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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 (July 7, 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 economics discipline itself as well as the economy, in addition to bringing together intellectuals and scholars of economics, both from East and West, in a more communicative and inclusive group. In addition, the article makes some proposals towards opening the doors in-between the different schools of thought for positive as well as enriching intellectual interactions.
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Lawson, T. "What is this 'school' called neoclassical economics?" Cambridge Journal of Economics 37, no. 5 (June 20, 2013): 947–83. http://dx.doi.org/10.1093/cje/bet027.
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Eli Apud Saepudin and Ita Rosita Wahyiah. "Government Bureaucracy Ethics In Perspective Neoclassical Political Economy." Journal of Politica Governo 1, no. 2 (April 30, 2024): 25–29. http://dx.doi.org/10.62872/4462bm98.
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Neoclassical political economy, a pivotal school of economic thought, has shaped our understanding of economics while facing criticism. Dominating the global stage, it accentuates free markets and the price mechanism's role in resource allocation. Despite its influence, this school isn't immune to scrutiny, particularly regarding government bureaucratic ethics—the moral compass guiding state apparatus behavior. Upholding strong foundational principles, it encounters disapproval regarding its stance on ethical governance. Government bureaucracy's ethical framework is crucial for fostering public trust, prompting ongoing debate within the neoclassical paradigm. While revered for its insights, this school grapples with the challenge of aligning economic theory with ethical imperatives in governance. Balancing market dynamics with ethical considerations remains a perpetual task, underscoring the complexity of neoclassical political economy's role in contemporary discourse.
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Samuels, W. "Thorstein Veblen as Economic Theorist." Voprosy Ekonomiki, no. 7 (July 20, 2007): 99–117. http://dx.doi.org/10.32609/0042-8736-2007-7-99-117.
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The article considers the Veblen’s legacy from the point of view of its theoretical status. In this connection the author investigates the nature of theory as such, analyzes neoclassical school as theory, compares Veblen’s ideas with neoclassical conceptions, in particular showing the influence of these ideas on F. Knight. The article displays and systematizes the main directions of Veblen’s research and shows that if a certain concept of the theory as such is adopted, then these lines of research should be treated as theories no less than the works of neoclassic economists.
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Mihalyi, Peter. "Kaldor and Kornai on economics without equilibrium – two life courses." Acta Oeconomica 67, s1 (September 2017): 47–66. http://dx.doi.org/10.1556/032.2017.67.s.5.
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Nicholas Kaldor and János Kornai are known in the academic literature as the most principled and unyielding opponents of the neoclassical, mainstream economics in general, and the Arrow-Debreu General Equilibrium Theory (GET) in particular since the beginning of the 1970s. Nevertheless, they remained in the minority camp with their views until today. The mainstream of the economic profession still holds that only the neoclassical paradigm offers a comprehensive, systematic, consistent and, above all, mathematical (hence “scientific”) description of how modern economies operate. This paper aims at investigating why these two prolific writers, who were friends and spoke the same mother tongue, did not find a common ground and did not even try to build a school of followers jointly.
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Steve Keen, Steve Keen. "Economics: What to Do About an Unreformable Discipline?" journal of king Abdulaziz University Islamic Economics 32, no. 2 (July 8, 2019): 109–17. http://dx.doi.org/10.4197/islec.32-2.8.
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The 2008 crisis was an obvious anomaly for mainstream Neoclassical economic theory, and yet a decade after the crisis, the Neoclassical school still dominates the discipline and is largely unchanged. I argue that the separation of academic economics from the consequences of its empirical failures means that it is extremely unlikely that academic economics will be reformed. Instead, if change is to occur within economics, it will likely be led by institutions like central banks and treasuries which are under at least some pressure to produce useful economic forecasts. Apart from this, I hold out hope that emerging disciplines such as complex system analysis will supplant economics itself. I also encourage all would-be students of economics to join the Rethinking Economics network and teach themselves non-mainstream economics using the resources of the internet.
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Mongiovi, Gary. "Emigré Economists and American Neoclassical Economics, 1933–1945." Journal of the History of Economic Thought 27, no. 4 (December 2005): 427–37. http://dx.doi.org/10.1080/10427710500370232.
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The rise of European fascism in the 1920s and '30s triggered the greatest migration of intellectual capital the world has ever known. This paper is concerned with the German-speaking economists who formed the core of the original Graduate Faculty of the New School for Social Research. Among émigré economists of the interwar period, those who found refuge at the New School exerted a distinctive influence on American economics, partly owing to their concentration at a single institution, and partly by virtue of the character and quality of their work. The paper has three aims: to provide an overview of the contributions of these economists, to assess their impact on American economics, and to account for the apparent evaporation of their legacy after the onset of the Cold War.
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Gramcheva, Lyubomira. "Comparative institutional law and economics: reclaiming economics for socio-legal research." Maastricht Journal of European and Comparative Law 26, no. 3 (June 2019): 372–93. http://dx.doi.org/10.1177/1023263x19840522.
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Law and economics is a controversial method of legal research, increasingly popular among some legal scholars but disliked by many others. The author discusses some of the objections raised by lawyers (as well as some economists) and argues that most of these are caused by the employment of the wrong economics on the respective side of the conjoined field. She contrasts neoclassical economics, made extremely popular by the Chicago school and Professor Richard Posner in particular, with New Institutional Economics and argues that the latter can overcome the difficulties presented by the former. While neoclassical economics seems to introduce additional problems to legal scholarship, New Institutional Economics neatly matches law’s own methodological tenets. However, the analysis will remain incomplete unless a third element is added to the mix: comparative law. Thus, the author calls for the development of Comparative Institutional Law and Economics, which provides an improved explanatory methodology.
