Organizational</a></li> <li><a href="/wiki/Economics_of_participation" title="Economics of participation">Participation</a></li> <li><a href="/wiki/Personnel_economics" title="Personnel economics">Personnel</a></li> <li><a href="/wiki/Economic_planning" title="Economic planning">Planning</a></li> <li><a href="/wiki/Economic_policy" title="Economic policy">Policy</a></li> <li><a href="/wiki/Public_economics" title="Public economics">Public</a></li> <li><a href="/wiki/Public_choice" title="Public choice">Public choice</a> / <a href="/wiki/Social_choice_theory" title="Social choice theory">Social choice theory</a></li> <li><a href="/wiki/Regional_economics" title="Regional economics">Regional</a></li> <li><a href="/wiki/Rural_economics" title="Rural economics">Rural</a></li> <li><a href="/wiki/Service_economy" title="Service economy">Service</a></li> <li><a href="/wiki/Socioeconomics" class="mw-redirect" title="Socioeconomics">Socio</a></li> <li><a href="/wiki/Economic_sociology" title="Economic sociology">Sociological</a></li> <li><a href="/wiki/Solidarity_economy" title="Solidarity economy">Solidarity</a></li> <li><a href="/wiki/Economic_statistics" title="Economic statistics">Statistics</a></li> <li><a href="/wiki/Urban_economics" title="Urban economics">Urban</a></li> <li><a href="/wiki/Welfare_economics" title="Welfare economics">Welfare</a></li></ul></div></div> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><div style="display: inline-block; line-height: 1.2em; padding: .1em 0;"><a href="/wiki/Schools_of_economic_thought" title="Schools of economic thought">Schools</a><br />(<a href="/wiki/History_of_economic_thought" title="History of economic thought">history</a>)<br /></div></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Mainstream_economics" title="Mainstream economics">Mainstream</a></li> <li><a href="/wiki/Heterodox_economics" title="Heterodox economics">Heterodox</a></li> <li><a href="/wiki/American_School_(economics)" title="American School (economics)">American (National)</a></li> <li><a href="/wiki/Ancient_economic_thought" title="Ancient economic thought">Ancient thought</a></li> <li><a href="/wiki/Anarchist_economics" class="mw-redirect" title="Anarchist economics">Anarchist</a> <ul><li><a href="/wiki/Mutualism_(economic_theory)" title="Mutualism (economic theory)">Mutualism</a></li></ul></li> <li><a href="/wiki/Austrian_School" class="mw-redirect" title="Austrian School">Austrian</a></li> <li><a href="/wiki/Behavioral_economics" title="Behavioral economics">Behavioral</a></li> <li><a href="/wiki/Buddhist_economics" title="Buddhist economics">Buddhist</a></li> <li><a href="/wiki/Chartalism" title="Chartalism">Chartalism</a> <ul><li><a href="/wiki/Modern_monetary_theory" title="Modern monetary theory">Modern monetary theory</a></li></ul></li> <li><a href="/wiki/Chicago_school_of_economics" title="Chicago school of economics">Chicago</a></li> <li><a href="/wiki/Classical_economics" title="Classical economics">Classical</a></li> <li><a href="/wiki/Critique_of_political_economy" title="Critique of political economy">Critique of political economy</a></li> <li><a href="/wiki/Economic_democracy" title="Economic democracy">Democratic</a></li> <li><a href="/wiki/Disequilibrium_macroeconomics" title="Disequilibrium macroeconomics">Disequilibrium</a></li> <li><a href="/wiki/Ecological_economics" title="Ecological economics">Ecological</a></li> <li><a href="/wiki/Evolutionary_economics" title="Evolutionary economics">Evolutionary</a></li> <li><a href="/wiki/Feminist_economics" title="Feminist economics">Feminist</a></li> <li><a href="/wiki/Georgism" title="Georgism">Georgism</a></li> <li><a href="/wiki/Happiness_economics" title="Happiness economics">Happiness</a></li> <li><a href="/wiki/Historical_school_of_economics" title="Historical