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- W1485756494 abstract "When James Tobin and I agreed on the subject of this lecture last spring, it appeared to be a highly topical subject that would command widespread interest among the membership of this Association. Unfortunately, as so often happens with forward planning for acadenlic purposes, others have also been alert to topicality, and have undermined our forward planning by getting in earlier with their version of the theme. Thus Milton Friedman himself gave a widely publicized lecture on Counter-Revolution in Monetary Theory last September in London, which lecture has recently been published by the Institute ol Economic Affairs, [4]; Karl Brunner has recently circulated a typically scholarly paper on 'Monetarist Revolution' In Monetary Theory [1]; and undoubtedly many others have been writing and publishing on the same subject. My treatment of this beginningto-be-well-worn theme today will, I hope, still retain some novelty, inasmuch as I shall be primarily concerned, not with the scientific issues in dispute in the monetarist counter-revolution against the Keynesian revolution, but with the social and intellectual conditions that make a revolution or counter-revolution possible in our profession. This lecture is therefore an excursion--amateurish, I must confessinto the economics and sociology of intellectual change. As is well known from the field of economic history, the concept of revolution is difficult to transfer from its origins in politics to other fields of social science. Its essence is unexpected speed of change, and this requires a judgment of speed in the context of a longer perspective of historical change, the choice of which is likely to be debatable in the extreme. Leaving the judgmental issue aside for the moment, one could characterize the history of our subject in terms of a series of revolutions, very broadly defined, as follows. Economics as we know it began with what might be called the Smithian Revolution against the established body of doctrines generically described as mercantilism, a revolution which changed ideas on the nature and sources of the wealth of nations and the policies required to promote the growth of what we now call affluence. The Ricardian revolution turned the attention of economists from concern with national wealth and its growth to the distribution of income among social classes and the interactions of growth and income distribution. The marginalist revolution of the 1870's essentially introduced a new and superior analytical technology for dealing with Ricardo's distribution problem, in the process gradually depriving Ricardian economics of its social content; hence, the results of that revolution have been described as neo-Ricardian or more commonly neoclassical economics. Contemporary economics is based on this development and on at least four dis-" @default.
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- W1485756494 date "2013-07-18" @default.
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- W1485756494 title "The Keynesian Revolution and the Monetarist Counter-Revolution" @default.
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- W1485756494 doi "https://doi.org/10.4324/9780203482155-10" @default.
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