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Journal articles on the topic 'Neo-classical economics'

Author: Grafiati

Published: 4 June 2021

Last updated: 6 February 2022

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1

Persky, Joseph. "Marshall's Neo-Classical Labor-Values." Journal of the History of Economic Thought 21, no. 3 (September 1999): 257–68. http://dx.doi.org/10.1017/s1053837200004259.

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With the coming of marginal utility theory, the economists of the late nineteenth century were left with a theory of exchange values, but not with a theory of value. For example, William Stanley Jevons suggested that the concept of value be dropped from economics, leaving behind only vectors of exchange ratios (Jevons 1879). Not a few general equilibrium economists today hold much the same view. However, then, as today, there were seemingly fundamental economic questions that required a more general concept of value. Whenever economists turned to describing the movements in the economy over time or comparing the economies of different countries, they inevitably wanted to make statements about changes or differences in the real value of goods.

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2

Hartley, Keith. "Exogenous factors in economic theory: neo-classical economics." Social Science Information 24, no. 3 (September 1985): 457–83. http://dx.doi.org/10.1177/053901885024003003.

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3

Martin, David. "Was neo-classical economics composed backwards?" Forum for Social Economics 21, no. 1-2 (January 1991): 22–34. http://dx.doi.org/10.1007/bf02824855.

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4

Schoenberger, Karl. "Emancipating the Slaves to Neo-classical Economics." SAIS Review 22, no. 1 (2002): 81–85. http://dx.doi.org/10.1353/sais.2002.0023.

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5

van der Burg, Tsjalle. "Neo-classical economics, institutional economics and improved fisheries management." Marine Policy 24, no. 1 (January 2000): 45–51. http://dx.doi.org/10.1016/s0308-597x(99)00008-1.

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6

Rahim, Sikander. "What use is the Neo-Classical Theory of International Trade?" LAHORE JOURNAL OF ECONOMICS 4, no. 1 (January 1, 1999): 89–114. http://dx.doi.org/10.35536/lje.1999.v4.i1.a7.

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International economic policy is now more under the sway of orthodox economics than it has ever been. The main international economic institutions, the IMF, the World Bank, the WTO, and the major developed economies are unremitting advocates of free trade and impose their views on the developing countries. And the developing countries, whose attempts at economic development through protection have mostly failed, are on the whole inclined to accept these views. Over the last twenty years economic policy in these countries has more and more come to be formulated by orthodox neo-classical economists, often described in the press as “reformers”, who advocate more reliance on markets and less protection against imports.

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7

Rosenberg, Alex. "Neo-Classical Economics and Evolutionary Theory: Strange Bedfellows?" PSA: Proceedings of the Biennial Meeting of the Philosophy of Science Association 1992, no. 1 (January 1992): 174–83. http://dx.doi.org/10.1086/psaprocbienmeetp.1992.1.192753.

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8

Tisdell, Clem. "Neo‐Classical Economics: Relevance, Irrelevance and Rugina's Methodology." International Journal of Social Economics 14, no. 3/4/5 (March 1987): 37–49. http://dx.doi.org/10.1108/eb014045.

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9

Mukherji, Anjan. "Marxian Economics: Notes from a Neo-classical Viewpoint." Arthaniti: Journal of Economic Theory and Practice 18, no. 1 (February 13, 2019): 1–16. http://dx.doi.org/10.1177/0976747918814968.

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Marxian economics has the twin features of attracting some of the best minds and at the same time being rejected by policymakers world over, even by those who had adopted them to begin with. These features are discussed in this article. It is argued that the first feature is because of the existence of inequality and its worsening and associated poverty, and the difficulty in the continued extraction of surplus is a possible explanation for the second. It is further argued that the labour theory of value is not really essential to the theory of exploitation of workers by capitalists, and we try to establish that Marx was way ahead of his time in setting up the worker–employer relation in modern terms. JEL: A20, B13, B14, B24, B51, D02, D86

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10

Holland, Thomas E. "On Parallelism in Neo‐Classical Economic Theory." International Journal of Social Economics 14, no. 3/4/5 (March 1987): 191–98. http://dx.doi.org/10.1108/eb014059.

