A note on the logical refutation of neoclassical macroeconomics

Neoclassical theories are often criticized from an externalist point of view (political, sociological, historical, etc.). Internal inconsistencies are said to be impossible, for given some premises “neoclassical analysis is logically coherent “, This note stands against this generally held conception by reviewing one of the possible logical criticisms of neoclassical macroeconomics. Bernard Schmitt, a Swiss economist known as a late Keynesian, has written on the subject. His argument starts out with a discussion of time in economic theory and its relation to standard national accounting. The conclusion is that neoclassical macroeconomics is rooted in some illegitimate metaphor between prices and quantities adjustments.

KEYWORDS:
Neoclassical theory; methodology of economy