An appraisal of the new classical macroeconomics

Abstract

This paper appraises the “new classical macroeconomics” within the framework of Lakatos's methodology of scientific research programs. In terms of its ability to predict new facts, the new classical macroeconomics program is theoretically progressive; in terms of its ability to verify some of these predictions, the program is also empirically progressive. From these considerations I conclude that the new classical macroeconomics represents a progressive scientific research program.