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11

Mendis, Patrick. "Ethics into Economics: Are We Homo Economicus or Homo Religious?" Journal of Interdisciplinary Economics 9, no. 3 (July 1998): 169–84. http://dx.doi.org/10.1177/02601079x9800900301.

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This paper argues that the premise of modern economic policies, based purely on neo-classical models, has led to a social disequilibrium and environmental degradation. Neo-classical economic thinkers assume that complex human behaviors can be understood economically and analyzed rationally. Yet, people in the real world behave irrationally and not necessarily economically motivated. The ultimate human utility then lies not only within the economic domain to maximize self-interest in the material world but rather to achieve a satisfying and meaningful livelihood within the spiritual realm. Thus, we are essentially spiritual beings or homo religious having a homo economicus or material experience in search of purpose. The ultimate self-interest does indeed go beyond mere economic means and ends. The premise of economics and ethical and moral considerations should, therefore, be integrated to better understand the so-called economic behavior for a broader welfare of the society for sustainable development.

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12

Ankarloo, Daniel. "New Institutional Economics and economic history." Capital & Class 26, no. 3 (October 2002): 9–36. http://dx.doi.org/10.1177/030981680207800102.

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New Institutional Economics (NIE) has been celebrated as a path-breaking approach to the understanding of capitalism. This article advances a conceptual critique of NIE approaches to economic history. The author suggests that NIE cannot solve the underlying tension, that its economics remains ahistorical, and that when history, social relations and realism are invoked, the economics disappears, being replaced by various cultural and state-centred explanations. Therefore NIE is not so much a research programme in progress, but rather an indication of the degeneration of the tools of neo-classical economics.

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13

Gelekçi, Kübra Aycan, and Arif Kılıç. "Breake from Creative Destruction: The Demolishment of Neo-Classical Economics." Economics Literature 1, no. 1 (June 1, 2019): 1–23. http://dx.doi.org/10.22440/elit.1.1.1.

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14

Roberts, Simon. "Addressing Lacunae of Neo-classical Economics: Firms, production and technology." International Review of Applied Economics 16, no. 4 (October 2002): 493–96. http://dx.doi.org/10.1080/02692170210161228.

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15

Egorov, D. "Subject of Economic Science." World Economy and International Relations, no. 2 (2015): 115–20. http://dx.doi.org/10.20542/0131-2227-2015-2-115-120.

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Adam Smith defined economics as “the science of the nature and causes of the wealth of nations” (implicitly appealing – in reference to the “wealth” – to the “value”). Neo-classical theory views it as a science “which studies human behavior in terms of the relationship between the objectives and the limited funds that may have a different use of”. The main reason that turns the neo-classical theory (that serves as the now prevailing economic mainstream) into a tool for manipulation of the public consciousness is the lack of measure (elimination of the “value”). Even though the neo-classical definition of the subject of economics does not contain an explicit rejection of objective measures the reference to “human behavior” inevitably implies methodological subjectivism. This makes it necessary to adopt a principle of equilibrium: if you can not objectively (using a solid measurement) compare different states of the system, we can only postulate the existence of an equilibrium point to which the system tends. Neo-classical postulate of equilibrium can not explain the situation non-equilibrium. As a result, the neo-classical theory fails in matching microeconomics to macroeconomics. Moreover, a denial of the category “value” serves as a theoretical basis and an ideological prerequisite of now flourishing manipulative financial technologies. The author believes in the following two principal definitions: (1) economics is a science that studies the economic system, i.e. a system that creates and recombines value; (2) value is a measure of cost of the object. In our opinion, the value is the information cost measure. It should be added that a disclosure of the nature of this category is not an obligatory prerequisite of its introduction: methodologically, it is quite correct to postulate it a priori. The author concludes that the proposed definitions open the way not only to solve the problem of the measurement in economics, but also to address the issue of harmonizing macro- and microeconomics.

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16

Meacci, Ferdinando, and S. Ahmad. "Capital in Economic Theory: Neo-classical, Cambridge and Chaos." Economic Journal 102, no. 415 (November 1992): 1577. http://dx.doi.org/10.2307/2234835.

