The New Neoclassical Synthesis in Macroeconomic Theory and Policy Cover Image

Нова неокласична синтеза у макроекономској теорији и политици
The New Neoclassical Synthesis in Macroeconomic Theory and Policy

Author(s): Gordana Marjanović, Vladimir Mihajlović
Subject(s): Supranational / Global Economy, Recent History (1900 till today), Economic policy, Political economy
Published by: Институт за политичке студије
Keywords: macroeconomic theory; neoclassical synthesis; new neoclassical synthesys; new keynesianism; neoclassical theory; economic policy;

Summary/Abstract: Development of modern macroeconomic theory is characterized by the existence of a large number of theories, with also a large number of items in each of them, which are often in conflict with each other. This paper presents the attempts to overcome these differences, guided by the principle of including the most important contributions of different theories within a single concept. In the middle of last century, it was the case with the neoclassical synthesis, while in recent years we can speak about creating a “new” neoclassical synthesis, which has some similarity with the previous core. The aim of this paper is to present the basic features of the new neoclassical synthesis, as well as to consider the question of the real contribution of this new concept in development of macroeconomic theory and policy.

  • Issue Year: 2011
  • Issue No: 1
  • Page Range: 97-114
  • Page Count: 18
  • Language: Serbian