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Martínez Hernández, Francisco A., and Víctor M. Isidro Luna. "CAPITALISM: COMPETITION, CONFLICT, CRISES, ANWAR SHAIKH." Investigación Económica 79, no. 311 (December 10, 2019): 137. http://dx.doi.org/10.22201/fe.01851667p.2020.311.72441.
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<p>In 1,024 pages, seventeen chapters, and divided in three books, plus seventeen appendixes, Anwar Shaikh, one of the leading scholars and a distinguished Professor of Economics at the New School for Social Research, presents a path breaking and monumental book which main objective is the unified study of the logic, history, dynamics, and crises of the capitalist system. Throughout this book, the author confronts his own perspective and method of the classical political economy with major schools of economic thought such as neoclassical, monetarist, and different branches of the post-Keynesian school...</p>
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Davis, John B. "Cooter and Rappoport on the Normative." Economics and Philosophy 6, no. 1 (April 1990): 139–46. http://dx.doi.org/10.1017/s0266267100000687.
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In a recent examination of the origins of ordinal utility theory in neoclassical economics, Robert D. Cooter and Peter Rappoport argue that the ordinalist revolution of the 1930s, after which most economists abandoned interpersonal utility comparisons as normative and unscientific, constituted neither unambiguous progress in economic science nor the abandonment of normative theorizing, as many economists and historians of economic thought have generally believed (Cooter and Rappoport, 1984). Rather, the widespread acceptance of ordinalism, with its focus on Pareto optimality, simply represented the emergence of a new neoclassical research agenda that, on the one hand, defined economics differently than had the material welfare theorists of the cardinal utility school and, on the other, adopted a positivist methodology in contrast to the less restrictive empiricism of the cardinalists.
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Slade-Caffarel, Yannick. "The nature of heterodox economics revisited." Cambridge Journal of Economics 43, no. 3 (October 31, 2018): 527–39. http://dx.doi.org/10.1093/cje/bey043.
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Abstract This paper revisits the conception of heterodox economics advanced by Tony Lawson in 2006 and critically assesses its reception. I consider the bearing of later contributions—most importantly, his 2013 paper ‘What is this “school” called neoclassical economics’—in which Lawson further develops his analysis of heterodox economics. The goal is to provide additional clarity to the discussion.
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Nedev, Bozhidar. "Historical roots of behavioural financial thought." Economic Thought journal 64, no. 3 (June 20, 2019): 33–50. http://dx.doi.org/10.56497/etj1964302.
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The rise of the first implicit ideas in the field of behavioural finance is examined from a historical point of view, taking into consideration the evolution of economic theories. The first documented manifestation of irrational behaviour on a market level, which took place during the 17th century, is presented. The foundations of Daniel Bernoulli’s Decision theory from the 18th century are systemized in regard to the implementation of behavioural aspects and the reference to the contemporary Prospect theory. The classical and early neoclassical schools of economic thought, where the idea that economic decisions are also being influenced by emotional stimulus can be found in the works of economists like Hermann Heinrich Gossen, Adam Smith, Jeremy Bentham, William Stanley Jevons, Léon Walras and Edgeworth, are examined. The neoclassical school of economics, where the representatives of marginalism limit the idea of the complexity of human nature, is also analysed. In conclusion, a short description of some of the contemporary aspects of the science of behavioural finance is made.
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Yamamori, Toru. "The intersubjective ontology of need in Carl Menger." Cambridge Journal of Economics 44, no. 5 (August 27, 2020): 1093–113. http://dx.doi.org/10.1093/cje/beaa028.
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Abstract As I have argued elsewhere, there is no room for the concept of need in the prevailing neoclassical school of economics—without reducing the need to a purely subjective construct. Not so, however, both in classical political economy and in the contemporary heterodox schools of economics. The main aim of this paper is, firstly, to show the existence of the concept of need as such in Carl Menger—widely acknowledged as one of the fathers of modern economics; and secondly, to trace the concept’s erasure in the orthodox school along with its rediscovery in the heterodox schools. With this exposition on the history of the idea, I hope to demonstrate how taking the concept seriously would urge us to engage ontological research and would mandate a significant change in economic analysis, regardless of whether this change is considered to reside within the orthodox tradition or be deemed a departure to heterodoxy.
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Salamova, Ayna. "Basic theories of modern institutionalism." SHS Web of Conferences 94 (2021): 03001. http://dx.doi.org/10.1051/shsconf/20219403001.
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Institutionalism went through a difficult historical path of its development, went through several stages, each of which was accompanied by the renewal of methodology and theoretical foundations. Consistently at each stage, a corresponding independent direction arose: old institutionalism, new institutionalism (new institutional economics) and neoinstitutionalism (neoinstitutional economics). Modern institutionalism is a qualitatively new direction of economic thought, based on the theoretical principles of economic analysis of the neoclassical school in terms of identifying trends in the development of the economy, as well as the methodological tools of the German historical school in the approach to the study of socio-psychological problems of the development of society.
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Sainsbury, David. "Toward a dynamic capability theory of economic growth." Industrial and Corporate Change 29, no. 4 (December 12, 2019): 1047–65. http://dx.doi.org/10.1093/icc/dtz054.
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Abstract New theories of economic growth that are policy-relevant and connect with the histories of success and failure in economic development are urgently needed. This article compares the neoclassical (or market efficiency) school of thought with the production-capability school of thought which included Alexander Hamilton, Friedrich List, and Joseph Schumpeter. Many affirmative, industrial policy steps by governments to promote economic development have been historically recorded—including in the UK and the United States. Meanwhile the neoclassical school has ignored the role of government in helping to create competitive advantage. It has also chosen to ignore how firms are formed, how technologies are acquired, and how industries emerge. The dynamic capability theory of economic growth developed here assigns the central role in economic growth to firms but also an important role to governments. The rate at which a country’s economy grows depends critically on whether its firms can build the capabilities to generate and take advantage of “windows of opportunity” that exist for innovation and new markets, and whether over time they are able to enhance their capabilities to move into higher value-added activities.1
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Yu, Fu Lai Tony. "Two perspectives of time in economics: the neoclassical school (Newtonian) versus the Austrian school (Bergsonian)." International Journal of Pluralism and Economics Education 3, no. 1 (2012): 91. http://dx.doi.org/10.1504/ijpee.2012.047471.