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17

Rymes, Thomas K., and Syed Ahmad. "Capital in Economic Theory: Neo-Classical, Cambridge and Chaos." Canadian Journal of Economics 26, no. 1 (February 1993): 241. http://dx.doi.org/10.2307/135857.

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18

Davis, J. B. "Capital in Economic Theory: Neo-classical, Cambridge and Chaos." History of Political Economy 26, no. 4 (January 1, 1994): 713–16. http://dx.doi.org/10.1215/00182702-26-4-713.

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19

Perlman, Morris, and Donald A. Walker. "Perspectives on the History of Economic Thought: Volume I: Classical and Neo-Classical Economic Thought." Economic Journal 100, no. 402 (September 1990): 991. http://dx.doi.org/10.2307/2233690.

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20

Helm, Dieter, Trevor S. Preston, and Jan Pen. "Amongst Economists: Reflections of a Neo-Classical Post-Keynesian." Economic Journal 95, no. 380 (December 1985): 1118. http://dx.doi.org/10.2307/2233283.

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21

Shin. "A Girardian Interpretation of the Market Mechanism in Neo-Classical Economics." Contagion: Journal of Violence, Mimesis, and Culture 28 (2021): 129. http://dx.doi.org/10.14321/contagion.28.2021.0129.

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22

Neild, Robert. "The future of economics: The case for an evolutionary approach." Economic and Labour Relations Review 28, no. 1 (January 11, 2017): 164–72. http://dx.doi.org/10.1177/1035304616687445.

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Much theoretical and empirical work by economists and psychologists has shown that the neo-classical approach is defective, and economists are now looking for an alternative. Evolutionary economics is the answer. It starts from the realistic premise that society and the economy are shaped by competition, but unlike neo-classical economics, it proceeds empirically by observing and analysing what has been happening to the economy and society. It does so on the premise that a process of social selection is taking place, analogous but not identical to that of biological selection. This dynamic approach requires a revival of economic history. By reporting on, and inviting debate over, what is happening and its implications, the adoption of an evolutionary approach should help restore the moral content of economics and the surrounding social sciences. Such a change in approach would be a paradigm shift, and will take time. That it will happen is likely: in the end facts kick.

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23

Bazhan, Anatoliy. "The slowing Growth of Global Economy: Keynesian and Neo-Classical Interpretations." Contemporary Europe 99, no. 6 (November 1, 2020): 142–52. http://dx.doi.org/10.15211/soveurope62020142152.

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The article outlines the reasons for the slowing growth of global economy in the last 2 years and analyzes the views of IMF and UNCTAD experts on this subject. The author concludes that the new US protection policy cannot be considered the main reason of the slowdown: the growth of US import tariffs for China and Europe does impede the economic growth in those regions, but it stimulates growth in the US and other countries whose corporations compete with Chinese producers in the US market. The author argues that the Keynesian theory gives a better explanation to the slower growth as it is attributed to lack of demand and productive investment. The article shows that the Keynesian theory needs to be corrected as well, because the liberalization of global economy distorts the connection between money demand, generated by incomes in various countries, and growth of their economies: the demand can be covered by goods produced abroad, while investment can be allocated for foreign projects. Thus, promotion of economic activity should utilize not only the traditional Keynesian recipes of financial and credit influence, but also the national customs and currency regulation, as well as respective cross border capital migration restrictions.

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24

Zafirovski, Milan. "How ‘Neo-Classical’ is Neoclassical Economics? With Special Reference to Value Theory." History of Economics Review 29, no. 1 (January 1999): 45–69. http://dx.doi.org/10.1080/10370196.1999.11733295.

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25

Jackson, William A. "On the Treatment of Population Ageing in Economic Theory." Ageing and Society 11, no. 1 (March 1991): 59–68. http://dx.doi.org/10.1017/s0144686x00003834.

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ABSTRACTPopulation ageing is often thought to have adverse economic consequences, and economics therefore has a responsibility for contributing to an understanding of ageing. This paper discusses the treatment of population ageing in economic theory and argues that mainstream economics is too narrow and restrictive to provide an adequate representation of ageing. An alternative to mainstream economic theory is a more pluralistic view of ageing, drawing from non-neo-classical economic theory and from the theorising of the other social sciences.