school of economics">Historical</a></li> <li><a href="/wiki/Humanistic_economics" title="Humanistic economics">Humanistic</a></li> <li><a href="/wiki/Institutional_economics" title="Institutional economics">Institutional</a></li> <li><a href="/wiki/Keynesian_economics" title="Keynesian economics">Keynesian</a> <ul><li><a href="/wiki/Neo-Keynesian_economics" class="mw-redirect" title="Neo-Keynesian economics">Neo-</a> (<a class="mw-selflink selflink">neoclassical–Keynesian synthesis</a>)</li> <li><a href="/wiki/New_Keynesian_economics" title="New Keynesian economics">New</a></li> <li><a href="/wiki/Post-Keynesian_economics" title="Post-Keynesian economics">Post-</a> <ul><li><a href="/wiki/Monetary_circuit_theory" title="Monetary circuit theory">Circuitism</a></li></ul></li></ul></li> <li><a href="/wiki/Malthusianism" title="Malthusianism">Malthusianism</a></li> <li><a href="/wiki/Marginalism" title="Marginalism">Marginalism</a></li> <li><a href="/wiki/Marxian_economics" title="Marxian economics">Marxian</a> <ul><li><a href="/wiki/Neo-Marxian_economics" class="mw-redirect" title="Neo-Marxian economics">Neo-</a></li></ul></li> <li><a href="/wiki/Mercantilism" title="Mercantilism">Mercantilism</a></li> <li><a href="/wiki/Mixed_economy" title="Mixed economy">Mixed</a></li> <li><a href="/wiki/Neoclassical_economics" title="Neoclassical economics">Neoclassical</a> <ul><li><a href="/wiki/Lausanne_School" title="Lausanne School">Lausanne</a></li></ul></li> <li><a href="/wiki/New_classical_macroeconomics" title="New classical macroeconomics">New classical</a> <ul><li><a href="/wiki/Real_business-cycle_theory" title="Real business-cycle theory">Real business-cycle theory</a></li></ul></li> <li><a href="/wiki/New_institutional_economics" title="New institutional economics">New institutional</a></li> <li><a href="/wiki/Physiocracy" title="Physiocracy">Physiocracy</a></li> <li><a href="/wiki/Socialist_economics" title="Socialist economics">Socialist</a></li> <li><a href="/wiki/Stockholm_School_(economics)" title="Stockholm School (economics)">Stockholm</a></li> <li><a href="/wiki/Supply-side_economics" title="Supply-side economics">Supply-side</a></li> <li><a href="/wiki/Thermoeconomics" title="Thermoeconomics">Thermo</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><div style="display: inline-block; line-height: 1.2em; padding: .1em 0;"><a href="/wiki/Economist" title="Economist">Economists</a><br /></div></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Bernard_de_Mandeville" class="mw-redirect" title="Bernard de Mandeville">de Mandeville</a></li> <li><a href="/wiki/Fran%C3%A7ois_Quesnay" title="François Quesnay">Quesnay</a></li> <li><a href="/wiki/Adam_Smith" title="Adam Smith">Smith</a></li> <li><a href="/wiki/Thomas_Robert_Malthus" title="Thomas Robert Malthus">Malthus</a></li> <li><a href="/wiki/Jean-Baptiste_Say" title="Jean-Baptiste Say">Say</a></li> <li><a href="/wiki/David_Ricardo" title="David Ricardo">Ricardo</a></li> <li><a href="/wiki/Johann_Heinrich_von_Th%C3%BCnen" title="Johann Heinrich von Thünen">von Thünen</a></li> <li><a href="/wiki/Friedrich_List" title="Friedrich List">List</a></li> <li><a href="/wiki/Fr%C3%A9d%C3%A9ric_Bastiat" title="Frédéric Bastiat">Bastiat</a></li> <li><a href="/wiki/Antoine_Augustin_Cournot" title="Antoine Augustin Cournot">Cournot</a></li> <li><a href="/wiki/John_Stuart_Mill" title="John Stuart Mill">Mill</a></li> <li><a href="/wiki/Hermann_Heinrich_Gossen" title="Hermann Heinrich Gossen">Gossen</a></li> <li><a href="/wiki/Karl_Marx" title="Karl Marx">Marx</a></li> <li><a href="/wiki/L%C3%A9on_Walras" title="Léon Walras">Walras</a></li> <li><a href="/wiki/William_Stanley_Jevons" title="William Stanley Jevons">Jevons</a></li> <li><a href="/wiki/Henry_George" title="Henry