The development of modern macroeconomics: Reflections in the light of Johnson's analysis after twenty-five years

Abstract

This paper considers how far factors advanced by Harry Johnson some twenty-five years ago to explain the success of the Keynesian revolution and subsequent monetarist counter-revolution, can help in understanding why new classical macroeconomics has had such an impact on the more recent development of macroeconomics. At least three of Johnson's five “internal scientific characteristics” are seen to have played an important role in the development of both versions of new classical macroeconomics.