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26

Béresné Mártha, Bernadett. "Theoretical schools on employment and workforce." Acta Agraria Debreceniensis, no. 33 (June 5, 2009): 25–33. http://dx.doi.org/10.34101/actaagrar/33/2848.

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In the civil economics, like in the case of any other socialeconomic issues, there are two coexistent theories concerning employment. On one hand we have the classical-neo-classicalschool based on Adam Smith’s works. On the other hand we have the teachings based on John Maynard Keynes’ views. All the later hypotheses are based on these two trends.Monetarism, which was invented at the beginning of the 20th century, mixes certain elements of both basic theories. Those who represent monetarism agree on rejecting the economy policymeans which affect the processes of the workforce market, while they consider these above mentioned means applicable to regulate certain processes. By the end of the 1970s the neo-classical macro-economics had developed, which completely refuses these approaches. A decade later the neo-Keynesian macro-economics developed. Its hypotheses regarding especially employment and unemployment lead to some of the employment issues of globalism, which is one of the most influential phenomena of present time.

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27

Cowell, F. A., Mats Lundahl, Eskil Wadensjo, and Stephen R. G. Jones. "Unequal Treatment: A Study in the Neo-Classical Theory of Discrimination." Economica 52, no. 208 (November 1985): 528. http://dx.doi.org/10.2307/2553897.

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28

Lumby, AB. "The current orthodoxy in environmental economics: A review and a challenge." South African Journal of Economic and Management Sciences 10, no. 4 (May 22, 2014): 412–22. http://dx.doi.org/10.4102/sajems.v10i4.1056.

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Perhaps the most noticeable feature in the burgeoning literature devoted to environmental economics has been the primacy of the neo-classical model (or what is often referred to as the ‘market solution’). This strategy, embodying individual property rights and the use of the private discount rate, assumes that market signals will elicit satisfactory solutions to the problems of excessive resource depletion and pollution. It has been argued, however, that methodological problems have undermined the feasibility of the orthodox approach to environmental economics. Furthermore, it has been suggested that this approach is fundamentally anthropocentric in character and therefore unsuited to resolving problems which are seen to be essentially ecological in character. Accordingly, this paper seeks to review the neo-classical model of environmental economics and outlines the challenges posed by the alternative strategies of sustainable development and ecological economics, as well as some of the conceptual problems which still remain to be resolved.

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29

Hengstmengel, Joost W. "THE REFORMATION OF ECONOMIC THOUGHT DUTCH CALVINIST ECONOMICS, 1880–1948." Philosophia Reformata 78, no. 2 (November 17, 2013): 124–43. http://dx.doi.org/10.1163/22116117-90000548.

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The first decades of the twentieth century saw the emergence of Calvinist economics in the Netherlands. This clearly normative approach to economics was inspired by Abraham Kuyper and was criticized by mainstream economists from the outset. It would eventually disappear under pressure of positive economics, but survived until at least the middle of the century. Calvinist economics itself was highly critical of classical economics and, unlike the neo-classical school, strove after an entire reformation of economic thought. Calvinists writers like T. de Vries, P. A. Diepenhorst, J. A. Nederbragt and J. Ridder did not constitute a school of economic thought, but nevertheless shared some fundamental ideas such as the influence of world views on economics, the existence of divine ordinances for the economic domain, and the central place of man in God’s plan for the economy. In this article, I describe the rise, sources of inspiration, fundamentals, aim and methodology of Calvinist economics. Although the perspective of this article is historical, this episode from the history of economic thought may inform us about the relationship between Christianity and the science of economics as well as that between economics and the economic crisis.

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30

Temple, Jonathan. "St Adam and the Dragons: Neo‐classical economics and the East Asian miracle." Oxford Development Studies 25, no. 3 (October 1997): 279–300. http://dx.doi.org/10.1080/13600819708424136.

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31

Kant, Shashi. "Sustainability, economics and forest resources." Forestry Chronicle 83, no. 4 (August 1, 2007): 478–81. http://dx.doi.org/10.5558/tfc83478-4.

