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Late Neoclassical Economics

Author: Yahya M. Madra

Publisher: Routledge

Published: 2016-06-10

Total Pages: 218

ISBN-13: 1317813111

Several contemporary economic theories revolve around different concepts: market failures, institutions, transaction costs, information asymmetries, motivational diversity, cognitive limitations, strategic behaviors and evolutionary stability. In recent years, many economists have argued that the increase in circulation and mobilization of these new and heterogeneous concepts and their associated methodologies (e.g., experiments, evolutionary modelling, simulations) signify the death of neoclassical economics. Late Neoclassical Economics: The Restoration of Theoretical Humanism in Contemporary Economic Theory draws on the work of Louis Althusser, Michel Foucault and the Amherst School, to construct the concept of a self-transparent and self-conscious human subject (Homo economicus) as the theoretical humanist core of the neoclassical tradition. Instead of identifying the emergent heterogeneity as a break from neoclassicism, this book offers a careful genealogy of many of the new concepts and approaches - including evolutionary game theory, experimental economics and behavioural economics - and reads their elaboration as part of the restoration of the theoretical humanist core of the tradition. ‘Late neoclassical economics’ is therefore characterized as a collection of diverse approaches which have emerged in response to the drift towards structuralism. This book is suitable for those who study political economy, history of economic thought and philosophy of economics. The arguments put forward in this text will also resonate with anyone who is interested in the fate of the neoclassical tradition and the future of economic theory.

What is Neoclassical Economics?

Author: Jamie Morgan

Publisher: Routledge

Published: 2015-11-19

Total Pages: 337

ISBN-13: 1317334523

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Despite some diversification modern economics still attracts a great deal of criticism. This is largely due to highly unrealistic assumptions underpinning economic theory, explanatory failure, poor policy framing, and a dubious focus on prediction. Many argue that flaws continue to owe much of their shortcomings to neoclassical economics. As a result, what we mean by neoclassical economics remains a significant issue. This collection addresses the issue from a new perspective, taking as its point of departure Tony Lawson’s essay ‘What is this ‘school’ called neoclassical economics?’. Few terms are as controversial for pluralist and heterodox economists as neoclassical economics. This controversy has many aspects because the term itself has different specifications and connotations. Within this multiplicity what we mean by neoclassical matters to pluralist and heterodox economists for two primary reasons. First, because it informs how we view and critique the mainstream; second, because the relationship between heterodox and mainstream economics influences how heterodox economists model, apply methods and construct theory. The chapters in this collection each have different things to say about these matters, with contributions ranging across the work of key thinkers, such as Thorstein Veblen and Kenneth Arrow, applied issues of non-linear modelling of dynamic systems, and key events in the history of economics. This book will be of use to those interested in methodology, political economy, heterodoxy, and the history of economic thought.

Contending Economic Theories

Author: Richard D. Wolff

Publisher: MIT Press

Published: 2012-09-07

Total Pages: 425

ISBN-13: 0262517833

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A systematic comparison of the 3 major economic theories—neoclassical, Keynesian, and Marxian—showing how they differ and why these differences matter in shaping economic theory and practice. Contending Economic Theories offers a unique comparative treatment of the three main theories in economics as it is taught today: neoclassical, Keynesian, and Marxian. Each is developed and discussed in its own chapter, yet also differentiated from and compared to the other two theories. The authors identify each theory's starting point, its goals and foci, and its internal logic. They connect their comparative theory analysis to the larger policy issues that divide the rival camps of theorists around such central issues as the role government should play in the economy and the class structure of production, stressing the different analytical, policy, and social decisions that flow from each theory's conceptualization of economics. Building on their earlier book Economics: Marxian versus Neoclassical, the authors offer an expanded treatment of Keynesian economics and a comprehensive introduction to Marxian economics, including its class analysis of society. Beyond providing a systematic explanation of the logic and structure of standard neoclassical theory, they analyze recent extensions and developments of that theory around such topics as market imperfections, information economics, new theories of equilibrium, and behavioral economics, considering whether these advances represent new paradigms or merely adjustments to the standard theory. They also explain why economic reasoning has varied among these three approaches throughout the twentieth century, and why this variation continues today—as neoclassical views give way to new Keynesian approaches in the wake of the economic collapse of 2008.

Beyond Neoclassical Economics

Author: Fred E. Foldvary

Publisher: Edward Elgar Publishing

Published: 1996

Total Pages: 902

ISBN-13: 9781858983950

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This introduction to the main heterodox schools of economic thought examines their main concepts and their critiques of mainstream theory. The schools examined include Austrian economics, geo-economics, the Virginia school of political economy, feminist economics, humanist economics, institutional economics, and nondeterminist Marxism. The aim of these essays is to understand the ideas and methodology of these approaches, and also to explain why there are different approaches to economics, and how the various schools relate to each other.

