What Is Neoclassical Economics Download Ebook PDF Epub Online

Author : Jamie Morgan
Publisher : Routledge
Release : 2015-11-19
Page : 322
Category : Business & Economics
ISBN 13 : 1317334523
Description :


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.


Author : Thorstein Veblen
Publisher : Read Books Ltd
Release : 2014-05-30
Page : 132
Category : Political Science
ISBN 13 : 1473396182
Description :


Thorstein Veblen was probably the greatest economist working in early 20th century America. In this treatise, Veblen sets out the preconceptions and uninformed ideas people have when beginning to study the economy, taking each problem and addressing it in turn, hoping to open the readers mind to a better understanding of one of the most difficult and complex problems of the modern world, the economy.


Author : James A. Caporaso
David P. Levine
Publisher : Cambridge University Press
Release : 1992-08-28
Page : 243
Category : Business & Economics
ISBN 13 : 9780521425780
Description :


This exploration of some of the more important frameworks used for understanding the relationship between politics and economics includes the classical, Marxian, Keynesian, neoclassical, state-centered, power-centered, and justice-centered.


Author : John Maynard Keynes
General Press
Publisher : GENERAL PRESS
Release : 2019-10-05
Page : 380
Category : Business & Economics
ISBN 13 : 9389440629
Description :


The General Theory of Employment, Interest, and Money, written by legendary author John Maynard Keynes is widely considered to be one of the top 100 greatest books of all time. This masterpiece was published right after the Great Depression. It sought to bring about a revolution, commonly referred to as the ‘Keynesian Revolution’, in the way economists thought—especially challenging the proposition that a market economy tends naturally to restore itself to full employment on its own. Regarded widely as the cornerstone of Keynesian thought, this book challenged the established classical economics and introduced new concepts. ‘The General Theory of Employment, Interest, and Money’ transformed economics and changed the face of modern macroeconomics. Keynes’ argument is based on the idea that the level of employment is not determined by the price of labour, but by the spending of money. It gave way to an entirely new approach where employment, inflation and the market economy are concerned.


Author : David Ellerman
Publisher : Springer
Release : 2021-07-14
Page : 186
Category : Political Science
ISBN 13 : 9783030760953
Description :


This book presents an integrated jurisprudential critique of neoclassical microeconomic theory. It explains what is ‘really wrong’ with the theory both descriptively, as well as normatively. The criticism presented is based on questions of jurisprudence, and on neoclassical theory’s sins of omission and commission concerning the underlying system of property and contract. On the positive side - while the presentation is almost entirely non-mathematical - the book contains the first mathematical treatment of the fundamental theorem about property and contract in jurisprudence that underlies a market economy. The book follows the tradition of John Stuart Mill as the last major political economist who considered the study of property rights as an integral part of economic theory. The conceptual criticisms presented in this book focus on the descriptive and normative misconceptions about property and contracts that are deeply embedded ideology in neoclassical economics, not to mention in the broader society. The book recognizes that the idealized microeconomic theory is not descriptive of reality and focuses its criticism on conceptual mistakes in the theory, which are even clearer due to the idealized nature of the theory. Therefore, the book is a must-read for scholars, researchers, and students interested in a better understanding of jurisprudence in economics, neoclassical microeconomic theory, and political economy in general.


Author : Yahya M. Madra
Publisher : Routledge
Release : 2016-06-10
Page : 206
Category : Business & Economics
ISBN 13 : 1317813111
Description :


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.


Author : John F. Henry
Publisher : Routledge
Release : 2012-07-26
Page : 286
Category : Business & Economics
ISBN 13 : 1136810536
Description :


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.