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I argue that the economics of sustainable forest management will have to be based on a different set of principles than that of neo-classical economics. The meaning and scope of economics are discussed; specific contributions towards the new paradigm of economics, termed Post-Newtonian economics, are highlighted; research contributions of selected graduate students and their significance to this new paradigm are elaborated; and current research projects are summarized. Key words: non-market signals, optimal allocation, Post-Newtonian economics, public inputs, resource scarcity, sustainability

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32

Alloush, Ibrahim. "A Historical Sketch of Profit Theories in Mainstream Economics." International Business Research 9, no. 4 (March 16, 2016): 148. http://dx.doi.org/10.5539/ibr.v9n4p148.

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<p>In this paper, the main contributions to the development of profit theories are delineated in a chronological order to provide a quick reference guide for the concept of profit and its origins. Relevant theories are cited in reference to their authors and the school of thought they are affiliated with. Profit is traced through its Classical and Marginalist origins into its mainstream form in the literature of the Neo-classical school. As will be seen, the book is still not closed on a concept which may still afford further theoretical refinement.</p>

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33

Gan, Orit. "A Feminist Economic Perspective on Contract Law: Promissory Estoppel as an Example." Michigan Journal of Gender & Law, no. 28.1 (2021): 1. http://dx.doi.org/10.36641/mjgl.28.1.feminist.

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Economic analysis is a highly influential theoretical approach to contract law. At the same time, feminist analysis of contract law offers an important critical approach to the field. However, feminist economics, a prominent alternative approach to mainstream neo-classical economics drawing from both economic theory and feminist theory, has only been applied scarcely and sporadically to contract law. This Article seeks to bridge this gap and to apply the key features of feminist economics to an analysis of the doctrine of promissory estoppel. This Article uses promissory estoppel as an example to demonstrate a feminist economic analysis of contract law.

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34

Zhang, Wei-Bin. "Rent and Residential Distribution in a Two-group Neo-classical Growth Model." Economic Systems Research 5, no. 4 (January 1993): 395–408. http://dx.doi.org/10.1080/09535319300000031.

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35

Pradeep Kumar, B. "On Heterodox Economics." Shanlax International Journal of Arts, Science and Humanities 8, no. 2 (October 1, 2020): 65–69. http://dx.doi.org/10.34293/sijash.v8i2.3433.

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In the literature of Economics itself, branches have evolved thanks to different positions held by economists on different economic issues, and most importantly, on the efficacy and desirability of economic policies to address such economic issues. The so-called Classical and Keynesian poles apart positions have stood as the firm foundation for the germination of a couple of developments in economics. But, it may be reiterated that these positions have been premised upon several assumptions which often go diametrically opposite to real-world circumstances. The growing concern of the disconnect of the mainstream economics from the conditions of the real world has made a vacuum. The attention that heterodox economics has been receiving should be regarded as a response to this fill this vacuum. Google searching deliberations on the Covid-19 pandemic would find economics being discussed elsewhere and everywhere as if the economics of the Virus matters a lot rather than its biological side. Heterodox economics has grown to occupy an important place in modern economic thinking, and in the years to come, in the field of teaching as well, the elements discussed in heterodox economic will have an indisputable place. In the field of policy making, too, the principles of heterodox have been used. Nevertheless, mainstream economics does not seem to have been shaken by the claims of heterodox economics. For economics to continue as rigorous social science, much celebrated neo-classical tools and its ideas are still more important.

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36

Zalai, Ernő, and Tamás Révész. "The Issue of Macroeconomic Closure Revisited and Extended." Acta Oeconomica 66, no. 1 (March 2016): 1–31. http://dx.doi.org/10.1556/032.2016.66.1.1.

