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Abstract:
This lecture provides a panorama of the various paradigms and models that have been expounded since the foundation of macroeconomics. Whereas the many transformations of capitalist economies have demanded an updating of Keynes’ core hypotheses, the economic profession has been obsessed by a grand reunification of micro theory and macro economics. The victory of Walrasian foundations has not only created axiomatic foundations but also a complete irrelevance of theory for explaining the dynamics of innovation, the consequences of an extended welfare system, the opening of national economies, and, finally, the hegemony of finance.
