Policy insights

Policy Insights

Policy Insight 41: Macroeconomics and the Crisis: A Personal Appraisal

In a new CEPR Policy Insight, Axel Leijonhufvud argues that theories that assume that the economy is a stable general equilibrium system, albeit beset with some frictions and imperfections, do not hold true in general and that we need a new paradigm of economic thought.

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Citation

Leijonhufvud, A (2009), Policy Insight 41: Macroeconomics and the Crisis: A Personal Appraisal, CEPR Policy Insight No 41, CEPR Press, Paris & London. https://cepr.org/publications/policy-insight-41-macroeconomics-and-crisis-personal-appraisal