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Léon Walras (1874) had already realised that his neo-classical general equilibrium model could not accommodate autonomous investments. In the early 1960s, Amartya Sen analysed the same issue in a simple, one-sector macroeconomic model of a closed economy. He showed that fixing investment in the model, built strictly on neo-classical assumptions, would make the system overdetermined, and thus one should loosen some neo-classical conditions of competitive equilibrium. He analysed three not neo-classical “closure options”, which could make the model well-determined in the case of fixed investment. His list was later extended by others and it was shown that the closure dilemma arises in the more complex computable general equilibrium (CGE) models as well, as does the choice of adjustment mechanism assumed to bring about equilibrium at the macro level. It was also illustrated through several numerical models that the adopted closure rule can significantly affect the results of policy simulations based on a CGE model. Despite these warnings, the issue of macro closure is often neglected in policy simulations. It is, therefore, worth revisiting the issue and demonstrating by further examples its importance, as well as pointing out that the closure problem in the CGE models extends well beyond the problem of how to incorporate autonomous investments into a CGE model. Several closure rules are discussed in this paper and their diverse outcomes are illustrated by numerical models calibrated on statistical data. First, the analyses are done in a one-sector model, similar to Sen’s, but extended into a model of an open economy. Next, the same analyses are repeated using a fully-fledged multi-sectoral CGE model, calibrated on the same statistical data. Comparing the results obtained by the two models it is shown that although they generate quite similar results in terms of the direction and — to a somewhat lesser extent — of the magnitude of change in the main macro variables using the same closure option, the predictions of the multi-sectoral CGE model are clearly more realistic and balanced.

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37

Manzo, Gianluca. "Is rational choice theory still a rational choice of theory? A response to Opp." Social Science Information 52, no. 3 (August 5, 2013): 361–82. http://dx.doi.org/10.1177/0539018413488477.

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Authoritative rational choice theorists continue to argue that wide variants of rational choice theory should be regarded as the best starting-point to formulate theoretical hypotheses on the micro foundations of complex macro-level social dynamics. Building on recent writings on neo-classical rational choice theory, on behavioral economics and on cognitive psychology, the present article challenges this view and argues that: (1) neo-classical rational choice theory is an astonishingly malleable and powerful analytical device whose descriptive accuracy is nevertheless limited to a very specific class of choice settings; (2) the ‘wide’ sociological rational choice theory does not add anything original to the neo-classical framework on a conceptual level and it is also methodologically weaker; (3) at least four alternative action-oriented approaches that reject portrayal of actors as computational devices operating over probability distributions can be used to design sociological explanations that are descriptively accurate at the micro level.

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38

Heinich, Nathalie. "Ten Proposals on Values." Cultural Sociology 14, no. 3 (September 2020): 213–32. http://dx.doi.org/10.1177/1749975520922173.

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This article offers a summary of the book Des valeurs. Une approche sociologique ( Values: A sociological approach) (Gallimard, 2017) through a discussion of 10 controversial issues. It thereby allows the dismissal of various reductive notions of value, in particular those found in classical or neo-classical economics, the quantitative sociology of values, and most philosophical theories.

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39

Palley, Thomas I. "Out of the Closet: The Political Economy of Neo-classical Distribution Theory." Review of Radical Political Economics 28, no. 3 (September 1996): 57–67. http://dx.doi.org/10.1177/048661349602800304.

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40

Ritsatos, Titos. "Tax evasion and compliance; from the neo classical paradigm to behavioural economics, a review." Journal of Accounting & Organizational Change 10, no. 2 (May 27, 2014): 244–62. http://dx.doi.org/10.1108/jaoc-07-2012-0059.

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41

Zangeneh, Hamid. "A Macroeconomic Model of an Interest-free System." Pakistan Development Review 34, no. 1 (March 1, 1995): 55–68. http://dx.doi.org/10.30541/v34i1pp.55-68.

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A number of economic models have been designed to evaluate and analyse the Islamic banking system. However, less attention has been paid to macro model-building in an Islamic framework even though most of the Keynesian, Classical, and Neo-classical economic systems are compatible with the tenets of Islamic economics. In this paper an interest-free economic system is formulated in terms of the familiar Neo-classical macroeconomics models. Even though the rules of conduct for Muslims in an Islamic economic system are different from those in the non-Islamic economic systems, it is shown that the Islamic economic system does exhibit properties that are consistent, reasonable, and familiar. For example, under some reasonable simplifying assumptions, the model shows that savings and investment do not necessarily have to fall because of the institution of an Islamic economic system, as some economists suggest. These depend on the rate of returu on mudarabah investment, just as they depend on the rate of return on investment (profits) in a credit-based economic system. These could be higher, lower, or remain the same relative to their levels in a credit-based economy under different conditions. The model also shows the impact of fiscal and monetary policies on the rate of inflation, the rate of return on mudarabah, and therefore on the investment demand. The model shows that, in general, an economic system based on Islamic principles is viable; it also provides unique solutions for income, employment, and prices.