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Punzo, Lionello F. "The School of Mathematical Formalism and the Viennese Circle of Mathematical Economists." Journal of the History of Economic Thought 13, no. 1 (1991): 1–18. http://dx.doi.org/10.1017/s1053837200003369.
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The term revolution is normally used to indicate a sharp change in the direction of evolution of a given phenomenon, a catastrophe, in the jargon of modern dynamic theory. In this sense we often talk of the Newtonian revolution in physics or of a Neoclassical revolution in economics.
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Boylan, Thomas A., and Pascal F. O’Gorman. "The Falsifiability of the Neoclassical Maximization Hypothesis: Some Methodological Considerations." Journal of Interdisciplinary Economics 2, no. 2 (July 1987): 107–15. http://dx.doi.org/10.1177/02601079x8700200204.
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In recent years the methodological status of the neoclassical maximisation hypothesis has been subjected to criticism from a number of different sources. These have included criticisms from the Austrian subjectivist school based on the work of Hayek and Shackle along with empirical criticisms emanating from the work of Simon and Leibenstein. These criticisms have evoked a response, and one of the most significant contributors has been the work of Lawrence Boland, particularly his 1981 contribution ‘On the Futility of Criticising the Neoclassical Maximization Hypothesis’. We will, in this paper, criticize Boland’s methodological defence of the neoclassical maximization hypothesis. Firstly, we will argue that his treatment of this hypothesis as an ‘All-and-some’ statement does not withstand critical scrutiny. Secondly, we will reject Mongin’s (1986) argument that the neo-classical maximization hypothesis as an ‘All-and-some’ statement is in fact falsifiable. Thirdly, we will argue that Boland’s defence of a metaphysical core is unconvincing view from the wider perspective of the philosophy of science.
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Herr, Hansjörg. "Keynes und seine Interpreten." PROKLA. Zeitschrift für kritische Sozialwissenschaft 31, no. 123 (June 1, 2001): 203–25. http://dx.doi.org/10.32387/prokla.v31i123.743.
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Keynes started to develop a new economic paradigm that is different form the classical and neoclassical school. He stressed the role of effective demand, money, uncertainty and subjective expectations. Only the postkeynesian interpretation of Keynes follows the original ideas of Keynes. The IS-LM-model together with the neoclassical syntheses, the neokeynesian and the newkeynesian models reduce Keynes to short-run disturbances of the long-run neoclassical equilibrium.
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Matoušková, Eleonóra. "The Position of Heterodox Economics in Economic Science." Pénzügyi Szemle = Public Finance Quarterly 66, no. 2 (2021): 275–90. http://dx.doi.org/10.35551/pfq_2021_2_6.
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In economic science dominate orthodox economics (mainstream economics respectively neoclassical economics). Despite its numerous intellectual failures, orthodox economics continue to prevail in teaching at universities. A certain alternative to orthodox economics is heterodox economics, which consists of three groups of theoretical approaches, represented by the Left-wing heterodoxy and Neo-Austrian school (we include them together in the Old heterodoxy) and the New heterodoxy. The objective of this article is to define the differences between orthodox economics and heterodox economics, to find common features of individual heterodox approaches and identify substantial differences between them and also highlight the relevance of these heterodox approaches from the point of view of the challenges we are facing today. A common characteristic of heterodoxy is the rejection of orthodoxy, especially its research methods. Heterodox economists reject the axiom that individuals are always rational, the concept of ‘homo economicus’, the application of a formal-deductive approach, the use of mathematical methods in cases that are not appropriate for this, and access from a closed system position. Heterodoxy is a very diverse theoretical tradition, and there are differences not only between the Left-wing heterodoxy, Neo-Austrian school and New heterodoxy, but also within these heterodox groups. They differ on specific topics they deal with and proposed solutions to socio-economic problems.
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Jurczyk, Zbigniew. "The Influence of Economic Theories and Schools on Competition Law in terms of Vertical Agreements." Yearbook of Antitrust and Regulatory Studies 11, no. 18 (2018): 153–80. http://dx.doi.org/10.7172/1689-9024.yars.2018.11.18.6.
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The paper aims at showing the influence and the views espoused by economic theories and schools of economics on competition policy embedded in antitrust law and conducted by competition authorities in the field of vertical agreements. The scope of the paper demonstrates how substantially the economization of antitrust law has changed the assessment as to the harmfulness of vertical agreements. The analysis of economic aspects of vertical agreements in antitrust analysis allows one to reveal their pro-competitive effects and benefits, with the consumer being their beneficiary. The basic instrument of the said economization is that antitrust bodies draw on specific economic models and theories that can be employed in their practice. Within the scope of the paper, the author synthesizes the role and influence of those models and schools of economics on the application of competition law in the context of vertical agreements. In presenting, one after another, the theories and schools of economics which used to, or are still dealing with competition policy the author emphasises that in its nature this impact was more or less direct. Some of them remain at the level of general principals and axiology of competition policy, while others, in contrast, delineate concrete evaluation criteria and show how the application of those criteria changes the picture of anti-competitive practices; in other words, why vertical agreements, which in the past used to be considered to restrain competition, are no longer perceived as such. The paper presents the models and recommendations of neoclassical economics, the Harvard School, the Chicago and Post-Chicago School, the ordoliberal school, the Austrian and neoAustrian school as well as the transaction cost theory.