George">George</a></li> <li><a href="/wiki/Carl_Menger" title="Carl Menger">Menger</a></li> <li><a href="/wiki/Alfred_Marshall" title="Alfred Marshall">Marshall</a></li> <li><a href="/wiki/Francis_Ysidro_Edgeworth" title="Francis Ysidro Edgeworth">Edgeworth</a></li> <li><a href="/wiki/John_Bates_Clark" title="John Bates Clark">Clark</a></li> <li><a href="/wiki/Vilfredo_Pareto" title="Vilfredo Pareto">Pareto</a></li> <li><a href="/wiki/Eugen_von_B%C3%B6hm-Bawerk" title="Eugen von Böhm-Bawerk">von Böhm-Bawerk</a></li> <li><a href="/wiki/Friedrich_von_Wieser" title="Friedrich von Wieser">von Wieser</a></li> <li><a href="/wiki/Thorstein_Veblen" title="Thorstein Veblen">Veblen</a></li> <li><a href="/wiki/Irving_Fisher" title="Irving Fisher">Fisher</a></li> <li><a href="/wiki/Arthur_Cecil_Pigou" title="Arthur Cecil Pigou">Pigou</a></li> <li><a href="/wiki/Eli_Heckscher" title="Eli Heckscher">Heckscher</a></li> <li><a href="/wiki/Ludwig_von_Mises" title="Ludwig von Mises">von Mises</a></li> <li><a href="/wiki/Joseph_Schumpeter" title="Joseph Schumpeter">Schumpeter</a></li> <li><a href="/wiki/John_Maynard_Keynes" title="John Maynard Keynes">Keynes</a></li> <li><a href="/wiki/Frank_Knight" title="Frank Knight">Knight</a></li> <li><a href="/wiki/Karl_Polanyi" title="Karl Polanyi">Polanyi</a></li> <li><a href="/wiki/Ragnar_Frisch" title="Ragnar Frisch">Frisch</a></li> <li><a href="/wiki/Piero_Sraffa" title="Piero Sraffa">Sraffa</a></li> <li><a href="/wiki/Gunnar_Myrdal" title="Gunnar Myrdal">Myrdal</a></li> <li><a href="/wiki/Friedrich_Hayek" title="Friedrich Hayek">Hayek</a></li> <li><a href="/wiki/Micha%C5%82_Kalecki" title="Michał Kalecki">Kalecki</a></li> <li><a href="/wiki/Wilhelm_R%C3%B6pke" title="Wilhelm Röpke">Röpke</a></li> <li><a href="/wiki/Simon_Kuznets" title="Simon Kuznets">Kuznets</a></li> <li><a href="/wiki/Jan_Tinbergen" title="Jan Tinbergen">Tinbergen</a></li> <li><a href="/wiki/Joan_Robinson" title="Joan Robinson">Robinson</a></li> <li><a href="/wiki/John_von_Neumann" title="John von Neumann">von Neumann</a></li> <li><a href="/wiki/John_Hicks" title="John Hicks">Hicks</a></li> <li><a href="/wiki/Oskar_R._Lange" title="Oskar R. Lange">Lange</a></li> <li><a href="/wiki/Wassily_Leontief" title="Wassily Leontief">Leontief</a></li> <li><a href="/wiki/John_Kenneth_Galbraith" title="John Kenneth Galbraith">Galbraith</a></li> <li><a href="/wiki/Tjalling_Koopmans" title="Tjalling Koopmans">Koopmans</a></li> <li><a href="/wiki/E._F._Schumacher" title="E. F. Schumacher">Schumacher</a></li> <li><a href="/wiki/Milton_Friedman" title="Milton Friedman">Friedman</a></li> <li><a href="/wiki/Paul_Samuelson" title="Paul Samuelson">Samuelson</a></li> <li><a href="/wiki/Herbert_A._Simon" title="Herbert A. Simon">Simon</a></li> <li><a href="/wiki/James_M._Buchanan" title="James M. Buchanan">Buchanan</a></li> <li><a href="/wiki/Kenneth_Arrow" title="Kenneth Arrow">Arrow</a></li> <li><a href="/wiki/William_Baumol" title="William Baumol">Baumol</a></li> <li><a href="/wiki/Robert_Solow" title="Robert Solow">Solow</a></li> <li><a href="/wiki/Murray_Rothbard" title="Murray Rothbard">Rothbard</a></li> <li><a href="/wiki/Alan_Greenspan" title="Alan Greenspan">Greenspan</a></li> <li><a href="/wiki/Thomas_Sowell" title="Thomas Sowell">Sowell</a></li> <li><a href="/wiki/Gary_Becker" title="Gary Becker">Becker</a></li> <li><a href="/wiki/Elinor_Ostrom" title="Elinor Ostrom">Ostrom</a></li> <li><a href="/wiki/Amartya_Sen" title="Amartya Sen">Sen</a></li> <li><a href="/wiki/Robert_Lucas_Jr." title="Robert Lucas Jr.">Lucas</a></li> <li><a href="/wiki/Joseph_Stiglitz" title="Joseph Stiglitz">Stiglitz</a></li> <li><a href="/wiki/Richard_Thaler" title="Richard Thaler">Thaler</a></li> <li><a href="/wiki/Hans-Hermann_Hoppe" title="Hans-Hermann Hoppe">Hoppe</a></li> <li><a