Авторы: 147 А Б В Г Д Е З И Й К Л М Н О П Р С Т У Ф Х Ц Ч Ш Щ Э Ю Я

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12.1 Introduction

In this book we have sought to shed light on the origins, development and

current state of modern macroeconomics. In doing so our chosen approach

has been to discuss in Chapters 3–9 the central tenets underlying, and the

policy implications of, seven main competing schools of thought in macroeconomics

as they evolved in historical perspective. In addition, in Chapters

10–11 we have discussed important developments associated with the ‘new

political macroeconomics’ and the renaissance of research into the area of

‘economic growth’. From the discussion of the preceding chapters we hope

to have conveyed to the reader that modern macroeconomics is both an

exciting and controversial subject. This is most forcefully demonstrated by

the contrasting answers given in the interviews with leading economists who

have made such a profound contribution to the ever-changing and ongoing

debates witnessed in the field of macroeconomic theory and policy, and the

history and methodology of macroeconomics research. The purpose of this

concluding chapter is to briefly reflect on the broad sweep of those twentiethcentury

developments in macroeconomics, which we have surveyed in more

detail in individual chapters in this book.

Before engaging on this task it is interesting to consider the approach taken

by two eminent macroeconomists – Olivier Blanchard, Professor of Economics

at MIT, and Michael Woodford, Professor of Economics at Columbia

University – who have both produced reflective surveys of the development

of short-run macroeconomics (excluding discussion of the new political macroeconomics

and economic growth) during the twentieth century.