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Fenin, Cyril V. "The origin and development of economic hermeneutics inside Soviet Marxism and neoclassical synthesis." Izvestiya of Saratov University. Economics. Management. Law 23, no. 1 (February 21, 2023): 4–9. http://dx.doi.org/10.18500/1994-2540-2023-23-1-4-9.
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Introduction. This article is an analysis of the factors of the emergence and development of economic hermeneutics. The stereotypical ideas about the total ideological unification of political economy in the USSR during the period of Soviet Marxism dominance and the ideological neutrality of neoclassical synthesis, the mainstream of Western economic science, are being critically rethought. Theoretical analysis. It is shown that Soviet political economy is a very interesting complex special case of the economic knowledge development, which was subject to specific requirements from the state apparatus (power structures). The conditions for the genesis of economic hermeneutics in the West within the framework of the neo-Austrian school of economics as a possible reaction to the dogmatism of the neoclassical mainstream are briefly considered. The general reasons for the conservatism of the scientific environment are investigated. An assumption is made about the presence of a number of similar features between Marxism and the neoclassical theory. Results. It has been established that the dominance of Marxism in the USSR and the formal neoclassical synthesis in the USA made it possible to form an environment that subsequently led to a new scientific direction – economic hermeneutics. Moreover, the process of the emergence of a new scientific direction in the depths of this conservative economic paradigm was quite natural, since economic theory is hermeneutic in nature – it seeks to interpret the meaning of outwardly simple, but vital phenomena. The materials of the article can be used to teach the history of economic thought.
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Büttner, Hans-Peter. "Kritik der herrschenden ökonomischen Lehre." PROKLA. Zeitschrift für kritische Sozialwissenschaft 41, no. 164 (September 1, 2011): 347–69. http://dx.doi.org/10.32387/prokla.v41i164.2.
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Hans-Peter Büttner: Critique of ruling economics. The discourse of Piero Sraffa. Neoclassicaleconomic theory and its apparatus of methodological individualism, subjectivism andmarginalism is the dominant paradigm within the field of economic science. Nevertheless theresearch program of Piero Sraffa and the neo-Ricardian school has shown that neoclassicaltheory is internally inconsistent and faced with serious problems with respect to its empiricalrelevance – as a concrete and well investigated example for empirical observation, I presentneoclassical cost theory, the fundament of standard neoclassical supply function. The textdiscusses three historical debates initiated by the neo-Ricardian school against neoclassicalecomomics and shows the importance of these results for critical economic approaches.
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SUŠJAN, ANDREJ. "HISTORICISM AND NEOCLASSICISM IN THE KIEV SCHOOL OF ECONOMICS: THE CASE OF ALEKSANDER BILIMOVICH." Journal of the History of Economic Thought 32, no. 2 (March 17, 2010): 199–219. http://dx.doi.org/10.1017/s1053837210000167.
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Aleksander Bilimovich (1876–1963) is often considered to have been one of the last representatives of the Kiev School of economics, which was influenced by the German Historical School as well as by the emerging neoclassical theory. After the Soviet revolution, Bilimovich continued his work in exile and was developing his theoretical and methodological views along two lines of the Kiev tradition. On the one side he maintained the historical approach, and on the other side he was inclined towards the deductivist and mathematical approach. The paper thus questions the established view among the historians of Russian economic thought of Bilimovich as a consistent adherent of marginalism. His work bears also several features of historicism.
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Dagum, Estela Bee. "Business Cycles and Current Economic Analysis." Studies of Applied Economics 28, no. 3 (March 14, 2021): 577–94. http://dx.doi.org/10.25115/eea.v28i3.4742.
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This is a brief introduction to the special issue on “New Developments in Modelling and Estimation of Economic Cycles” . The concept and definition of economic and business cycles are discussed together with two main schools of thought, the Keynesian and the neoclassical. Until the Keynesian revolution in mainstream economics in the wake of the Great Depression, classical and neoclassical explanations were the mainstream explanation of economic cycles; following the Keynesian revolution, neoclassical macroeconomics was largely rejected. There has been some resurgence of neoclassical approaches in the form of real business cycle (RBC) theory. Real business cycle theory is a class of macroeconomic model in which business cycle fluctuations to a large extent can be accounted for by real (in contrast to nominal) shocks. In a broad sense , there have been two ways by which economic and business cycles have been studied, one analyzing complete cycles and the other, studying the behavior of the economic indicators during incomplete phases by comparing current contractions or expansions whith corresponding phases in the past in order to assess current economic conditions. Two different methodologies have been applied for current economic analysis, the parametric one, that makes use of filters based on models, such as ARIMA and State Space models , and the other based on nonparametric digital filtering. Some of the invited papers of this issue deal with this second approach.
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Morel, Sylvie. "Employment and Economic Insecurity: A Commonsian Perspective." Studies in Social Justice 3, no. 2 (January 7, 2010): 213–30. http://dx.doi.org/10.26522/ssj.v3i2.1016.
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The principal concern of this paper is with the need of a theoretical shift in economics for analyzing and devising efficient and innovative policy reforms to combat employment insecurity. Mainstream economics is unable to provide appropriate theorizing about economic phenomena, including economic insecurity. Thus, we must turn to economic theories which radically question the dominant paradigm in economics. John Rogers Commons's institutionalist theory accomplishes that. First, the author of this paper outlines the distinctive character of this theory by presenting some of its crucial methodological differences with neoclassical economics. Second, she explains how economic insecurity is conceptualized as an "instituted" process with this theory of institution. A better mastery of this specific school of thought in economics appears to escape the problems met by mainstream economics by proposing a real theoretical alternative for the development of a truly evolutionary, trans-disciplinary and ethical economic theory.
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Ebeling, Richard M. "Austrian Economics and the Political Economy of Freedom." New Perspectives on Political Economy 03, no. 1 (December 2, 2007): 87–104. http://dx.doi.org/10.62374/qk3zjd57.