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42

Hodgson, Bernard. "Thinking and Acting Outside the Neo-classical Economic Box: Reply to McMurtry." Journal of Business Ethics 56, no. 3 (February 2005): 289–303. http://dx.doi.org/10.1007/s10551-004-4648-x.

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43

Rajani Kanth, K. "The decline of Ricardian politics: Some notes on paradigm-shift in economics from the classical to the neo-classical persuasion." European Journal of Political Economy 1, no. 2 (January 1985): 157–87. http://dx.doi.org/10.1016/s0176-2680(85)80010-0.

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44

Heine, Michael. "Wie Deflationen entstehen - und was (nicht nur) die SPD von Brüning gelernt hat." PROKLA. Zeitschrift für kritische Sozialwissenschaft 34, no. 134 (March 1, 2004): 105–22. http://dx.doi.org/10.32387/prokla.v34i134.643.

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During the years 1930 - 1932 the Bruning government tried to fight against the results of the Great Depression with wage cuts and liscal restraint. In this they followed the advice of the neo-classical school of economics. This article shows that the economic policy of both the SPD-Green Federal Government and the SPD-PDS coalition in Berlin is based on the same logic, but - compared to Bruning - with even weaker arguments. As a result the danger of a deflationary spiral will increase.

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RADIONOV, Yurii. "INSTITUTIONAL THEORY IN THE DEVELOPMENT OF ECONOMICS." Economy of Ukraine 2021, no. 4 (April 24, 2021): 30–50. http://dx.doi.org/10.15407/economyukr.2021.04.030.

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Theoretical bases of establishment and development of institutional theory as a new direction of economic science are analyzed. The preconditions for the emergence of institutionalism are studied, the fundamental differences between the new economic trend and classical economic theory are considered. The weakness of economic theories on the role and importance of the state in economic development is noted, the need to synthesize the strengths of institutionalism with neoclassicism to link the social attitudes and interests of individuals is emphasized. The stages of development of institutional theory, different approaches of institutional scientists, the emergence of a new, modern direction – neo-institutionalism – are studied. Differences in the interpretation of the term “institution” between traditional institutionalists and neo-institutionalists are outlined, which indicates a different methodology of its perception. It is emphasized that the doctrine of the depth of nature of institutions and its interpretation divided institutionalism into old and new. If the old questioned the individualistic worldview inherent in the neoclassical paradigm, then the new institutionalists do not deny the individualistic approach. Economic institutions that operate within the social environment are the frameworks or constraints that govern the behavior of society in economic conditions. Emphasis is placed on the prospects for further development of institutional theory, which allows the emergence and development of other theories, social sciences, reveals hitherto unexplored or little-studied phenomena and processes. In modern conditions, the economic difficulties faced by the world economy convincingly confirm the relevance of institutional theory, and the construction of an efficient economy is not limited to an approach based solely on the methodology of the classical school of economic theory. The contradictions posed by modern globalization are becoming a large-scale source of social, political, economic and even military challenges for less developed countries in relation to the more prosperous ones, and international institutionalization is the mechanism designed to alleviate instability.

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Campbell, David, and Sol Picciotto. "Exploring the interaction between law and economics: the limits of formalism." Legal Studies 18, no. 3 (September 1998): 249–78. http://dx.doi.org/10.1111/j.1748-121x.1998.tb00017.x.

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As lawyers concerned with the regulation of economic activity, we applaud the recognition in Professor Charles Goodhart's recent Chorley lecture that much of the ‘law and economics’ of the past quarter-century has involved ‘too much one-way traffic’. If the field of law and economics has indeed largely, as Professor Goodhart suggests, consisted of a process of intellectual imperialism, specifically of the colonisation of law by economics, we consider it important to reflect on the reasons for this, and to make some suggestions to improve the collaboration between the two disciplines. In brief, we suggest that this interaction has been bedevilled by its tendency to reproduce the worst aspects of formalism in each discipline.Professor Goodhart shows that the bulk of law and economics has consisted of a fairly unthinking application of standard neo-classical economic assumptions to legal phenomena which have themselves typically been conceived in conventional doctrinal terms.

