Critical Economics in times of crisis

Macroeconomics in times of crisis: a comparative approach
Emiliano Brancaccio

The economic crisis erupted in 2008 can be an opportunity to revitalise the dialogue between different paradigms of economic theory. A contribution in this sense could come from a “comparative” approach to macroeconomics. This approach shows how simple modifications to the initial hypotheses of the dominant macroeconomic models can lead to substantial reversal of the logical relations characterising them. While this method of comparison does not allow an extensive examination of the epistemological differences between paradigms, nonetheless it immediately shows how apparently marginal changes in the theoretical hypotheses can lead to completely different policy implications. The essay Anti-Blanchard is an attempt to return to the use of this particular method also in the sphere of teaching.