EDMOND MALINVAUD’S CRITICISMS OF THE NEW CLASSICAL ECONOMICS: RESTORING THE NATURE AND THE RATIONALE OF THE OLD KEYNESIANS’ OPPOSITION

Abstract

Unlike standard accounts, recent research in the history of macroeconomics has given increasing attention to the Old Keynesians’ criticisms of the New Classical Economics. In this paper, I address the case of Edmond Malinvaud, who began opposing the New Classical Economics from the early 1980s and did so throughout the following thirty years. This study shows that his opposition was radical, i.e., multi-dimensional and systematic, and owes to the methodology and the practice of macroeconometric modeling. In turn, this twofold result sheds light on the nature and the rationale of the Old Keynesians’ opposition to the New Classical Economics from the 1970s onwards, which can be interpreted along the same lines.