href="/wiki/Paul_Krugman" title="Paul Krugman">Krugman</a></li> <li><a href="/wiki/Thomas_Piketty" title="Thomas Piketty">Piketty</a></li> <li><i><a href="/wiki/Category:Economists" title="Category:Economists">more</a></i></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Category:Economics_lists" title="Category:Economics lists">Lists</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"><div class="excerpt-block"><div class="excerpt"> <ul><li><a href="/wiki/Glossary_of_economics" title="Glossary of economics">Glossary</a></li> <li><a href="/wiki/List_of_economists" title="List of economists">Economists</a></li> <li><a href="/wiki/List_of_important_publications_in_economics" title="List of important publications in economics">Publications</a> (<a href="/wiki/List_of_economics_journals" title="List of economics journals">journals</a>)</li> <li><a href="/wiki/Schools_of_economic_thought" title="Schools of economic thought">Schools</a></li></ul></div></div></div></td></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <li><a href="/wiki/Category:Economics" title="Category:Economics">Category</a></li> <li><a href="/wiki/Index_of_economics_articles" title="Index of economics articles">Index</a></li> <li><a href="/wiki/Category:Economics_lists" title="Category:Economics lists">Lists</a></li> <li><a href="/wiki/Outline_of_economics" title="Outline of economics">Outline</a></li> <li><a href="/wiki/List_of_important_publications_in_economics" title="List of important publications in economics">Publications</a></li> <li><a href="/wiki/Portal:Business" title="Portal:Business">Business portal</a></li> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1066933788"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1066933788"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1066933788"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1066933788"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1066933788"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1066933788"></div><div role="navigation" class="navbox" aria-labelledby="Macroeconomics" style="padding:3px"><table class="nowraplinks mw-collapsible mw-collapsed navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Macroeconomics" title="Template:Macroeconomics"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Macroeconomics" title="Template talk:Macroeconomics"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Macroeconomics" title="Special:EditPage/Template:Macroeconomics"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Macroeconomics" style="font-size:114%;margin:0 4em"><a href="/wiki/Macroeconomics" title="Macroeconomics">Macroeconomics</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">Basic concepts</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"><div class="excerpt-block"><div class="excerpt"> <ul><li><a href="/wiki/Aggregate_demand" title="Aggregate demand">Aggregate demand</a></li> <li><a href="/wiki/Aggregate_supply" title="Aggregate supply">Aggregate supply</a></li> <li><a href="/wiki/Business_cycle" title="Business cycle">Business cycle</a></li> <li><a href="/wiki/Compound_annual_growth_rate" title="Compound annual growth rate">CAGR</a></li> <li><a href="/wiki/Deflation" title="Deflation">Deflation</a></li> <li><a href="/wiki/Demand_shock" title="Demand shock">Demand shock</a></li> <li><a href="/wiki/Disinflation" title="Disinflation">Disinflation</a></li> <li><a href="/wiki/Effective_demand" title="Effective demand">Effective demand</a></li> <li>Expectations <ul><li><a href="/wiki/Adaptive_expectations" title="Adaptive expectations">Adaptive</a></li> <li><a href="/wiki/Rational_expectations" title="Rational expectations">Rational</a></li></ul></li> <li><a href="/wiki/Financial_crisis" title="Financial crisis">Financial