Abstract
The term ‘neoclassical synthesis’ appears to have been coined by Paul Samuelson to denote the consensus view of macroeconomics which emerged in the mid-1950s in the United States. This synthesis remained the dominant paradigm for another 20 years, in which most of the important contributions, by Hicks, Modigliani, Solow, Tobin and others, fit quite naturally. The synthesis had, however, suffered from the start from schizophrenia in its relation to microeconomics, which eventually led to a serious crisis from which it is only now re-emerging. I describe the initial synthesis, the mature synthesis, the crisis and the new emerging synthesis.
This chapter was originally published in The New Palgrave Dictionary of Economics, 2nd edition, 2008. Edited by Steven N. Durlauf and Lawrence E. Blume
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Blanchard, O.J. (2008). Neoclassical Synthesis. In: The New Palgrave Dictionary of Economics. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-349-95121-5_1218-2
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DOI: https://doi.org/10.1057/978-1-349-95121-5_1218-2
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Latest
Neoclassical Synthesis- Published:
- 20 March 2017
DOI: https://doi.org/10.1057/978-1-349-95121-5_1218-2
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Original
Neoclassical Synthesis- Published:
- 11 November 2016
DOI: https://doi.org/10.1057/978-1-349-95121-5_1218-1