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Journal articles on the topic 'Neoclassical economics'

Author: Grafiati

Published: 4 June 2021

Last updated: 26 July 2025

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1

Upravitelev, A. A. "Neoclassical roots of behavioral economics." Journal of the New Economic Association 58, no. 1 (2023): 110–40. http://dx.doi.org/10.31737/22212264_2023_1_110.

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Despite the fact that the names of a number of Nobel laureates are associated with behavioral economics, researchers regard this branch of science as an unorthodox, avant-garde research program. This article aims to fill this theoretical gap and link behavioral economics to mainstream of economic thought, as well as to divide behavioral economics into several directions — relative to the initial approaches or theories of neoclassics. In the first row of cases, we collected those approaches of neoclassical economics about economic behavior, in relation to which alternative concepts were propose

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2

Hodge, Duncan. "Realism and determinism: some thoughts on neoclassical economics." Acta Academica: Critical views on society, culture and politics 33, no. 3 (2001): 1–35. https://doi.org/10.38140/aa.v33i3.646.

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Neoclassical economics is often criticised for being deterministic and disconnected from social reality. A related criticism is that neoclassical economic theory is instrumentalist. This article argues that neoclassical economics, if properly understood, can be given a realist interpretation. The origins of classical and neoclassical economics are briefly discussed and the scholarly shift away from political economy is located in the marginal utility revolution in economic thought in the 1870s. It is argued that the core assumptions of neoclassical economics capture essential aspects of social

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3

Ekelund, Robert B., and Robert F. Hébert. "Retrospectives." Journal of Economic Perspectives 16, no. 3 (2002): 197–215. http://dx.doi.org/10.1257/089533002760278785.

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This feature addresses the history of economic words and ideas. The hope is to deepen the workaday dialogue of economists, while perhaps also casting new light on ongoing questions. If you have suggestions for future topics or authors, please write to Joseph Persky, c/o Journal of Economic Perspectives, Department of Economics (M/C 144), University of Illinois at Chicago, 601 South Morgan Street, Room 2103, Chicago, Illinois 60607-7121. Until recently, the standard story line in history of thought textbooks was that a triumvirate of British and Continental writers established demarcation betwe

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4

Hoaas, David J., Richard D. Wolff, and Stephen A. Resnick. "Economics: Marxian versus Neoclassical." Southern Economic Journal 55, no. 2 (1988): 518. http://dx.doi.org/10.2307/1059131.

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5

Agboola, Alirat Olayinka. "Neoclassical economics and new institutional economics." Property Management 33, no. 5 (2015): 412–29. http://dx.doi.org/10.1108/pm-12-2014-0055.

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Purpose – The purpose of this paper is to examine the provisions of both the neoclassical economics and new institutional economics theses and assesses the implications of their methodologies for property market analysis. Design/methodology/approach – This research is based on secondary literature review and desk-based study. Findings – It is argued that new institutional economics, grounded on firmer foundations of human behaviour, offers an analytical approach to the study of the property market which emphasizes the institutionally contingent nature of real estate exchange, thus placing real

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6

Chakrabarti, Anjan. "Pluralism in Economics and Neoclassical Economics." Rethinking Marxism 33, no. 4 (2021): 563–72. http://dx.doi.org/10.1080/08935696.2021.1972670.

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7

Samuels, Warren. "Can neoclassical economics be social economics?" Forum for Social Economics 26, no. 1 (1996): 1–4. http://dx.doi.org/10.1007/bf02778860.

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8

Rima, Ingrid. "Can neoclassical economics be social economics?" Forum for Social Economics 26, no. 1 (1996): 5–13. http://dx.doi.org/10.1007/bf02778861.

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9

Elliott, John, and Hans Jensen. "Can neoclassical economics become social economics?" Forum for Social Economics 26, no. 1 (1996): 15–37. http://dx.doi.org/10.1007/bf02778862.

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10

Adams, Erin C. "Economics and the civic mission of social studies education: Two critiques of neoclassicism." Citizenship, Social and Economics Education 18, no. 1 (2019): 16–32. http://dx.doi.org/10.1177/2047173419841915.

