New classical macroeconomics
school of thought in macroeconomics that builds its analysis entirely on a neoclassical framework
New classical macroeconomics is a school of thought in macroeconomics based on a neoclassical framework. It emphasizes the importance of foundations based on microeconomics, especially rational expectations.
New classical macroeconomics uses neoclassical microeconomic foundations for macroeconomic analysis. This is in contrast with the new Keynesian school that uses microfoundations, such as price stickiness and imperfect competition, to generate macroeconomic models similar to earlier, Keynesian ones.
History
Classical economics is the term used for the first modern school of economics. The publication of Adam Smith's The Wealth of Nations in 1776 is considered to be the birth of the school. The central idea behind it is on the ability of the market to be self-correcting as well as being the most superior institution in allocating resources. The central assumption implied is that all individuals maximize their utility.
The "marginal revolution" that occurred in Europe in the late 19th century, led by Carl Menger, William Stanley Jevons, and Léon Walras, gave rise to what is known as neoclassical economics. This neoclassical formulation had also been formalized by Alfred Marshall.
The public source identifies “New classical macroeconomics” as school of thought in macroeconomics that builds its analysis entirely on a neoclassical framework. This brief keeps that definition visible, then builds a research path around classical, macroeconomics and school.
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