crisis</a></li> <li><a href="/wiki/Economic_growth" title="Economic growth">Growth</a></li> <li><a href="/wiki/Inflation" title="Inflation">Inflation</a> <ul><li><a href="/wiki/Demand-pull_inflation" title="Demand-pull inflation">Demand-pull</a></li> <li><a href="/wiki/Cost-push_inflation" title="Cost-push inflation">Cost-push</a></li></ul></li> <li><a href="/wiki/Interest_rate" title="Interest rate">Interest rate</a></li> <li><a href="/wiki/Investment_(macroeconomics)" title="Investment (macroeconomics)">Investment</a></li> <li><a href="/wiki/Liquidity_trap" title="Liquidity trap">Liquidity trap</a></li> <li><a href="/wiki/Measures_of_national_income_and_output" title="Measures of national income and output">Measures of national income and output</a> <ul><li><a href="/wiki/Gross_domestic_product" title="Gross domestic product">GDP</a></li> <li><a href="/wiki/Gross_national_income" title="Gross national income">GNI</a></li> <li><a href="/wiki/Net_national_income" title="Net national income">NNI</a></li></ul></li> <li><a href="/wiki/Microfoundations" title="Microfoundations">Microfoundations</a></li> <li><a href="/wiki/Money" title="Money">Money</a> <ul><li><a href="/wiki/Endogenous_money" title="Endogenous money">Endogenous</a></li></ul></li> <li><a href="/wiki/Money_creation" title="Money creation">Money creation</a></li> <li><a href="/wiki/Demand_for_money" title="Demand for money">Demand for money</a> <ul><li><a href="/wiki/Liquidity_preference" title="Liquidity preference">Liquidity preference</a></li></ul></li> <li><a href="/wiki/Money_supply" title="Money supply">Money supply</a></li> <li><a href="/wiki/National_accounts" title="National accounts">National accounts</a> <ul><li><a href="/wiki/System_of_National_Accounts" title="System of National Accounts">SNA</a></li></ul></li> <li><a href="/wiki/Nominal_rigidity" title="Nominal rigidity">Nominal rigidity</a></li> <li><a href="/wiki/Price_level" title="Price level">Price level</a></li> <li><a href="/wiki/Recession" title="Recession">Recession</a></li> <li><a href="/wiki/Shrinkflation" title="Shrinkflation">Shrinkflation</a></li> <li><a href="/wiki/Stagflation" title="Stagflation">Stagflation</a></li> <li><a href="/wiki/Supply_shock" title="Supply shock">Supply shock</a></li> <li><a href="/wiki/National_saving" title="National saving">Saving</a></li> <li><a href="/wiki/Unemployment" title="Unemployment">Unemployment</a></li></ul></div></div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Policies</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"><div class="excerpt-block"><div class="excerpt"> <li><a href="/wiki/Fiscal_policy" title="Fiscal policy">Fiscal</a></li> <li><a href="/wiki/Monetary_policy" title="Monetary policy">Monetary</a></li> <li><a href="/wiki/Commercial_policy" title="Commercial policy">Commercial</a></li> <li><a href="/wiki/Central_bank" title="Central bank">Central bank</a></li> <li><a href="/wiki/Universal_basic_income" title="Universal basic income">Universal basic income</a></li></div></div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Models</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"><div class="excerpt-block"><div class="excerpt"> <li><a href="/wiki/IS%E2%80%93LM_model" title="IS–LM model">IS–LM</a></li> <li><a href="/wiki/AD%E2%80%93AS_model" title="AD–AS model">AD–AS</a></li> <li><a href="/wiki/Keynesian_cross" title="Keynesian cross">Keynesian cross</a></li> <li><a href="/wiki/Multiplier_(economics)" title="Multiplier (economics)">Multiplier</a></li> <li><a href="/wiki/Accelerator_effect" title="Accelerator effect">Accelerator</a></li> <li><a href="/wiki/Phillips_curve" title="Phillips curve">Phillips curve</a></li> <li><a href="/wiki/Arrow%E2%80%93Debreu_model" title="Arrow–Debreu model">Arrow–Debreu</a></li> <li><a