Seven Schools of Macroeconomic Thought: The Arne Ryde Memorial Lectures (Ryde Lectures)

## Abstract This volume represents the publication of seven lectures––the first annual Arne Ryde Memorial lectures administered by the University of Lund––on what the author deems to be the seven leading schools of thought in contemporary macroeconomics. The result is a wide‐ranging appreciation of the richness of macro theory and a commentary on some of its more doubtful tenets by a scholar who has himself made contributions to all seven schools. The recurring motif is that actual economies are complicated and each school has its own important insights into them. The first four schools have in common that they regard monetary mechanisms as a key part of the engine determining the level of economic activity while the last three schools all adopt essentially non‐monetary perspectives. The first chapter considers at length the basis for Keynes's break from classical economics. The next chapter addresses the sister school called ‘monetarism’. Chapters on the New Classical school and the New Keynesian school follow. The supply side is the first stop in the non‐monetary realm and the related school, called ‘Real Business Cycle theory’, is the next. The last chapter looks at the early work of the structuralist school, which was at an early stage of development when these lectures were given. This book offers an excellent survey of various macroeconomic topics which feature prominently in the research agenda and have inspired both theoretical and policy debate. The book presents an authoritative and comprehensive summary and original critique of modern macroeconomic approaches by a scholar whose own contribution to the field is considerable. In each of his seven chapters, the author reviews one school of economic thought. These are: the Keynesian school of macroeconomics; the monetarist school; the New Classical school; the New-Keynesian school; supply side macroeconomics, and `non-monetary' models of macroeconomics - the real business cycle theory and the `structuralist school' which views changes in unemployment as the outcome of shifts in the structural characteristics of the economy. The book is the text of the first series of Ryde Lectures, established by Lund University in Sweden. Seven Schools of Macroeconomic Thought offers an excellent survey of various macroeconomic topics that feature prominently in the research agenda and have inspired both theoretical and policy debate. The book presents an authoritative and comprehensive summary and original critique of macroeconomic approaches by a scholar whose own contribution to the field is considerable. In each of his seven chapters, the author reviews one school of economic thought. These the Keynesian school of macroeconomics; the monetarist school; the New Classical school; the New-Keynesian school; supply side macroeconomics, and `non-monetary' models of macroeconomics - the real business cycle theory and the 'structuralist school' which views changes in unemployment as the outcome of shifts in the structural characteristics of the economy. This book offers an excellent survey of various macroeconomic topics which feature prominently in the research agenda and have inspired both theoretical and policy debate. The book presents an authoritative and comprehensive summary and original critique of modern macroeconomic approaches by a scholar whose own contribution to the field is considerable. In each of his seven chapters, the author reviews one school of economic thought. These are: the Keynesian school of macroeconomics; the monetarist school; the New Classical school; the New-Keynesian school; supply side macroeconomics, and ǹon- The Arne Ryde Foundation Preface Contents 1. The Macroeconomics of Keynes 2. The Monetarist Tradition 3. The New Classical School 4. The New Keynesian School 5. Supply-side Macroeconomics 6. Neoclassical and Neo-Neoclassical Real Business Cycle Theory 7. Non-Monetary Theories of Unemployment Fluctuation: The Structuralist School Index This book presents a comprehensive and authoritative summary of modern approaches to macroeconomics. The book also provides a good survey of topics which feature prominently in the research agenda. This is the first in a promising new series of Ryde Lectures, which were established by Lund University in Sweden Edmund S. Phelps. Includes Bibliographical References And Index.