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This article examines the theoretical assumptions underlying K-12 economic curriculum and the consequences of this curriculum for citizenship education and democracy. Specifically, the article discusses scholarship related to the critique of neoclassic economic theory’s role in influencing the Voluntary National Content Standards in Economics and the trickle-down effects into state standards and textbooks. From the literature, the author uncovers two main critiques of neoclassicism: that neoclassic theory is unrealistic and impersonal. Neoclassic theory has enormous consequences for the civic

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11

Rijal, Syamsu, Murphy Xavier, and McCarty Elliot. "Critique of the Neoclassical Economic Model from an Islamic Economic Perspective." Sharia Oikonomia Law Journal 2, no. 3 (2024): 174–84. https://doi.org/10.70177/solj.v2i3.1408.

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For many years, the neoclassical economic model has been the basis of modern economic analysis. This model is based on the assumptions of individual rationality, market equilibrium, and resource allocation based on market prices. This study examines and evaluates the neoclassical economic model from an Islamic economic perspective. Specifically, it seeks a deeper understanding of how Islamic economic principles and values can offer alternatives or adjustments to the currently dominant neoclassical model. Using a qualitative approach, this study analyzes relevant literature on Islamic and neocl

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12

Zafirovski, Milan. "Sociological dimensions in classical/neoclassical economics: Conceptions of social economics and economic sociology." Social Science Information 53, no. 1 (2014): 76–118. http://dx.doi.org/10.1177/0539018413509909.

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This article posits that traditional economics contains relevant sociological dimensions and that these consist primarily of conceptions and elements of social economics or economic sociology. On this premise, it explores these sociological dimensions in the form of conceptions and elements of social economics and/or economic sociology in classical political economy and neoclassical economics. The article identifies explicit conceptions of social economics such as the proposal for social economy and the idea of economic sociology as well as its implicit versions, including its implications in

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13

Hannonen, Marko. "Urban Housing Policy Considerations: Perspectives from the Finnish Housing Market." Journal of Heterodox Economics 1, no. 2 (2014): 114–30. http://dx.doi.org/10.1515/jheec-2015-0007.

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Abstract It is very difficult to study phenomena in housing markets using conventional so-called neoclassical economics. The core problem stems from the highly unrealistic assumptions of neoclassical economics, such as homogeneous products, equilibrium markets, ceteris paribus clauses, deterministic and linear systems, rationality of economic agents, and the utility maximization principle. New Keynesian economics appears to be a more fruitful approach to housing markets since it presumes that products are differentiated, markets are in disequilibrium state and there exists imperfect competitio

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14

Tolkachev, S. A. "Economics’ Hard Fate in the Global Economic Crisis." AlterEconomics 22, no. 1 (2025): 22–39. https://doi.org/10.31063/altereconomics/2025.22-1.3.

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The crisis of mainstream economic theory has persisted for over 50 years, but recent global economic shifts have added new qualitative features, highlighting not only the theory’s lack of practical and predictive value but also the inadequacy of its cognitive tools in addressing new realities. The growing risks and challenges of global economic development, driven by the transition to a new world economic structure, are not reflected in the mainstream’s conceptual framework and potential. The dogmatism inherent in neoclassical economic theory has become self-perpetuating, rejecting even attemp

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15

Cottrell, Allin. "Comment on Horwitz's Article." Journal of the History of Economic Thought 18, no. 2 (1996): 308–13. http://dx.doi.org/10.1017/s1053837200003291.

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Austrian economics is arousing increasing interest, not to say enthusiasm, these days. No doubt this is in part due to the collapse of the planned economies of the Soviet type, which has lent credibility to the claims of Ludwig von Mises and Friedrich Hayek regarding the impossibility of rational economic calculation under socialism-claims which were disputed by the mainstream neoclassical economists of a generation ago. The phenomenon also reflects a relatively long-standing dissatisfaction with neoclassical economics. For many years it was the radical critics of capitalism who felt most keen

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16

Murrell, Peter. "Can Neoclassical Economics Underpin the Reform of Centrally Planned Economies?" Journal of Economic Perspectives 5, no. 4 (1991): 59–76. http://dx.doi.org/10.1257/jep.5.4.59.