href="/wiki/Harrod%E2%80%93Domar_model" title="Harrod–Domar model">Harrod–Domar</a>Нмиф</li> <li><a href="/wiki/Solow%E2%80%93Swan_model" title="Solow–Swan model">Solow–Swan</a></li> <li><a href="/wiki/Ramsey%E2%80%93Cass%E2%80%93Koopmans_model" title="Ramsey–Cass–Koopmans model">Ramsey–Cass–Koopmans</a></li> <li><a href="/wiki/Overlapping_generations_model" title="Overlapping generations model">Overlapping generations</a></li> <li><a href="/wiki/General_equilibrium_theory" title="General equilibrium theory">General equilibrium</a> <ul><li><a href="/wiki/Dynamic_stochastic_general_equilibrium" title="Dynamic stochastic general equilibrium">DSGE</a></li></ul></li> <li><a href="/wiki/Endogenous_growth_theory" title="Endogenous growth theory">Endogenous growth</a></li> <li><a href="/wiki/Matching_theory_(economics)" class="mw-redirect" title="Matching theory (economics)">Matching theory</a></li> <li><a href="/wiki/Mundell%E2%80%93Fleming_model" title="Mundell–Fleming model">Mundell–Fleming</a></li> <li><a href="/wiki/Overshooting_model" title="Overshooting model">Overshooting</a></li> <li><a href="/wiki/NAIRU" title="NAIRU">NAIRU</a></li></div></div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Related fields</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"><div class="excerpt-block"><div class="excerpt"> <li><a href="/wiki/Econometrics" title="Econometrics">Econometrics</a></li> <li><a href="/wiki/Economic_statistics" title="Economic statistics">Economic statistics</a></li> <li><a href="/wiki/Monetary_economics" title="Monetary economics">Monetary economics</a></li> <li><a href="/wiki/Development_economics" title="Development economics">Development economics</a></li> <li><a href="/wiki/International_economics" title="International economics">International economics</a></li></div></div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/History_of_macroeconomic_thought" title="History of macroeconomic thought">Schools</a></th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:1%">Mainstream</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"><div class="excerpt-block"><div class="excerpt"> <li><a href="/wiki/Keynesian_economics" title="Keynesian economics">Keynesian</a> <ul><li><a href="/wiki/Neo-Keynesian_economics" class="mw-redirect" title="Neo-Keynesian economics">Neo-</a></li> <li><a href="/wiki/New_Keynesian_economics" title="New Keynesian economics">New</a></li></ul></li> <li><a href="/wiki/Monetarism" title="Monetarism">Monetarism</a></li> <li><a href="/wiki/New_classical_macroeconomics" title="New classical macroeconomics">New classical</a> <ul><li><a href="/wiki/Real_business-cycle_theory" title="Real business-cycle theory">Real business-cycle theory</a></li></ul></li> <li><a href="/wiki/Stockholm_school_(economics)" class="mw-redirect" title="Stockholm school (economics)">Stockholm</a></li> <li><a href="/wiki/Supply-side_economics" title="Supply-side economics">Supply-side</a></li> <li><a href="/wiki/New_neoclassical_synthesis" title="New neoclassical synthesis">New neoclassical synthesis</a></li> <li><a href="/wiki/Saltwater_and_freshwater_economics" title="Saltwater and freshwater economics">Saltwater and freshwater</a></li></div></div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Heterodox</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"><div class="excerpt-block"><div class="excerpt"> <li><a href="/wiki/Austrian_School" class="mw-redirect" title="Austrian School">Austrian</a></li> <li><a href="/wiki/Chartalism" title="Chartalism">Chartalism</a> <ul><li><a href="/wiki/Modern_monetary_theory" title="Modern monetary theory">Modern monetary theory</a></li></ul></li> <li><a href="/wiki/Ecological_economics" title="Ecological economics">Ecological</a></li> <li><a href="/wiki/Post-Keynesian_economics" title="Post-Keynesian