Author : Klaus Hennings
Warren J. Samuels
Publisher : Springer Science & Business Media
Release : 2012-12-06
Page : 290
Category : Business & Economics
ISBN 13 : 9400921810
Description :


Warren J. Samuels Each book in this series explores the present status of its field in terms of where it is, how it got there, the existing tensions within the field, and something of how the field might develop in the future. Each book presumes that work in each field is neither settled nor unequivocal. Each book attempts to comprehend its field as an evolving, developmental process or set or efforts. This particular book, covering neoclassical economics, is the third of three in the field of the History of Economic Thought. The others are Pre-Classical Economic Thought, edited by S. Todd Lowry, and Classical Political Economy, edited by William O. Thweatt. Each one conducts the same kind of analysis as the others in the series, with the understanding that here we are dealing with the history of interpretation, rather than a substantive body of analysis of a certain aspect of the economy: for example, labor or international trade. (That understanding must be com plex and subtle, inasmuch as revision of interpretation of earlier ideas is part of the process-both cause and consequence-of re-analyzing the economy. ) In this group we are interested in how recent and contemporary writers have interpreted the history of economic thought differently, both among themselves and from earlier writers. 1 NEOCLASSICAL ECONOMIC lHEORY 2 Several topics must be discussed to place such work in perspective, in part as it is here applied to the history of the interpretation of neoclassical economics.


Author : Stanley Bober
Publisher : Routledge
Release : 2019-01-04
Page : 479
Category : Business & Economics
ISBN 13 : 0429816804
Description :


First published in 1997, this volume was undertaken to provide a means to introduce new thinking in economics which have been considered a counter-revolution with regards to the core framework of economic analysis. Stanley Bober explores areas including the theory of household income, the role of prices, growth analysis and Keynesian economics. The book pays particular attention to the Kaldor-Pasinetti income distribution models as they relate to aggregate saving along with the Harrod-Domar macro-dynamic growth paths.


Author : Richard D. Wolff
Stephen A. Resnick
Publisher : MIT Press
Release : 2012-09-07
Page : 406
Category : Business & Economics
ISBN 13 : 0262517833
Description :


Offers a unique comparative treatment of the three main theories in economics as it is taught today: neoclassical, Keynesian, and Marxian.


Author : A. Ozanne
Publisher : Springer
Release : 2016-01-26
Page : 101
Category : Business & Economics
ISBN 13 : 1137553731
Description :


Mainstream economics almost completely ignores the role power plays in determining economic outcomes, which means it can only provide partial explanations of the distribution of wealth and income, and of the problems associated with inequality and poverty. For many, this is a fundamental failing that severely limits its relevance to the real world and is the source of much dissatisfaction with, and cynicism about, economics and economists. Ozanne explains how this neglect of power has come about over the past 150 years and why it is important. He reviews various definitions and theories of power from across the social sciences and proposes a new approach that could bring considerations of power back into standard economic theory and economics teaching. The approach is simple and intuitive, involving little more than re-envisioning the social welfare function as a 'political economy function'. However, if adopted in economics teaching, it could radically change the way young economists are taught to think about economic problems and lead to a 'return to political economy'.


Author : George M. Frankfurter
Publisher : World Scientific
Release : 2007
Page : 215
Category : Business & Economics
ISBN 13 : 9812770003
Description :


The current literature on financial economics is dominated by neoclassical dogma and, supposedly, the notion of value-neutrality. However, the failure of neoclassical economics to deal with real financial phenomena suggests that this might be too simplistic of an approach. This book consists of a collection of essays dealing with financial markets'' imperfections, and the inability of neoclassical economics to deal with such imperfections. Its central argument is that financial economics, as based on the tenets of neoclassical economics, cannot answer or solve the real-life problems that people face. It also shows the direct relationship between economics and politics OCo something that is usually denied in academic models, given that science is supposed to be value-neutral. In this thought-provoking and avant-garde book, the author not only exposes what has gone wrong, but also suggests reforms to both the academic and the political-economic systems that might help make markets fair rather than efficient. Drawing on interdisciplinary fields, this book will appeal to readers who are interested in finance, economics, business, the political economy and philosophy. Sample Chapter(s). Foreword (37 KB). Chapter 1: Method and Methodology (146 KB). Contents: Method and Methodology; What is All Efficiency?; Still Autistic Finance; The Young Finance Faculty''s Guide to Publishing; Prolific Authors in Finance; For-Profit Education: An Idea That Should be Put to Rest?; Weep Not for Microsoft: Monopoly''s Fatal Exception; The Socio-Economics of Scandals; Desperately Seeking Toto; And Now for Something Entirely Different; After the Ball; Capitalism or Industrial Fiefdom; The Theory of Fair Markets (TFM): Toward a New Finance Paradigm. Readership: Graduate students of finance; students of economics, economic methodology and philosophy of science."