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This paper addresses whether neoclassical economics can provide the intellectual underpinning for a theory of reform. I examine whether the neoclassical model satisfies an essential condition to qualify for this role: does it give us a satisfactory explanation for the vast differences in performance between capitalist and socialist economic systems? First, I focus on the theoretical arguments that have traditionally been used to examine the comparative properties of central planning and markets. I show that developments within theory over the last 20 years have substantially changed the tone o

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17

Sears, David O. "Socio-Economics: Challenge to the Neoclassical Economic Paradigm." Psychological Science 2, no. 1 (1991): 12–15. http://dx.doi.org/10.1111/j.1467-9280.1991.tb00087.x.

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18

Lin, Justin Yifu. "Viability, Economic Transition and Reflection on Neoclassical Economics*." Kyklos 58, no. 2 (2005): 239–64. http://dx.doi.org/10.1111/j.0023-5962.2005.00287.x.

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19

Ezebunwa, Justice, and Leera Kpagih. "Accessing the Usefulness of Neoclassical Economics Theory." INTERNATIONAL JOURNAL OF ECONOMICS AND FINANCIAL MANAGEMENT 7, no. 4 (2023): 1–13. http://dx.doi.org/10.56201/ijefm.v7.no4.2022.pg1.13.

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This research shows a review of the Neoclassical Economics theory with a view of discovering or disputing the claim – where possible – that the neoclassical theory is dead and worthless. This paper plagiarizes from the outcome of previous and relevant study conducted on this same proposition and uncovers the existence of a huge controversy in the literature – both old and new – of the effectiveness of the neoclassical economics. Given the lack of consensus on the neoclassical economics debate, the author of this manuscript then shows that while the Neoclassical theory is may not be dead; its e

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20

Duxbury, Neil. "Law and Economics, Science and Politics." Law and History Review 15, no. 2 (1997): 323–26. http://dx.doi.org/10.2307/827654.

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I have been invited, and consider it a privilege, to comment briefly on James Hackney's article, Law and Neoclassical Economics. Perhaps it is unnecessary to remark that the article is both engaging and original. Not only does its quality speak for itself, but Hackney is not unforthcoming in speaking for himself. His in-depth and nuanced historical examination of law and neoclassical economics, he tells us, is the first to discuss the intellectual and political backdrop that facilitated law and neoclassical economics' rise to prominence and the first detailed exploration of how law and neoclas

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21

Gao, Yuan. "A Reflection on Postwar Neoclassical Economics: The Shift from General Equilibrium Theory to the New Microeconomic Theories." Modern China 48, no. 1 (2021): 29–52. http://dx.doi.org/10.1177/00977004211054844.

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The theoretical focus of neoclassical economics experienced a significant change in the 1970s–1980s. General equilibrium theory lost its dominant position in theoretical economic studies, with its role of setting the research agenda taken over by what this article calls the “new microeconomic theories,” principally decision theory, game theory, and mechanism design. Mainstream economists, post-Keynesians, and historians of economic thought each give a different explanation of the hows and whys of that change, but all miss some critical methodological implications. That change, as this article

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22

Misiński, Wojciech. "Why does mainstream economy not explain the causes of contemporary negative socio-economic phenomena?" WSB Journal of Business and Finance 53, no. 1 (2019): 92–106. http://dx.doi.org/10.2478/wsbjbf-2019-0010.

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Abstract This article is a continuation and extension of the lecture ‘Causes and effects of incompleteness and non-inclusion of ownership structures of contemporary capital companies’ delivered at the conference in Wrocław in 2017 and published in the Scientific Notebooks of the University of Economics (No. 493). The aim of the article is to answer the question: why the Neoclassical Theory of Markets (Main Current Economics) does not explain the causes of a number of contemporary socio-economic phenomena, in particular, huge price fluctuations, breakdowns of individual markets and as a consequ

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23

Harahap, Zikrina Rizka Amelia. "Beyond the Neoclassical Approach Addressing Income Inequality in Indonesia Through Institutional Economics." Journal of Sustainable Economics 2, no. 2 (2024): 104–10. https://doi.org/10.32734/jse.v2i2.18923.

