Irreconcilable Inconsistencies of Neoclassical Macroeconomics

John Weeks is Professor Emeritus and Senior Researcher at SOAS, University of London, UK

"John Weeks has written a passionate indictment of mainstream macroeconomics. His audience is skeptical students (and their teachers) who are puzzled about the lack of contact between what their textbooks and "learned" journals say about how things happen and what should be done about them on the one hand, and what they observe in the day-to-day happenings of the world in which they live on the other. Weeks has absorbed the approach and details of the mainstream literature, reduced it to its essentials and examined its internal logic, which be often finds either wanting, or so dependent on special assumptions for which there is little economic justification as to be of limited applicability, or none at all. He contrasts these findings with the more relevant approach to be found in the writings of Marx, Keynes, and Weeks's own institutionalist teachers of long ago. The Irreconcilable Inconsistencies of Neoclassical Macroeconomics: False Paradigm is the best sort of text book - clear, honest, challenging and relevant". - G. C. Harcourt, School of Economics, University of New South Wales, Australia

• Introduction Part I: Methodology of the Neoclassical Macro Model 1. The Demand Side of the Neoclassical Model 2 The Neoclassical Model with a Supply Side 3 Comparative Statics and Equilibrium 4 Money in the Neoclassical Model Part II: Presentation of the Basic Model 5 The Classical False Dichotomy Model 6 Logically Consistent Money-neutral Models 7 The "Complete" Model with a Wealth Effect Annex to Part I: Keynes and Aggregation Part III: A Critique of self-Adjusting Full Employment 8 Neutrality and Full employment 9 Expectations and Full Employment 10 Full Employment and Multi-commodity Production 11 Full Employment and Disequilibrium Part IV: The "Open" Economy: Presentation and Critique 12 The "Open Economy" Neoclassical Model Annex to Chapter 12: Open Economy Algebra 13 Open Economy Analysis 14 Reassessing Monetary and Fiscal Policy Part V: Paradigm Regained: Reclaiming Policy 15 Decommissioning Policy Tools 16 The Critique Summarized