economics">Post-Keynesian</a> <ul><li><a href="/wiki/Monetary_circuit_theory" title="Monetary circuit theory">Circuitism</a></li></ul></li> <li><a href="/wiki/Disequilibrium_macroeconomics" title="Disequilibrium macroeconomics">Disequilibrium</a></li> <li><a href="/wiki/Marxian_economics" title="Marxian economics">Marxian</a></li> <li><a href="/wiki/Market_monetarism" title="Market monetarism">Market monetarism</a></li></div></div></div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Notable <a href="/wiki/Category:Macroeconomists" title="Category:Macroeconomists">macroeconomists</a></th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"><div class="excerpt-block"><div class="excerpt"> <li><a href="/wiki/Fran%C3%A7ois_Quesnay" title="François Quesnay">François Quesnay</a></li> <li><a href="/wiki/Adam_Smith" title="Adam Smith">Adam Smith</a></li> <li><a href="/wiki/Thomas_Robert_Malthus" title="Thomas Robert Malthus">Thomas Robert Malthus</a></li> <li><a href="/wiki/Karl_Marx" title="Karl Marx">Karl Marx</a></li> <li><a href="/wiki/L%C3%A9on_Walras" title="Léon Walras">Léon Walras</a></li> <li><a href="/wiki/Knut_Wicksell" title="Knut Wicksell">Knut Wicksell</a></li> <li><a href="/wiki/Irving_Fisher" title="Irving Fisher">Irving Fisher</a></li> <li><a href="/wiki/Wesley_Clair_Mitchell" title="Wesley Clair Mitchell">Wesley Clair Mitchell</a></li> <li><a href="/wiki/John_Maynard_Keynes" title="John Maynard Keynes">John Maynard Keynes</a></li> <li><a href="/wiki/Alvin_Hansen" title="Alvin Hansen">Alvin Hansen</a></li> <li><a href="/wiki/Micha%C5%82_Kalecki" title="Michał Kalecki">Michał Kalecki</a></li> <li><a href="/wiki/Gunnar_Myrdal" title="Gunnar Myrdal">Gunnar Myrdal</a></li> <li><a href="/wiki/Simon_Kuznets" title="Simon Kuznets">Simon Kuznets</a></li> <li><a href="/wiki/Joan_Robinson" title="Joan Robinson">Joan Robinson</a></li> <li><a href="/wiki/Friedrich_Hayek" title="Friedrich Hayek">Friedrich Hayek</a></li> <li><a href="/wiki/John_Hicks" title="John Hicks">John Hicks</a></li> <li><a href="/wiki/Richard_Stone" title="Richard Stone">Richard Stone</a></li> <li><a href="/wiki/Hyman_Minsky" title="Hyman Minsky">Hyman Minsky</a></li> <li><a href="/wiki/Milton_Friedman" title="Milton Friedman">Milton Friedman</a></li> <li><a href="/wiki/Paul_Samuelson" title="Paul Samuelson">Paul Samuelson</a></li> <li><a href="/wiki/Lawrence_Klein" title="Lawrence Klein">Lawrence Klein</a></li> <li><a href="/wiki/Edmund_Phelps" title="Edmund Phelps">Edmund Phelps</a></li> <li><a href="/wiki/Robert_Lucas_Jr." title="Robert Lucas Jr.">Robert Lucas Jr.</a></li> <li><a href="/wiki/Edward_C._Prescott" title="Edward C. Prescott">Edward C. Prescott</a></li> <li><a href="/wiki/Peter_Diamond" title="Peter Diamond">Peter Diamond</a></li> <li><a href="/wiki/William_Nordhaus" title="William Nordhaus">William Nordhaus</a></li> <li><a href="/wiki/Joseph_Stiglitz" title="Joseph Stiglitz">Joseph Stiglitz</a></li> <li><a href="/wiki/Thomas_J._Sargent" title="Thomas J. Sargent">Thomas J. Sargent</a></li> <li><a href="/wiki/Paul_Krugman" title="Paul Krugman">Paul Krugman</a></li> <li><a href="/wiki/Greg_Mankiw" title="Greg Mankiw">N. Gregory Mankiw</a></li></div></div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Critique</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"><a href="/wiki/Critique_of_political_economy" title="Critique of political economy">Critique of political economy</a></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">See also</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"><div class="excerpt-block"><div class="excerpt"> <li><a href="/wiki/Macroeconomic_model" title="Macroeconomic model">Macroeconomic model</a></li> <li><a href="/wiki/List_of_important_publications_in_economics#Macroeconomics" title="List