Author : B. Hamminga
Publisher : Springer
Release : 1983-08-01
Page : 176
Category : Business & Economics
ISBN 13 : 9783540128168
Description :


There are quite a lot of recent books on the methodology of economics, but all proceed from one or more of the following three fundamental assumptions: 1) Meta-apriorism: it is a priori believed that the results of the philosophy of science of the past decades, associated with the names of Popper, Kuhn and Lakatos, yield conceptual frameworks that can be used to describe the product of the economist's endeavours. 2) Synchronism: it is believed that the inspection of a "theory" of economics, the presentation of some economic belief at a point in time, reveals its logical structure and ipso facto the "method" by which the "theory" is constructed. 3) CreduZity: it is believed that what economists themselves say on their own methods is true, or at least of primary relevance. In this book, I endeavour to show that these assumptions are false. First, the philosophies of science by Popper, Kuhn and Lakatos did not succeed in constructing a conceptual framework capable of describing theory development in economics. Secondly, this can only be seen as soon as not Zogic but history is taken to be the referee judging the adequacy of metatheories (diachronism). Thirdly the results of metaempiricaZ (not-meta-aprioristic), diachronic (not-synchronic) research reveals that even economists themselves turn out frequently to have inadequate metatheories upon which it is dangerous to rely (suspicion instead of credulity) .


Author : Mariana Mazzucato
Publisher : Penguin UK
Release : 2018-04-26
Page : 384
Category : Business & Economics
ISBN 13 : 0241188822
Description :


Who really creates wealth in our world? And how do we decide the value of what they do? At the heart of today's financial and economic crisis is a problem hiding in plain sight. In modern capitalism, value-extraction - the siphoning off of profits, from shareholders' dividends to bankers' bonuses - is rewarded more highly than value-creation: the productive process that drives a healthy economy and society. We misidentify takers as makers, and have lost sight of what value really means. Once a central plank of economic thought, this concept of value - what it is, why it matters to us - is simply no longer discussed. Yet, argues Mariana Mazzucato in this penetrating and passionate new book, if we are to reform capitalism - to radically transform an increasingly sick system rather than continue feeding it - we urgently need to rethink where wealth comes from. Who is creating it, who is extracting it, and who is destroying it? Answers to these questions are key if we want to replace the current parasitic system with a type of capitalism that is more sustainable, more symbiotic: that works for us all. The Value of Everything will reignite a long-needed debate about the kind of world we really want to live in.


Author : D. Paul Schafer
Publisher : University of Ottawa Press
Release : 2008-04-29
Page : 320
Category : Business & Economics
ISBN 13 : 0776617737
Description :


In Revolution or Renaissance, D. Paul Schafer subjects two of the most powerful forces in the world – economics and culture – to a detailed and historically sensitive analysis. He argues that the economic age has produced a great deal of wealth and unleashed tremendous productive power; however, it is not capable of coming to grips with the problems threatening human and non-human life on this planet. After tracing the evolution of the economic age from the publication of Adam Smith's The Wealth of Nations in 1776 to the present, he turns his attention to culture, examining it both as a concept and as a reality. What emerges is a portrait of the world system of the future where culture is the central focus of development. According to Schafer, making the transition from an economic age to a cultural age is imperative if global harmony, environmental sustainability, economic viability, and human well-being are to be achieved.


Author : Augusto Graziani
Publisher : Cambridge University Press
Release : 2003-09-04
Page :
Category : Business & Economics
ISBN 13 : 9781139438001
Description :


In mainstream economic theory money functions as an instrument for the circulation of commodities or for keeping a stock of liquid wealth. In neither case is it considered fundamental to the production of goods or the distribution of income. Augusto Graziani challenges traditional theories of monetary production, arguing that a modern economy based on credit cannot be understood without a focus on the administration of credit flows. He argues that market asset configuration depends not upon consumer preferences and available technologies but on how money and credit are managed. A strong exponent of the circulation theory of monetary production, Graziani presents an original and perhaps controversial argument that will stimulate debate on the topic.


