The Theory of New Classical Macroeconomics A Positive Critique
This book examines new classical macroeconomics from a comparative and critical point of view that confronts the original texts and later comments as a first dimension of comparison. The second dimension appears in a historical context, since none of the
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Peter Galbács
The Theory of New Classical Macroeconomics A Positive Critique
Contributions to Economics
More information about this series at http://www.springer.com/series/1262
Peter Galba´cs
The Theory of New Classical Macroeconomics A Positive Critique
Peter Galba´cs Budapest Business School Miskolc Hungary
Completely revised edition of the original Hungarian edition with the title “Aktív szabályozás vagy gazdaságpolitikai nihilizmus?” published by Akadémiai Kiad o Zrt., 2012 ISSN 1431-1933 ISSN 2197-7178 (electronic) Contributions to Economics ISBN 978-3-319-17577-5 ISBN 978-3-319-17578-2 (eBook) DOI 10.1007/978-3-319-17578-2 Library of Congress Control Number: 2015938182 Springer Cham Heidelberg New York Dordrecht London © Springer International Publishing Switzerland 2015 This work is subject to copyright. All rights are reserved by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made. Printed on acid-free paper Springer International Publishing AG Switzerland is part of Springer Science+Business Media (www.springer.com)
To the memory of Andr as Vigv ari.
ThiS is a FM Blank Page
Foreword
Peter Galba´cs, a former student of mine, offered me the privilege to write a brief introduction to his work on The Theory of New Classical Macroeconomics. Peter Galba´cs’ book is an exciting and challenging work that induces even those readers who are well educated in—and sometimes indoctrinated by—mainstream macroeconomics to rethink and revise some of the fundamental ideas of our profession. I would not pretend that I agreed with all parts of his analysis and conclusions, but this is exactly why Galba´cs’ book is so useful and interesting. It would have been tiresome and boring to read a text which triggers only “I agree” types of reactions. Galba´cs’ work is like a huge canvas: it offers an elegant, colorful, and complex picture of the different schools of macroeconomic theory. His main conclusion that the neoclassical theory of economics is still alive and it provides a good framework of analysis and economic policy is well su
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