In The Methodology of Macroeconomic Thought, Sheila Dow attempts to bridge the gap between methodology and macroeconomic theory through the study of four different schools of thought in economics – the Neo-Austrian, mainstream, post Keynesian and Marxian traditions – and by seeking to understand their methodological foundations in their own terms.
In this substantially-revised new edition of her classic work, Macroeconomic Thought: A Methodological Approach, Dr Dow argues for methodological awareness among practising economists as a basis for constructive debate and reasoned argument. The methodological content has been substantially increased to include material on recent developments in the field. After analysing the historical and methodological development of each of the schools, the author covers the micro-foundations of their macroeconomics and their approaches to key concepts including equilibrium, expectations, money and macroeconomic policy. The author seeks to identify the sources of differences between schools of thought as well as potential and actual commonalities before examining their differences at a conceptual level. Unlike other accounts, mainstream economics is treated here as one school of thought on a par with Neo-Austrian economics, PostKeynesian economics and Marxian economics.
The Methodology of Macroeconomic Thought will be welcomed by readers for its description and analysis of these schools in their own terms, as well as for the wider perspective it offers on methodology.