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Indonesia is a developing country that still has many economic development problems. Income inequality is one such problem. In the Cold War era, many countries, including Indonesia, began to adopt the neoclassical economic system used by the West to stem the influence of Soviet communism. Unfortunately, much literature states that the neoclassical school of economics creates a wide curtain between the rich and the poor. Income inequality is a problem that can lead to social unrest, and it was proven that in 1997/1998, there was a multidimensional crisis caused by this widening inequality. The

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24

Dolderer, Johannes, Christian Felber, and Petra Teitscheid. "From Neoclassical Economics to Common Good Economics." Sustainability 13, no. 4 (2021): 2093. http://dx.doi.org/10.3390/su13042093.

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The economy for the common good (ECG) has been developed as a practical economic model, starting in Austria, Bavaria, and South Tyrol in 2010. Nowadays, ECG is considered a viable approach for sustainable transformation across Europe, and also worldwide. Within economic policy, ECG expands social market economy concepts; from a theoretical perspective of economics the question arises, of whether the implicit theoretical model refines the neoclassical paradigm or actually transcends it. During the first scientific conference on the ECG, at the end of 2019 at the University of Applied Sciences B

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25

Block, Walter, William Barnett, and Stuart Wood. "Austrian economics, neoclassical economics, marketing, and finance." Quarterly Journal of Austrian Economics 5, no. 2 (2002): 51–66. http://dx.doi.org/10.1007/s12113-002-1012-9.

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26

Colander, David. "The Death of Neoclassical Economics." Journal of the History of Economic Thought 22, no. 2 (2000): 127–43. http://dx.doi.org/10.1080/10427710050025330.

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The term “neoclassical economics” was born in 1900; in this paper I am proposing economist-assisted terminasia; by the powers vested in me as president of the History of Economics Society, I hereby declare the term neoclassical economics dead. Let me be clear about what I am sentencing to death—it is not the content of neoclassical economics. As I will discuss below, it is difficult to determine what that content is, and even if I wanted to kill the content, I have no role in determining content. The role of historians of thought is to record, not determine, content. What I am declaring dead i

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27

HERNANDEZ-CERVANTES, JOSAFAT IVAN. "Does Behavioral Economics substitute or complement Neoclassical Economics? Rethinking the behavioral revolution from a contextualist approach." Brazilian Journal of Political Economy 42, no. 2 (2022): 532–49. http://dx.doi.org/10.1590/0101-31572022-3248.

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ABSTRACT The rise of Behavioral Economics poses an important question: does it substitute or complement Neoclassical Economics? This article makes an analysis to identify how the substitution-complementarity issue is highly sensitive to the epistemic context. In particular, the paper distinguishes four epistemological contexts: descriptive, explicative, predictive, and prescriptive. The idea that the behavioral substitute the neoclassical approach in descriptive and explicative contexts is defended; however, there is a complementarity in the predictive and prescriptive contexts, where there ar

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28

Lawson, Tony. "Whatever happened to neoclassical economics?" Revue de philosophie économique Vol. 22, no. 1 (2022): 39–84. http://dx.doi.org/10.3917/rpec.221.0039.

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29

Coats, A. W., and John F. Henry. "The Making of Neoclassical Economics." Economic History Review 44, no. 2 (1991): 390. http://dx.doi.org/10.2307/2598320.

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30

Witztum, Amos, and L. D. Keita. "Science, Rationality, and Neoclassical Economics." Economic Journal 103, no. 421 (1993): 1578. http://dx.doi.org/10.2307/2234501.

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31

Davis, J. B. "Sraffa, Wittgenstein and neoclassical economics." Cambridge Journal of Economics 12, no. 1 (1988): 29–36. http://dx.doi.org/10.1093/oxfordjournals.cje.a035046.