Author : Robert Skidelsky
Publisher : Penguin UK
Release : 2018-09-06
Page : 352
Category : Business & Economics
ISBN 13 : 0241352835
Description :


The dominant view in economics is that money and government should play only a minor role in economic life. Money, it is claimed, is nothing more than a medium of exchange; and economic outcomes are best left to the 'invisible hand' of the market. In contrast, the view taken in this important new book is that the omnipresence of uncertainty makes money and government essential features of any market economy. One reason we want to hold onto money is that we don't know what the future will bring. Government - good government - makes the future more predictable and therefore reduces this demand for money. After Adam Smith, orthodoxy persistently espoused non-intervention in markets, but the Great Depression of 1929-32 stopped the artificers of orthodox economics in their tracks. A precarious balance of forces between government, employers, and trade unions enabled Keynesian economics to emerge as the new policy paradigm of the Western world. However, the stagflation of the 1970s led to the rejection of Keynesian policy and a return to small-state neoclassical dominance. Thirty years later, the 2008 global financial crash was severe enough to have shaken the neoclassical supremacy, but, curiously, this did not happen. Once the crisis had been overcome - by Keynesian measures taken in desperation - the pre-crash dogma was reinstated, undermined but unbowed. Since then, no new 'big idea' has emerged, and neoclassical economics has maintained its sway, enacting punishing austerity agendas that leave us with a still-anaemic global economy. This book aims to familiarize the reader with essential elements of Keynes's 'big idea'. By showing that much of economic orthodoxy is far from being the hard science it claims to be, it aims to embolden the next generation of economists to break free from their conceptual prisons and afford money and government the starring roles in the economic drama that they deserve.


Author : H. Lydall
Publisher : Springer
Release : 1998-02-09
Page : 190
Category : Business & Economics
ISBN 13 : 0230379877
Description :


Modern neoclassical economics is a theory of general equilibrium. It is based on highly unrealistic assumptions and yields a number of false predictions. The alternative model, presented in this book, uses a wider definition of technology, and emphasises the role of the entrepreneur as the primary agent of change. Because it takes time for firms to improve their technology, and to acquire the necessary finance for expansion, there are wide differences in firm sizes, and in their profitability. The competitive struggle to develop better technology raises the level of productivity of the whole economy, and leads to higher real incomes.


Author : Steven A. Greenlaw
David Shapiro
Publisher :
Release : 2017-10-11
Page :
Category :
ISBN 13 : 9781947172364
Description :



Author : Varoozh Sahakian
Publisher : Xlibris Corporation
Release : 2012-08-06
Page :
Category : Education
ISBN 13 : 1477155201
Description :


Armenian origin neuroeconomist, Varoozh Sahakian, holds D.B.A., Ph.D degrees in Economics & a Ph.D in Sociology. His disappointment with thetraditional neoclassical economic theory top-down"macho-biased" approach to homo-economicus, alongwith his belief that homo-sapines choicebehavior & decision-making is limited mainly by his/her biology, or in other words, economics actually is apart of biology science, motivated him to gather deepknowledge about human bilology, brain & nervoussystem, gender differences, genetic and hormonal &chemical functions. The "Female brain unearths the neoclassicaleconomic theory biases/ anomalies, " book is the first oftwo books the author has written about this newborn, yet, burgeoning field of "Neuro-economics, " a highlypromising human science approach to understandingthe neurobiological bases of human choice behaviorand decision-making processes. The author presents a very promising andblossoming scientific field, which portrays a moreaccurate and real & candid picture of human naturethan neoclassical reductionist economic theory.In many aspects, neuroeconomics approach is apositive, constructive one, helping to explain thehuman capacity for kindness and cooperation andthe centrality of fairness to social emotions, morality &norms (by-passed by many Walrasian and neoclassicaladvocates). The book, after all, introduces an economicagent who is not necessarily acquisitive automationconditioned always to narrow self-interest, likeneoclassical economic theory's unisex (macho)or unsex, but can be a female &male, young & olddecision maker. In other words, it introduces a morereal, "whole human:" A 'Homo-Neuro-Economicus.'The most outstanding initiative of the bookis the introduction of a feminist economic theory, its critical approach to the neoclassical economictheory, supported interestingly not only by sociocultural/historical insights but by neuro-biological, psychological, gender, chemical & hormonal evidence, too. The author envisions, that this challengingdiscipline is likely, once for all, to realize Adam Smith & David Hume's dream by providing;"A unified theory of human choice behaviorand decision-making in the forthcoming future."