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The revival of the modern Austrian School of economics may be said to have begun 30 years ago. In 1974 the Austrian School had been on hiatus for almost a quarter of a century. For more than 60 years before the 1940s, the Austrian economists had been considered some of the most original contributors to economic theory and policy. They were among the leading developers of the theories of marginal utility, opportunity cost, value and price, capital and interest, markets and competition, money and the business cycle, and comparative economic systems – capitalism versus socialism versus the interventionist welfare state. But the rise and triumph of the Keynesian explanation of and prescription for the Great Depression eclipsed all competing approaches to the problems of economic depression and high unemployment. Despite all that, however, fundamental Austrian insights about man and the market exposed in this article are still corner-stones of a unique Austrian approach which is incompatible with the positivist, historicist, and neoclassical economic views of the world.
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Thompson, Herb. "Ignorance and Ideological Hegemony: A Critique of Neoclassical Economics." Journal of Interdisciplinary Economics 8, no. 4 (October 1997): 291–305. http://dx.doi.org/10.1177/02601079x9700800406.
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Neoclassical economists increasingly devise compelling, mathematically elegant hypotheses with dubious, to say the least, policy relevance. They are also most reluctant to engage in conversation with alternative paradigmatic schools (eg., feminists, Marxists, Institutionalists or Post-Keynesians). In doing so they have become intellectually incestuous, and unconcerned about being unaware of what they don’t know (defined as ignorance-squared). Ignorance-squared does not merely imply a lack of knowledge, but also the possibility that it is being produced. It is argued that neoclassical economists, as traditional intellectuals, cultivate the social production of ignorance, and propagate it to their students, in the struggle for ideas. This is done through narrow pedagogy, delineation of research parameters, and by constraining the production and presentation of non-neoclassical knowledge. While a number of reasons exist for the intellectual narrowing of the discipline, one fundamental answer to the query “why is this the case?” may be found in the notion of ideological hegemony.
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Egbert, Henrik, Teodor Sedlarski, and Alexander Todorov. "Foundations of contemporary economics: Frank H. Knight on uncertainty, capital theory, and the beginnings of the Chicago school." Economic Thought journal 66, no. 6 (December 20, 2021): 74–90. http://dx.doi.org/10.56497/etj2166605.
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Frank Knight (1885⎯1972) was an exceptional social scientist and a prolific writer of many reviews and comments on topics in economic theory, philosophy, and ethics. In economics he is best known for his work on uncertainty as a cause for entrepreneurial profit in competitive markets. This is only one of his many contributions that put the market and the price mechanism at center stage. In contrast to many other neoclassical writers, he vehemently criticized the market as a guiding principle to form a society since the market is unethical. Knight considered the economy as a social system and the economic approach as one among many others in social sciences. Knight is a founding father of the Chicago School of Economics. Several of his students became Nobelists.
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Dantas, Bruno Carvalho. "Complexity and Technocracy: The Hayekian Critique of Neoclassical Law & Economics." Journal des Économistes et des Études Humaines 21, no. 1-2 (January 1, 2015): 1–32. http://dx.doi.org/10.1515/jeeh-2014-0018.
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AbstractThis essay will employ theoretical tools from the Austrian school of economics in order to study law as a social system and develop a more accurate comprehension of its functions and of the evolutionary processes to which it is subject. By building up from Hayek’s theories of institutions and complex phenomena, both of which emphasize the “spontaneous” nature of social phenomena vis-à-vis proposals of conscious “steering” by means of central planning, we’ll try to show how neoclassical approaches to legal theory are based on unrealistic assumptions about human cognition and, as such, turn out to be a subclass of the so-called “constructivist” thought, severely criticized by Hayek in his works. At the end of the article, we’ll discuss in passing some internal difficulties with the Hayekian approach itself.
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MUELLER, CHARLES C. "Avaliação de duas correntes da economia ambiental: a escola neoclássica e a economia da sobrevivência." Brazilian Journal of Political Economy 18, no. 2 (June 1998): 278–303. http://dx.doi.org/10.1590/0101-31571998-1265.
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RESUMO É possível avaliar as principais escolas de pensamento em economia ambiental com base em uma visão estilizada do desenvolvimento sustentável. Essa visão considera sustentável o desenvolvimento que assegura: pelo menos a manutenção do nível de bem-estar da atual geração de habitantes do primeiro mundo; um aumento no bem-estar da atual geração que habita os países pobres; e a capacidade das gerações futuras de manter ou melhorar seu bem-estar. Em princípio, uma escola de pensamento em economia ambiental deve considerar esses três aspectos; no entanto, alguns enfatizam um, outros enfatizam outro desses aspectos. Com base em uma estrutura baseada no conceito acima de desenvolvimento sustentável, o artigo apresenta uma avaliação de duas dessas escolas de pensamento: economia ambiental neoclássica, enfatizando as economias de mercado industrializadas e de curto prazo; e uma escola que poderia ser denominada economia de sobrevivência, enfatizando o longo prazo. Começa com uma discussão sobre a recente inserção da dimensão ambiental na economia, e segue com uma revisão do conceito de desenvolvimento sustentável, adaptado para a avaliação. Conclui com uma discussão sobre a principal contribuição das duas escolas e os principais contrastes entre elas.
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Wiśniewski, Jakub Bożydar. "Nonrivalness, Subjectivity and Capital – An Overview of the Austrian Theory of Club Goods." New Perspectives on Political Economy 9, no. 1-2 (December 30, 2013): 24–37. http://dx.doi.org/10.62374/99nf5w70.