of important publications in economics">Publications in macroeconomics</a></li> <li><a href="/wiki/Economics" title="Economics">Economics</a> <ul><li><a href="/wiki/Applied_economics" title="Applied economics">Applied</a></li></ul></li> <li><a href="/wiki/Microeconomics" title="Microeconomics">Microeconomics</a></li> <li><a href="/wiki/Political_economy" title="Political economy">Political economy</a></li> <li><a href="/wiki/Mathematical_economics" title="Mathematical economics">Mathematical economics</a></li></div></div></div></td></tr><tr><td class="navbox-abovebelow" colspan="2" style="font-weight:bold;"><div><span class="noviewer" typeof="mw:File"><span title="Category"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/16px-Symbol_category_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/23px-Symbol_category_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/31px-Symbol_category_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span> <a href="/wiki/Category:Macroeconomics" title="Category:Macroeconomics">Category</a></div></td></tr></tbody></table></div>    </div><noscript><img src="https://login.wikimedia.org/wiki/Special:CentralAutoLogin/start?type=1x1" alt="" width="1" height="1" style="border: none; position: absolute;"></noscript> <div class="printfooter" data-nosnippet="">Retrieved from "<a dir="ltr" href="https://en.wikipedia.org/w/index.php?title=Neoclassical_synthesis&oldid=1254548519">https://en.wikipedia.org/w/index.php?title=Neoclassical_synthesis&oldid=1254548519</a>"</div></div> <div id="catlinks" class="catlinks" data-mw="interface"><div id="mw-normal-catlinks" class="mw-normal-catlinks"><a href="/wiki/Help:Category" title="Help:Category">Categories</a>: <ul><li><a href="/wiki/Category:Neoclassical_economics" title="Category:Neoclassical economics">Neoclassical economics</a></li><li><a href="/wiki/Category:Keynesian_economics" title="Category:Keynesian economics">Keynesian economics</a></li></ul></div><div id="mw-hidden-catlinks" class="mw-hidden-catlinks mw-hidden-cats-hidden">Hidden categories: <ul><li><a href="/wiki/Category:Webarchive_template_wayback_links" title="Category:Webarchive template wayback links">Webarchive template wayback links</a></li><li><a href="/wiki/Category:CS1_errors:_missing_periodical" title="Category:CS1 errors: missing periodical">CS1 errors: missing periodical</a></li><li><a href="/wiki/Category:CS1_maint:_multiple_names:_authors_list" title="Category:CS1 maint: multiple names: authors list">CS1 maint: multiple names: authors list</a></li><li><a href="/wiki/Category:Articles_with_short_description" title="Category:Articles with short description">Articles with short description</a></li><li><a href="/wiki/Category:Short_description_matches_Wikidata" title="Category:Short description matches Wikidata">Short description matches Wikidata</a></li><li><a href="/wiki/Category:Use_mdy_dates_from_August_2023" title="Category:Use mdy dates from August 2023">Use mdy dates from August 2023</a></li><li><a href="/wiki/Category:Articles_with_excerpts" title="Category:Articles with excerpts">Articles with excerpts</a></li></ul></div></div> </div> </main> </div> <div class="mw-footer-container"> <footer id="footer" class="mw-footer" > <ul id="footer-info"> <li id="footer-info-lastmod"> This page was last edited on 31 October 2024, at 14:57<span class="anonymous-show"> (UTC)</span>.</li> <li id="footer-info-copyright">Text is available under the <a href="/wiki/Wikipedia:Text_of_the_Creative_Commons_Attribution-ShareAlike_4.0_International_License" title="Wikipedia:Text of the Creative Commons Attribution-ShareAlike 4.0 International License">Creative Commons Attribution-ShareAlike 4.0 License</a>; additional terms may apply. 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