Editing Neoclassical economics (section)

=== Neoclassical synthesis ===
Many of these developments were against the backdrop of improvements in both [[econometrics]], that is the ability to measure prices and changes in goods and services, as well as their aggregate quantities, and in the creation of [[macroeconomics]], or the study of whole economies. The attempt to combine neo-classical microeconomics and [[Keynesian economics|Keynesian]] macroeconomics would lead to the [[neoclassical synthesis]]<ref>Olivier Jean Blanchard (1987). "neoclassical synthesis", ''The [[New Palgrave: A Dictionary of Economics]]'', v. 3, pp. 634–36.</ref> which was the dominant paradigm of economic reasoning in English-speaking countries from the 1950s till the 1970s. Hicks and Samuelson were for example instrumental in mainstreaming Keynesian economics.

The dominance of [[Keynesian economics]] was upset by its inability to explain the economic crises of the 1970s-<ref>{{citation | last = Clark| first = B| year= 1998| title = Principles of political economy: A comparative approach|url= |journal=Westport, Connecticut: Praeger}}</ref> neoclassical economics emerged distinctly in macroeconomics as the [[new classical macroeconomics|new classical]] school, which sought to explain macroeconomic phenomenon using neoclassical microeconomics.<ref>{{citation | last1 = Snowdon | first1 = Brian | first2 = Howard | last2 = Vane | title = Modern Macroeconomics | publisher = E Elgar | location = Cheltenham | year = 2005 | isbn = 978-1-84542-208-0}}</ref> It and its contemporary [[New Keynesian economics]] contributed to the [[new neoclassical synthesis]] of the 1990s, which informs much of mainstream macroeconomics today.<ref>{{citation |last=Woodford |first=Michael |year=2009 |title=Convergence in Macroeconomics: Elements of the New Synthesis |url=http://www.columbia.edu/~mw2230/Convergence_AEJ.pdf |journal=American Economic Journal: Macroeconomics |volume=1 |issue=1 |pages=267–79 |doi=10.1257/mac.1.1.267 |access-date=September 6, 2020 |archive-date=February 18, 2021 |archive-url=https://web.archive.org/web/20210218041330/http://www.columbia.edu/~mw2230/Convergence_AEJ.pdf |url-status=live }}</ref><ref>{{Citation | first = N Gregory | last = Mankiw | contribution = New Keynesian Economics | title = The Concise Encyclopedia of Economics | publisher = Library of Economics and Liberty | url = http://www.econlib.org/library/Enc/NewKeynesianEconomics.html | access-date = September 6, 2020 | archive-date = February 13, 2021 | archive-url = https://web.archive.org/web/20210213215857/http://www.econlib.org/library/Enc/NewKeynesianEconomics.html | url-status = live }}</ref>