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According to neoclassical economic theory, club goods would be underproduced by the market in the absence of a monopoly of force capable of coercing every able member of society to contribute to their provision. By applying both the methodological tools developed by the Austrian School of Economics and the tools used to investigate the institutional robustness of various systems of political economy, I shall argue, first, that the neoclassical characteristics of club goods are based on a number of false assumptions or unacceptable oversimplifications, and second, that even if they were correct as stated, they would not establish the desirability of the existence of a monopoly of force due to the existence of a more efficient, purely market-based alternative. Then I shall apply the results of my argument to the issue of the provision of law and defense, which appears to lend itself particularly well to being a promising case study in this context.
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Bernheim, B. Douglas. "A Neoclassical Perspective on Budget Deficits." Journal of Economic Perspectives 3, no. 2 (May 1, 1989): 55–72. http://dx.doi.org/10.1257/jep.3.2.55.
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Generally speaking, there are three schools of thought concerning the economic effects of budget deficits: Neoclassical, Keynesian, and Ricardian. It is remarkable that from among these three schools of thought, one can find support for every conceivable normative position. Whether one thinks of deficits as good, bad, or irrelevant therefore depends fundamentally on one's choice of a paradigm. Certainly, no single paradigm corresponds exactly to reality. Nevertheless, it is my view that the Neoclassical framework offers the most relevant insights into the economic effects of deficits. The new Administration would do well to focus on the goals of stimulating saving and capital accumulation, and to formulate a policy for gradually reducing permanent deficits.
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Yeager, Leland R. "Austrian Economics, Neoclassicism, and the Market Test." Journal of Economic Perspectives 11, no. 4 (November 1, 1997): 153–65. http://dx.doi.org/10.1257/jep.11.4.153.
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Professor Sherwin Rosen correctly suggests that the Austrian and neoclassical schools can be complementary, each accepting much from the other. However his recognition of Austrian strengths needs to be amplified and his criticisms need softening. His appeal to the market test risks encouraging anti-intellectual attitudes and practices
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Zafirovski, Milan. "Orthodoxy and heterodoxy in analyzing institutions." International Journal of Social Economics 30, no. 7 (July 1, 2003): 798–826. http://dx.doi.org/10.1108/03068290310478757.
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The rediscovery and analytical reconstitution are present tendencies in much of social science, especially economics and sociology. The emergence and expansion of the so‐called new institutional economics exemplify these tendencies as do attempts at revival and rehabilitation of the old institutional economics. Analogous tendencies have been manifested in sociology by the further development of economic sociology, especially by various reformulations of its classical premise of institutional structuration and embeddedness of economic behavior. Nevertheless, much of mainstream economics tends to neglect or play down certain salient divergences between the latter's neoclassical or orthodox institutionalism, and heterodox or critical institutionalism advanced by the old institutional economics as well as by economic sociology. Identifies and elaborates such divergences between these seemingly homologous varieties of institutionalism. Since institutionalist varieties and tendencies in both economics and sociology are considered, represents a contribution to an interdisciplinary treatment of social institutions, a treatment originally proposed by the old institutional economics of Veblen et al., the German historical school as well as by Weberian‐Durkheimian classical economic sociology.
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Shiriaev, Igor M., and Daria S. Zakharova. "Evolution of The Functions of Money in The Context of The Approaches of Various Schools of Economic Thought." Journal of Economic Regulation 12, no. 2 (June 30, 2021): 036–49. http://dx.doi.org/10.17835/2078-5429.2021.12.2.036-049.
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The purpose of this paper is the identification of the functions of money and characteristic of their evolution through change of the used types of money. Research methods are a brief overview and comparative analysis of economic-theoretical approaches to the definition of the functions of money. A comparative analysis of the classifications of the functions of money, made by physiocracy, classical political economy, Marxist political economy, Austrian school of economic theory, German historical school of economics, neoclassical economic theory, Keynesianism, monetarism, institutionalism, modern monetary theory, is carried out. It is shown that various economic schools have different approaches to the definition of the functions of money. Some scientific schools separate money functions for basic and secondary, but other schools consider that all the functions are equally significant. It is concluded that modern changes in the types of money used lead to the fact that different functions of money (in particular, the functions of medium of exchange, measure of value, reserve of value, means of payment) are most effectively implemented by different types of money. Scientific novelty consists in the reconstruction and comparison of lists of functions of money identified by the most important schools of economic theory. The conclusions of the research can be used in scientific and pedagogical activities in the study of the essence and functions of money.
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Buzgalin, A., and A. Kolganov. "Political Economy of Post-Soviet Marxism (Theses to Forming of Scientific School)." Voprosy Ekonomiki, no. 9 (September 20, 2005): 36–55. http://dx.doi.org/10.32609/0042-8736-2005-9-36-55.
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The limited ability of neoclassical "mainstream" to explain deep fundamental shifts in economic structures of the present day world determines the renaissance of alternative schools of economic theory, including Marxism. The article is aimed to show theoretical concepts of modern Russian neomarxism, which has a potential to explain the contradictions of the capitalist globalization, the tendencies of forming new types of socioeconomic relations, of the specific forms of transition economies in the post-socialist countries and basic causes of the birth and collapse of the socialist system.
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RUTHERFORD, MALCOLM. "THE USDA GRADUATE SCHOOL: GOVERNMENT TRAINING IN STATISTICS AND ECONOMICS, 1921–1945." Journal of the History of Economic Thought 33, no. 4 (December 2011): 419–47. http://dx.doi.org/10.1017/s1053837211000265.
