Neoliberalismen som dominerende makroøkonomisk diskurs

Abstract

This paper demonstrates that mainstream General Equilibrium Models (GEM) are dominated by neoliberal ideology. These mathematical models are pre-designed to always converging full-employment equilibrium and private-sector equilibrium. The behavioural equations are derived from the assumption of individual utility and profit maximization and the rational expectation (full foresight) hypothesis. Accordingly, policy recommendations consistent with GEM are neoliberal as they advocate (1) avoiding demand management; (2) balancing the public sector’s (structural) budget; and (3) leaving monetary policy to an independent central bank with responsibility for price stability; while (4) distributional and environmental consequences for production are considered irrelevant. This is illustrated by examples from the Danish macroeconomic environment where GEM (ADAM and DREAM) employed by the Treasury and the Council of Economic Advisors are dominant when it comes to medium and long-term policy recommendations. Finally, the article challenges this logic and objective foundation of mainstream macroeconomics.