Perfil de Coyuntura Económica
Print version ISSN 1657-4214
TOBON, Alexander. Schumpeter and the new neoclassical synthesis on macroeconomics. Perf. de Coyunt. Econ. [online]. 2009, n.14, pp. 173-188. ISSN 1657-4214.
The purpose of this article is to present the monetary theory of Schumpeter within the frame of Wicksellianism, proposed by the new neoclassical synthesis. This article shows that Schumpeter's contribution has to do with the definition of a stationary equilibrium as well as disequilibrium from which economic cycles arise as a result of technological shocks of a deterministic origin. This contribution is in contrast with the new neo-classical theory where a semi-stationary equilibrium depends on rational expectations; while economic cycles are a result of stochastic shocks originated by technological change as well as by a change in the preferences of the agents. In both theories, the absence of quantity of money in the conditions that define the equilibrium reduces considerably the scope of the underlying monetary theory in the theory of monetary policy.
Keywords : Schumpeter; new neoclassical synthesis; stationary equilibrium; disequilibrium; history of macroeconomics.