"Allegedly, it is the mathematical elegance of the New-Classical economists that accounts for their widespread appeal to the mainstream of technically trained young economists. This observation is entirely correct but ironic. The cult of admiration for mathematically elegant economic models is the product of the so-called Keynesian revolution. Rivals to Keynesian orthodoxy had always been scoffed at because they lacked such mathematical rigor. It seems that Orthodox Keynesianism has died upon the sword by which it once lived. To Austrian economists, of course, the irony is hardly comforting: the Rational-Expectations/New-Classical school may have beaten the Orthodox Keynesians at their own game, but the game was not worth playing. Moreover, the game itself distracts from the serious task of building an understanding of economic events."
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Don Bellante, "The Fork in the Keynesian Road: Post-Keynesians and Neo-Keynesians," ch. 7 in Mark Skousen (ed.) Dissent on Keynes: A Critical Appraisal of Keynesian Economics (New York, N. Y.: Praeger, 1992), p. 123.
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New classical macroeconomics
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