A note on the logical refutation of neoclassical macroeconomics

Abstract

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.

JEL Classification: B41; B21.