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32

Mueller, Dennis C. "Corporate Governance and Neoclassical Economics." International Journal of the Economics of Business 25, no. 1 (2018): 47–64. http://dx.doi.org/10.1080/13571516.2017.1374038.

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33

Cohen, A. J. "The Making of Neoclassical Economics." History of Political Economy 26, no. 3 (1994): 510–12. http://dx.doi.org/10.1215/00182702-26-3-510.

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34

Birner, Jack. "Neoclassical Economics as Mathematical Metaphysics." History of Political Economy 25, suppl_1 (1993): 83–117. http://dx.doi.org/10.1215/00182702-1993-suppl_1013.

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35

Ingles, Jerry L. "Science, Rationality and Neoclassical Economics." Journal of Economic Issues 27, no. 3 (1993): 979–81. http://dx.doi.org/10.1080/00213624.1993.11505477.

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36

Argyrous, George. "Kuhn's Paradigms and Neoclassical Economics." Economics and Philosophy 8, no. 2 (1992): 231–48. http://dx.doi.org/10.1017/s0266267100003059.

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Thirty years after its publication, Thomas Kuhn's The Structure of Scientific Revolutions is still the source of much discussion in economics. Its rel-ativistic tone has often been used to fuel the claims of dissident traditions against the prevailing orthodoxy, or at least to plead the case for intellectual pluralism (Dow, 1985). Through his arguments regarding the incommensurability of different theoretical approaches to a particular subject, Kuhn's work has allowed many to argue that dissident traditions are just as legitimate as orthodoxy for analyzing a subject, since there is no objectiv

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37

Arestis, Philip. "The making of neoclassical economics." History of European Ideas 13, no. 5 (1991): 667–68. http://dx.doi.org/10.1016/0191-6599(91)90099-k.

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38

Hausman, Daniel M. "Theory appraisal in neoclassical economics." Journal of Economic Methodology 4, no. 2 (1997): 289–96. http://dx.doi.org/10.1080/13501789700000019.

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39

Bianchi, Milo, and Magnus Henrekson. "Is Neoclassical Economics still Entrepreneurless?" Kyklos 58, no. 3 (2005): 353–77. http://dx.doi.org/10.1111/j.0023-5962.2005.00292.x.

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40

Bechtold, Brigitte H. "Neoclassical Economics and Federal Policies." Review of Radical Political Economics 46, no. 4 (2014): 496–501. http://dx.doi.org/10.1177/0486613414537990.

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41

Morrison, Clarence C. "Augustin cournot and neoclassical economics." Atlantic Economic Journal 31, no. 2 (2003): 123–32. http://dx.doi.org/10.1007/bf02319865.

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42

Texocotitla, Miguel Alvarez, M. David Alvarez-Hernández, and Shaní Eneida Alvarez-Hernández. "Dimensional Analysis in Economics: A Study of the Neoclassical Economic Growth Model." Journal of Interdisciplinary Economics 32, no. 2 (2019): 123–44. http://dx.doi.org/10.1177/0260107919845269.

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The fundamental purpose of the present research article is to introduce the basic principles of dimensional analysis in the context of the neoclassical economic theory, in order to apply such principles to the fundamental relations that underlay most models of economic growth. In particular, basic instruments from dimensional analysis are used to evaluate the analytical consistency of the neoclassical economic growth model. The analysis shows that an adjustment to the model is required in such a way that the principle of dimensional homogeneity is satisfied. JEL: A12, C02, C65, O40

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43

Ji, Xi, and Zhen Luo. "Opening the black box of economic processes: Ecological Economics from its biophysical foundation to a sustainable economic institution." Anthropocene Review 7, no. 3 (2020): 231–47. http://dx.doi.org/10.1177/2053019620940753.

