Abstract

SALAZAR, Boris  and  OTERO, Daniel. The Revolution of the New Classics: networks, influence and methodology. Rev.econ.inst. [online]. 2015, vol.17, n.32, pp.39-69. ISSN 0124-5996.  https://doi.org/10.18601/01245996.v17n32.02.

The New Classical Revolution has been told as the story of a sudden and unstoppable assault on the Keynesian paradigm that attained immediate unanimity among macroeconomists due to its irresistible scientific method. After following the citation network of the seven articles on macroeconomic policy chosen by Lucas and Sargent, plus Lucas (1976) and Lucas & Sargent (1978), we found that the lines of fracture, associated to Keynesianism and the Northeastern-Midwest divide of Economics departments, stood between 1976 and 2013. Those who cited Lucas hardly cited Fischer (1977), and vice versa. The network was always divided into two, three, and more components, occupying changing fractions of the total structure, and reflecting separate influences and divergent citation patterns and generations. The Revolution happened first in Chicago, Minnesota and Carnegie-Mellon, expanding thereafter to other countries via disciples, but never attaining a total dominance over the profession at large.

Keywords : New Classical Economics; revolution; Lucas; citation networks; intellectual influence.

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