Authors

Robert Leeson, University of Notre Dame AustraliaFollow

Language and Inflation

Document Type

Book Chapter

Publication Date

2000

Abstract

Macroeconomic controversy is largely a tale of three cities - Chicago and the two Cambridges - or more accurately a tale of the cultures and policy prescriptions associated with those cities. In the four decades between the General Theory and the monetarist counter-revolution, economists were 'normally' distributed around orthodoxy (the Keynesian Neoclassical Synthesis, the ISLM model etc.) with the Chicago version of the Quantity Theory two standard deviations from the mean in the right tail, and the 'true believers' in Cambridge England an equal distance from the mean in the left tail. The preferred method of orthodox research involved 'formalist' tools (a label that can be stretched to include econometrics and Walrasian equations). Penetrating the veil of macroeconomics reveals some successful language revolutions at work.

ISBN: 0333730453

Comments

The Eclipse of Keynesianism: The Political Economy of the Chicago Counter Revolution may be accessed from the publisher here

The Eclipse of Keynesianism: The Political Economy of the Chicago Counter Revolution may be accessed from the National Library of Australia here

Recommended Citation

Leeson, R. (2000). Language and inflation. In R. Leeson (Ed). The eclipse of Keynesianism: The political economy of the Chicago counter revolution. New York, NY: Palgrave Macmillan.