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Augustine, Daniela. "Pentecost Communal Economics and the Household of God." Journal of Pentecostal Theology 19, no. 2 (2010): 219–42. http://dx.doi.org/10.1163/174552510x526241.

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AbstractModern economic history has been dominated by the neo-classical economic model which has produced contemporary 'market society' with its all permeating commodifying logic. Contrary to the traditional capitalist priority of economic self-interest, Christian spirituality of social transformation upholds the necessity of covenantal civil society that prioritizes the wellbeing of the other as an indispensable part of a just global future.In view of that, the present work offers an exploration of the theological foundations of the Pentecost model of communal ecological economics and its underlying spirituality as following the pattern of God's generous redemptive self-sharing with humanity and the rest of creation. It further examines the relationship between Pentecost, sanctification and moral economic responsibility, and explores the function of the Eucharist in the faith community as a pedagogy of disciplining desires and teaching reverent consumption.

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WINCH, DONALD. "THE OLD GENERATION OF ECONOMISTS AND THE NEW: AN INTELLECTUAL HISTORIAN’S APPROACH TO A SIGNIFICANT TRANSITION." Journal of the History of Economic Thought 32, no. 1 (February 4, 2010): 23–37. http://dx.doi.org/10.1017/s1053837209990411.

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The article contrasts an intellectual history perspective on the transition from classical to neo-classical economics with doctrinal accounts of the marginal revolution. Marshall’s opinions on the mixture of theoretical, methodological, and moral and political elements involved in the generational divide shows that more was at stake than accounts in which theory alone is stressed suggest. It is also argued that in other respects less was at stake: drawing a sharp dividing line between pre- and post-marginal treatments of policy issues does not do justice to underlying continuities in the empirical utilitarian tradition. The article is dedicated to the memory of R. D. C. (Bob) Black, whose work on Jevons illustrates the benefits of an intellectual historian’s approach to this significant transition in economic thinking.

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LAIDLER, DAVID. "LUCAS, KEYNES, AND THE CRISIS." Journal of the History of Economic Thought 32, no. 1 (February 1, 2010): 39–62. http://dx.doi.org/10.1017/s1053837209990423.

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The article contrasts an intellectual history perspective on the transition from classical to neo-classical economics with doctrinal accounts of the marginal revolution. Marshall's opinions on the mixture of theoretical, methodological, and moral and political elements involved in the generational divide shows that more was at stake than accounts in which theory alone is stressed suggest. It is also argued that in other respects less was at stake: drawing a sharp dividing line between pre- and post-marginal treatments of policy issues does not do justice to underlying continuities in the empirical utilitarian tradition. The article is dedicated to the memory of R. D. C. (Bob) Black, whose work on Jevons illustrates the benefits of an intellectual historian's approach to this significant transition in economic thinking.

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Lu, Bo. "Spatial Economics Model Predicting Transport Volume." Polish Maritime Research 23, s1 (October 1, 2016): 36–43. http://dx.doi.org/10.1515/pomr-2016-0044.

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Abstract It is extremely important to predict the logistics requirements in a scientific and rational way. However, in recent years, the improvement effect on the prediction method is not very significant and the traditional statistical prediction method has the defects of low precision and poor interpretation of the prediction model, which cannot only guarantee the generalization ability of the prediction model theoretically, but also cannot explain the models effectively. Therefore, in combination with the theories of the spatial economics, industrial economics, and neo-classical economics, taking city of Zhuanghe as the research object, the study identifies the leading industry that can produce a large number of cargoes, and further predicts the static logistics generation of the Zhuanghe and hinterlands. By integrating various factors that can affect the regional logistics requirements, this study established a logistics requirements potential model from the aspect of spatial economic principles, and expanded the way of logistics requirements prediction from the single statistical principles to an new area of special and regional economics.

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