How to Make a Super-model: Professional Incentives and the Birth of Contemporary Macroeconomics

Oddný Helgadóttir*

*Corresponding author af dette arbejde

Publikation: Bidrag til tidsskriftTidsskriftartikelForskningpeer review

109 Downloads (Pure)

Abstract

Reinterpreting the rise of contemporary macroeconomics, this article argues that what mattered most in the shift away from postwar Keynesianism was a new form of modeling called Real Business Cycles (RBC) – variations of which still dominate mainstream macroeconomics. But how could this form of modeling, championed by a handful of junior economists, affect a disciplinary coup in the face of strong opposition from Keynesian disciplinary powerbrokers? Content analysis, network mapping and deep reading of 197 articles by 331 authors suggest that RBC had a competitive edge as a tool of individual professional advancement, allowing it to rewire pre-existing networks of expertise in the face of strong opposition. Elaborating on the interdependence between individual professional appeal and the rise of new forms of formalized expertise, this article identifies three facets of RBC that made it a ‘super-model’, enabling its improbable takeover of macroeconomics: the ability to bond together a set of disparate ideas into a simple and workable whole (‘glue’), deflect known criticism (‘rubber’), and incorporate modified assumptions (‘putty’).
OriginalsprogEngelsk
TidsskriftReview of International Political Economy
Vol/bind30
Udgave nummer1
Sider (fra-til)252-280
Antal sider29
ISSN0969-2290
DOI
StatusUdgivet - feb. 2023

Bibliografisk note

Published online: 3. November 2021.

Emneord

  • Economic ideas
  • Economists
  • Models
  • Formalization
  • Keynesianism
  • Professions

Citationsformater