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The USDA Graduate School was founded in 1921 to provide statistical and economic training to the employees of the Department of Agriculture. The school did not grant degrees, but its graduate courses were accepted for credit by a significant number of universities.In subsequent years, the activities of the school grew rapidly to provide training in many different subject areas for employees from almost all federal departments. The training in statistics provided by the school was often highly advanced (instructors included Howard Tolley and, later, Edwards Deming), while the economics taught displayed an eclectic mix of standard and institutional economics. Mordecai Ezekiel taught both economics and statistics at the school, and had himself received his statistical training there. Statistics instruction in 1936 and 1937 included seminar series from R.A. Fisher and J. Neyman, and courses on the probability approach to sampling involving Lester Frankel and William Hurwitz became important after 1939. The instruction in economics was noticeably institutionalist in the period of the New Deal. Towards the end of the period considered here, the instruction in economics became narrower and more focused on agricultural economics.The activities of the school provide a basis for understanding some of the sources of the relative statistical sophistication of agricultural economists and of the statistical work done in government in the interwar period. It is noteworthy than within the USDA Graduate School, and in contrast to the Cowles Commission, statistical sophistication coexisted with an approach to economics that was not predominantly neoclassical. It also provides a light on the place of institutional economics in the training of government economists through the same time span.
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Wojtyszyn, Radosław. "U źródeł leseferyzmu i subiektywizmu myśli Murraya Rothbarda. Arystoteles, Święty Tomasz, hiszpańscy scholastycy, John Locke i Fryderyk Bastiat jako źródła inspiracji." Ekonomia 22, no. 3 (November 21, 2016): 43–57. http://dx.doi.org/10.19195/2084-4093.22.3.3.
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Laissez — faire and subjective underpinnigs of Murray Rothbard’s thought. Aristotle, St. Thomas, Spanish scholastics, John Locke and Frederic Bastiat as an inspirationThe subject of this article are origins of the subjectivist view of the economic activity of man, and pre-classic themes of political economy, which are the inspirations for Murray Newton Rothbard and his thought of anarcho-capitalism. These issues, being so rarely subject to scientific interest, are crucial point of reference for classical and neoclassical economics, and laissez-faire in general. Specific influence of natural law on the sphere of economic activity and human condition also implies abroader view of the role of state institutions in the thought of Aristotle, Thomas Aquinas, the scholastics of the Salamanca, John Locke and Frederic Bastiat, who combined the above-mentioned laws of nature and tradition of classical economics with subjectivity, so important in Austrian School of Economics and in anarcho-capitalist thought of Murray Newton Rothbard.
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Camarinha Lopes, Tiago. "Comrades Do Not Always Agree: How to Promote Cooperation between the Followers of Marx and Sraffa?" Review of Radical Political Economics 53, no. 3 (March 18, 2021): 535–41. http://dx.doi.org/10.1177/0486613421992555.
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In this note I propose two different levels of analysis for organizing the conversation around the Sraffa/Marx polemic. First, the “pragmatic approach” takes into account the immediate circumstances prevailing in the teaching of economics. In particular, we must understand that there is a systematic denial of Marxism in most economic departments, which are dominated by the mainstream neoclassical school, Keynesian thought, and various minor heterodox currents. Second, the “in-depth approach” leaves aside these circumstances and investigates the frontiers of socialist and radical political economics regardless of how well versed in Marxist theory a typical economist may be. Both levels are necessary, but we need to distinguish clearly so that we know when it is most useful to focus on one or the other. JEL Classification: B24, B51
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Njogo, Bibiana, Jaiyeoba Oladele, and Oladotun Mabinuori. "Investors’ sentiment and stock trading in the Nigerian capital market." Caleb International Journal of Development Studies 3, no. 2 (November 30, 2020): 236–48. http://dx.doi.org/10.26772/cijds-2020-03-02-014.
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This study examined the relationship between investors sentiment and stock trading for thirty listed firms in Nigeria, covering periods of 2015-2019. This study comes at a time when behavioral economics gains larger interest in investment decision. This school of thought dismisses the assertion of neoclassical economics that markets are efficient;, hence they cannot be beaten by consistently earning abnormal profits. Two research objectives were formulated for the study, which borders on determining whether investors’ sentiment affects stock trading of corporate firms in Nigeria, and whether investors’ sentiment affect trading stocks for industries in Nigeria differently. Data for the study were sourced from banking, manufacturing, and insurance sectors of the Nigerian Stock Exchange. Fixed effect regression was used to analyse the effect of investors’ sentiment on stock trading. The Analysis of Covariance was used to examine whether investors’ sentiment differently affect trading stocks for different sector in Nigeria. The results obtained showed that investors’ sentiment exerts significant impact on stock trading of the firms investigated, and it is used to affect trading stocks for industries in Nigeria differently. The study recommends that investors should make use of fundamental analysis and technical analysis to trade stocks. Keywords: Behavioural economics, efficient market hypothesis, Investors’ sentiment, neoclassical economics, and stock trading.
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Jackson, Emerson Abraham. "The Effects of a Dominant Informal Sector on Monetary Policy Transmission: A Theoretical Model Simulation." Economic Insights – Trends and Challenges 2023, no. 1 (2023): 11–20. http://dx.doi.org/10.51865/eitc.2023.01.02.
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This paper presents a theoretical model that draws from the neoclassical school of thought to examine the impact of a dominant informal sector on monetary policy transmission in developing economies. The model accounts for the interactions between the for
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Wright, E. O. "What is Analytical Marxism?" Voprosy Ekonomiki, no. 9 (September 20, 2007): 121–38. http://dx.doi.org/10.32609/0042-8736-2007-9-121-138.
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The paper written by a famous sociologist, one of the main advocates of analytical Marxism, analyzes this school of social and economic thought which emerged in the end of the 1970s. The author briefly outlines the history of analytical Marxism and explicates its distinctive characteristics which distinguish it from both neoclassical tradition and different heterodox schools of thought. The paper also shows the connections between analytical Marxism and Marxist theory. The author discusses modern interpretations of Marx’s conceptions and the influence of analytical Marxism on contemporary social and economic thought.
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Hering, Thomas, Michael Olbrich, and David Rapp. "Net Present Value, Duration, and CAPM in Light of Investment Theory: A Comment on Kruk." Quarterly Journal of Austrian Economics 24, no. 2 (July 29, 2021): 348–59. http://dx.doi.org/10.35297/qjae.010097.