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The roots of Ecological Economics can be found at the very beginning of Classical Economics, where physical wellbeing was the object of research, instead of the allocation of resources. Although Neoclassical Economics abandoned this objective early on, other efforts to study the biophysical foundations of the economic processes persisted and were inherited by modern Ecological economists. The fundamental difference between Ecological Economic theory and Neoclassical Economic theory is that, Ecological economists attempt to open the black box of economic processes with modern scientific tools,

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44

Galbraith, J. K. "Neoclassical Economics in a Biophysical World." Economic Revival of Russia, no. 1 (67) (2021): 103–8. http://dx.doi.org/10.37930/1990-9780-2021-1-67-103-108.

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Biophysical principles underlie all living, mechanical and social systems. They provide a simple and compelling way to think about economics and political economy, underscoring the critical role of effective regulation in advanced systems, the trade-off between efficiency and resilience, and the economic consequences of the present pandemic.

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45

Šlampiaková, Lea. "Emergence and Evolution of Financial Economics." Ekonomické rozhľady – Economic Review 54, no. 1 (2025): 1–19. https://doi.org/10.53465/er.2644-7185.2025.1.1-19.

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This paper aims to deliver a comprehensive analysis of the theories and concepts that have formed the foundational link between two separate academic fields: finance and economics, resulting in the emergent field of financial economics. The main schools of thought can be divided, with a considerable amount of simplification, into two categories: neoclassical and behavioural financial economics. Neoclassical economics is based on the assumption of rationality and uses normative mathematical models that predict how people should behave. Behavioural economics, on the other hand, is more descripti

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46

Mabid Ali Mohamed Mahmoud Al-Jarhi, Mabid Ali Mohamed Mahmoud Al-Jarhi. "Islamic Economics: An Agenda for Intellectual and Institutional Reform." journal of king Abdulaziz University Islamic Economics 32, no. 2 (2019): 99–108. http://dx.doi.org/10.4197/islec.32-2.7.

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This article agrees with Reardon (2019), that economics finds itself in a predicament caused by the neoclassical school. The dominance of neoclassical economics and its lack of response to calls for reform has been endemic. Reform must include both the neoclassical analysis as well as the system of market capitalism it strives to defend. This paper briefly discusses both aspects of reform. It introduces the new school of analytical Islamic economics and its agenda to reform both the discipline and the economic system. The paper enumerates several advantages of Islamic economics to the economic

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47

Parvin, Manoucher. "Is Teaching Neoclassical Economics astheScience of Economics Moral?" Journal of Economic Education 23, no. 1 (1992): 65–78. http://dx.doi.org/10.1080/00220485.1992.10844741.

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48

Weintraub, E. "Can neoclassical economics be social economics? A comment." Forum for Social Economics 26, no. 1 (1996): 39–40. http://dx.doi.org/10.1007/bf02778863.

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49

Roman, Mariusz. "Methodological assumptions of the New Institutional Economics: A reconstruction of the approach." Catallaxy 10, no. 1 (2025): 19–27. https://doi.org/10.24136/cxy.2025.002.

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Motivation: The emergence of the New Institutional Economics (NIE) was a response to the methodological limitations of neoclassical economic models, which lacked explanations concerning the costs of using the market mechanism, the structure of property rights, or institutional evolution. NIE enriches the neoclassical approach by embedding its research models in social realities and focusing on institutions as fundamental variables of economic processes.Aim: This article aims to reconstruct and discuss the methodological foundations of NIE, with particular emphasis on assumptions regarding indi

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50

CHARONIS, GEORGE-KONSTANTINOS. "DEGROWTH, STEADY STATE AND CIRCULAR ECONOMIES: ALTERNATIVE DISCOURSES TO ECONOMIC GROWTH." Society Register 5, no. 3 (2021): 75–94. http://dx.doi.org/10.14746/sr.2021.5.3.05.

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Criticisms of the neoclassical economic framework and perpetual growth in GDP terms are not a new phenomenon, although recent years have seen increasing interest in alternative and ecological discourses including degrowth, steady-state and circular economics. Although these may initially appear as distinctly different discourses, they are highly compatible and comparable, sharing similar, often nearly identical principles and policy proposals. A more collaborative, joined-up approach aimed at integrating alternative discourses is required in order to build a coherent, credible, well-supported

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