Meme Wars

Author: Kalle Lasn

Publisher: Seven Stories Press

Published: 2013-01-15

Total Pages: 407

ISBN-13: 1609804333

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From the editor and magazine that started and named the Occupy Wall Street movement, Meme Wars: The Creative Destruction of Neoclassical Economics is an articulation of what could be the next steps in rethinking and remaking our world that challenges and debunks many of the assumptions of neoclassical economics and brings to light a more ecological model. Meme Wars aims to accelerate the shift into this new paradigm that takes into account psychonomics, bionomics, and other aspects of our physical and mental environment that are often left out in discussions of economics. Like Adbusters, the book will be image heavy and full-color throughout. Lasn calls it "a textbook for the future" that provides the building blocks, in texts and visuals, for a new way of looking at and changing our world. Through an examination of alternative economies, Lasn hopes to spur students to become "barefoot economists" and to see that a humanization of economics is possible. Meme Wars will include contributions from Nobel Prize winner Joseph Stiglitz, Paul Samuelson, George Akerlof, Lourdes Benería, Julie Matthaei, Manfred Max-Neef, David Orrell, Paul Gilding, Mathis Wackernagel and the father of ecological economics Herman Daly, among others. Based on ideas that were presented in a special issue of Adbusters entitled "Thought Control in Economics: Beyond the Growth Paradigm / An Activist Toolkit," Meme Wars will help move forward the Occupy Wall Street movement.

Economics

Author: Xiaokai Yang

Publisher: Wiley-Blackwell

Published: 2001-03-05

Total Pages: 784

ISBN-13: 9780631220015

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This innovative text ushers in a new way of examining basic economic issues. It teaches economics from a different standpoint, based on specialization and the division of labor. Resource allocation for a given level of division of labor is shown as not the only determination for demand and supply. Levels of division of labor are shown as a major factors as well.

Keynes and the Neoclassical Synthesis

Author: Dario Togati

Publisher: Routledge

Published: 1998-08-20

Total Pages: 408

ISBN-13: 113467029X

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This book is a critical assessment of the Neoclassical Synthesis, long regarded as the standard interpretation of Keynes. It offers a fresh interpretation of Keynes and makes an important contribution to post-Keynesian economics

An Evolutionary Theory of Economic Change

Author: Richard R. Nelson

Publisher: Harvard University Press

Published: 1985-10-15

Total Pages: 456

ISBN-13: 9780674041431

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This book contains the most sustained and serious attack on mainstream, neoclassical economics in more than forty years. Nelson and Winter focus their critique on the basic question of how firms and industries change overtime. They marshal significant objections to the fundamental neoclassical assumptions of profit maximization and market equilibrium, which they find ineffective in the analysis of technological innovation and the dynamics of competition among firms. To replace these assumptions, they borrow from biology the concept of natural selection to construct a precise and detailed evolutionary theory of business behavior. They grant that films are motivated by profit and engage in search for ways of improving profits, but they do not consider them to be profit maximizing. Likewise, they emphasize the tendency for the more profitable firms to drive the less profitable ones out of business, but they do not focus their analysis on hypothetical states of industry equilibrium. The results of their new paradigm and analytical framework are impressive. Not only have they been able to develop more coherent and powerful models of competitive firm dynamics under conditions of growth and technological change, but their approach is compatible with findings in psychology and other social sciences. Finally, their work has important implications for welfare economics and for government policy toward industry.

The Making of Neoclassical Economics

Author: John F. Henry

Publisher: Routledge

Published: 2012-03-02

Total Pages: 288

ISBN-13: 0415618738

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First published in 1990, this unique explanation of the rise of neoclassical economics views social change as an engine promoting change in theory. It attempts to develop a theory of the origins, consolidation and rise to dominance of the neoclassical school of thought. In so doing, it addresses the contest between the labour and utility theories of value; both are placed in historical context, and reasons are offered for the relative success of each in particular historical periods. It is argued that the eventual dominance of neoclassicism, a theory based on the social changes then taking place, resulted not from its scientific superiority but from its non-social perspective which ignores the social order upon which it depends.

A Market Process Theory of the Firm

Author: Mateusz Machaj

Publisher: Routledge

Published: 2021-07-14

Total Pages: 164

ISBN-13: 1000412849

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Neoclassical economics has been criticized from various angles by orthodox schools. The same can be said about its particular branch: the theory of the firm. This book demonstrates how a successful theory of the firm can be presented without flawed notions of a neoclassical framework and used to comprehend actual business history. The author argues that we should start from the assumption that businesses are inevitably imponderable, as that is their nature, in the process of economic evolution. The book offers an in-depth exploration of neoclassical limitations by examining each of the small details associated with the famous MR = MC rule. It follows a step-by-step approach, which starts off with neoclassical assumptions and then moves into more empirically sound theory, based on modeling logic and rooted in real world examples. The author presents a novel discussion on the size of the firm, both in terms of classifying a firm’s expansion and about the factors that limit the size of the firm and argues how formal pricing theory can be built using more indeterminate assumptions about firms. Further, there is a discussion on how firms are rooted in amorphous industries, which helps to explain economic progress better by emphasizing the importance of economic experiments, mistakes and bankruptcies. This is a valuable reference for scholars and researchers who are interested in a range of topics from microeconomics, through pricing theory to industrial organization, history of economic thought and managerial economics.