Work

Macroeconomics under pressure: the feedback effects of economic expertise

Year: 2022

Type: article

Abstract: The influence of macroeconomists’ on policymakers through economic expertise is usually taken for granted. Yet, the reverse proposal appears far less elusive and as significant. From the analysis of Malinvaud’s writings, I set forth three significant feedback effects of economic expertise on macroeconomics, which has (i) become oversensitive to the results of economic policies, (ii) behaved as a tool for decision-making, and (iii) been impelled to search for internal consensus in order to guide policymaking. Taken together, these feedback effects of economic expertise draw how macroeconomics has been structurally intertwined with policymakers’ needs and issues since World War II, thus providing new insights on the “Keynesian consensus” in France and the broader history of macroeconomics.

Source: European Journal of the History of Economic Thought

DOI: 10.1080/09672567.2022.2148711

Author: Matthieu Renault

Institutions: Centre National de la Recherche Scientifique, Groupe de Recherche en Droit, Économie, Gestion

Language: English

Topic: Economic Theory and Policy

Subfield: General Economics, Econometrics and Finance

Field: Economics, Econometrics and Finance

Domain: Social Sciences

Open Access status: green

Funder: Université Côte d’Azur

OpenAlex ID: W4309430203

FWCI: 1.074

Cites: 114

Cited by: 8

Related to: 10