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Interpreting Macroeconomics: Explorations in the History of Macroeconomic Thought Paperback – October 18, 1996

ISBN-13: 978-0415153607 ISBN-10: 0415153603

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Product Details

  • Paperback: 256 pages
  • Publisher: Routledge (October 18, 1996)
  • Language: English
  • ISBN-10: 0415153603
  • ISBN-13: 978-0415153607
  • Product Dimensions: 0.5 x 8.9 x 5.9 inches
  • Shipping Weight: 12.6 ounces (View shipping rates and policies)
  • Average Customer Review: 2.0 out of 5 stars  See all reviews (1 customer review)
  • Amazon Best Sellers Rank: #873,088 in Books (See Top 100 in Books)

Editorial Reviews

Review

...do not let yourself miss this excellent book.... Backhouse's history is a piece in the puzzle that no one can afford to overlook. His local and contingent perspective is the best view that we have of the evolution of contemporary macroeconomics.
History of Political Economy --This text refers to the Hardcover edition.

About the Author

Roger Backhouse is Reader in the History of Economic Thought at the University of Birmingham. He is the author of A History of Modern Economic Analysis (1985), Economists and the Economy (1984) and two macroconomics textbooks. He is also a co-editor of Economics and Language (1993) and the editor of New Directions in Economic Methodology (1994). --This text refers to the Hardcover edition.

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3 of 7 people found the following review helpful By Michael Emmett Brady on September 13, 2005
Format: Paperback
Backhouse has some interesting chapters in this book comparing and commenting on the works of Muth(the founder of the rational expectations approach based on the use of the normal probability distribution and related distributions),Leijonhufvud(one of the founders of the long run disequilibrium,neoWalrasian interpretation of Keynes),and Milton Friedman(monetarist economist whose empirical work is all based on the unsupported belief that the normal probability distribution(and its variates) can be applied universally as a correct model in macroeconomics).Backhouse is simply ignorant about the massive amount of data analysis done by Benoit Mandelbrot over the last fifty years demonstrating that the normal distribution is the wrong distribution to employ.His work has been replicated by many different researchers in many different countries.Keynes,in the 1939-40 exchange with Tinbergen over the logical foundations of econometrics,made the same,general theoretical argument as Mandelbrot,but without empirical support.Keynes argued that before the assumption of normality was made,Tinbergen needed to demonstrate the uniformity,homogeneity,and stability of the time series data before using the multiple correlation-regression approach.Keynes was ignored.The result has been 65 years of failed macroeconometric forecasts.Backhouse covers none of this.On pp.120-123,Backhouse repeats the standard economist claim that Keynes had no formal model in the GT.The formal model is in chapters 10,20,and 21.It is that w/p=mpl/(mpc+mpi),where w/p is the real wage,mpl is the marginal product of labor derived from a neoclassical aggregate production function,mpc is the marginal propensity to consume,and mpi is the marginal propensity to spend on investment goods.Read more ›
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