A review of the crisis in economics (Keynesianism versus monetarism)

Vol. 7 No. 4 (1987)

Oct-Dec / 1987
Published October 1, 1987
PDF-Portuguese (Português (Brasil))
PDF-Portuguese (Português (Brasil))

How to Cite

Meller, Patrício. 1987. “A Review of the Crisis in Economics (Keynesianism Versus Monetarism)”. Brazilian Journal of Political Economy 7 (4):531-51. https://doi.org/10.1590/0101-31571987-4073.

A review of the crisis in economics (Keynesianism versus monetarism)

Patrício Meller
Da Corporación de Investigaciones Económicas para Latinoamérica – CIEPLAN -, Santiago, Chile.
Brazilian Journal of Political Economy, Vol. 7 No. 4 (1987), Oct-Dec / 1987, Pages 531-551


This paper reviews the different elements suggesting the existence of a crisis in
the economic science. In particular it is examined the possibility or impossibility of coexistence
of different paradigms in Economics; is it possible the synthesis of different paradigms?
why yes or why no? Also, it is reviewed the recent rnethodology discussion related to the
lack of relevance and lack of explanation of Reality of present formal and esoteric theoretic
models; modern formal theory is more interested in optimizing than in explaining. How did
we arrive to this state of affairs and what to do about it. Latin America faces urgent economic
problems, therefore relevance should be the main focus of most economic research.

JEL Classification: B22; B41.

Keywords: Keynesianism monetarism history of economic thought economic methodology