Reflections on the Development of Modern Macroeconomics

Reflections on the Development of Modern Macroeconomics

Reflections on the Development of Modern Macroeconomics

Reflections on the Development of Modern Macroeconomics

Synopsis

Macroeconomic analysis has undergone profound change in the last 25 years, and this collection of eight essays focuses on the important issues relating to these developments.

Excerpt

Exactly three years ago from the time of writing (December 1996), at the end of December 1993, we completed the manuscript for our book A Modern Guide to Macroeconomics: An Introduction to Competing Schools of Thought , which was subsequently published in 1994 by Edward Elgar. the feedback we have received on that book has been encouraging, particularly with respect to the comparative approach we adopted, which we highlighted by including a number of interviews with leading exponents of the main schools of macroeconomic thought. Our students in the uk have found the interviews especially interesting and informative. in response to these positive reactions, in mid-1995 we embarked on a project to edit a book comprised of self-contained chapters written by invited contributors whom we asked to reflect on the development of modern macroeconomics. the present volume is the result of that project. Given that modern macroeconomics is such a diverse field of research, and that space is limited, the contributions contained in this volume naturally cover only a selective number of issues. We have not attempted to provide a comprehensive coverage of all the major areas of modern macroeconomic analysis. Our intended readership is primarily intermediate undergraduates, for whom the book will serve as a supplementary text to be read alongside a main macroeconomics textbook. Having said this, we hope that the book will also be of interest to a wider audience, including graduate students and fellow academics.

As editors we wish to express our gratitude to (in alphabetical order) Roger Backhouse, Huw Dixon, Thomas Mayer, Patrick Minford, Andrew Mullineux, Cillian Ryan and Keith Shaw for their invaluable contributions to this volume. Our final thanks go to Katherine Eade, Kerry Douglas, Angie Dell and Sue Barlow for their patience, humour and cooperation in typing various parts of the final manuscript. Any remaining errors (few in number, it is hoped) are our responsibility.

Brian Snowdon
Howard R. Vane . . .

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