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In her paper “Corporate Risk Evaluation in the Context of Austrian Business Cycle Theory” recently published in this journal, Joanna Kruk aims to investigate how artificially low interest rates resulting from central bank intervention distort individual investment appraisals and ultimately result in both entrepreneurial misjudgment and resource-wasting malinvestment, fueling the business cycle. She identifies entrepreneurs’ net present value calculations, supposedly unadjusted for risk, as a major issue and suggests adjusting those calculations for risk via both the duration method and the Capital Asset Pricing Model to mitigate the distorting effects. Her argumentation is, however, trapped in neoclassical reasoning and is adversely affected by several misconceptions of the net present value criterion. This comment seeks to reveal those fallacies and explain how to address uncertainty when using net present value calculations to make those calculations part of the solution rather than part of the problem of entrepreneurial misjudgment. The findings are derived from German investment theory rooted in the Austrian school of thought, meaning that they differ compared to those of neoclassical finance theory.
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Bakeev, M. B. "A compromise between formalism and realism as a way to influence economic policy." Journal of the New Economic Association 57, no. 5 (2022): 113–25. http://dx.doi.org/10.31737/2221-2264-2022-57-5-7.
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In this paper, we argue that economics faces two conflicting societal demands. On the one hand, there is a demand for a practical theory that can be successfully used in the framework of economic policy, in solving various applied problems, etc. On the other hand, the established scientific ethos sets high standards for the internal consistency and formalism of the theory, which often limits its realism and practical applicability. As we speculate in this article, based on the history of the post-war macroeconomic mainstream, the most successful schools of thought in terms of policy impact are those that attempt to respond to both of these demands. This is expressed in the choice of a middle, compromise path: the preservation of a formalized abstract core of the theory while introducing modifications that increase its realism. Based on the study of the influence of four schools in macroeconomics, namely, post-war mainstream Keynesianism (so-called “The Neoclassical Synthesis”), monetarism, new classical macroeconomics, and new Keynesian macroeconomics, on US monetary policy, we claim that New Keynesians turned out to be the most influential school, as they managed to combine the standards of formalism and realism as much as possible.
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Radev, Yuli. "Dynamic disequilibrium and investment - saving imbalance." Economic Thought journal 61, no. 4 (August 20, 2016): 126–49. http://dx.doi.org/10.56497/etj1661404.
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The financial crises of 2007-2011 put the new neoclassical synthesis to a serious test and became the occasion for harsh criticism from both the neoclassical school and New Keynesianism. The idea of dynamic disequilibrium is once again in the spotlight, and the investment-savings imbalance turns out to be the most logical explanation for the pathological deviations from normal economic development. In this connection, the investment-savings imbalance and the possibilities of quantifying this problem within the framework of dynamic stochastic general equilibrium models are discussed. The analysis is presented through the prism of the non-equilibrium, which inherits the main features of the neo-equilibrium (see Radev, 2011).
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Hajnal, Zsófia. "Measuring the Level of Technology in Moral Economics." Athens Journal of Τechnology & Engineering 9, no. 4 (November 29, 2022): 321–38. http://dx.doi.org/10.30958/ajte.9-4-4.
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This theory-based paper attempts classifying and combining methods of orthodox and heterodox economics regarding the measurement of technology levels. The importance of measuring the level of technology is illustrated by technology being a key factor in several neoclassical models. However, just as for the concept of utility, traditional economics treats the level of technology as an abstract scientific construct, without attempts for an absolute quantification. This paper argues that through a systematic classification and various methods, starting- and end points, milestones and even units can be determined. Through surveying the literature, the paper identifies the existing options of measurement, and their shortcomings. Technology is looked at as a “stock”, as opposed to the overrepresented “flow” nature. This gives space for the methods of constructing an absolute scale, and for the unique concept of the “steady-state technology”. Distinctions are made between demand-side and supply-side measurement, as well as between historical and geometrical methods of constructing scales. The methods are illustrated, though not fully implemented, due to limitations in scale and scope. Finally, the paper shows how heterodox economic branches, such as the newly emerging moral economic school, allow for the demand-side measurement to a greater extent, given the adjusted economic axioms. Keywords: technology, demand side, historical method, geometrical method, moral economics
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Kapeliushnikov, R. I. "Multihanded Adam Smith (Part two)." Voprosy Ekonomiki, no. 11 (November 9, 2023): 123–40. http://dx.doi.org/10.32609/0042-8736-2023-11-123-140.
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The paper analyzes the metaphor of “an invisible hand”, which was introduced two and a half centuries ago by Adam Smith (1723—1790) and which eventually became the central concept of the modern economics. The second part examines the origin and history of the reception of Smith’s metaphor at various stages of the evolution of economic thought. Paradoxically, it gained wide popularity only since the middle of the 20th century due to its mention in the famous textbook by P. Samuelson “Economics”. In the interpretation of this metaphor by modern economists, two traditions exist — neoclassical and Austrian. In mainstream, Smith’s “invisible hand” is identified with the First Fundamental Theorem of welfare economics, which looks like an anachronism. There are more grounds for the convergence of the concepts of “an invisible hand” and “spontaneous order”, from which the Austrian school proceeds. Smith almost accidentally stumbled upon a figurative expression which turned out to be heuristically extremely productive and has become firmly embedded in the lexicon of many modern disciplines — from economics to the philosophy of science
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PAPADOPOULOS, KOSMAS, and BRADLEY W. BATEMAN. "KARL KNIES AND THE PREHISTORY OF NEOCLASSICAL ECONOMICS: UNDERSTANDING THE IMPORTANCE OF “DIE NATIONALOEKONOMISCHE LEHRE VOM WERTH” (1855)." Journal of the History of Economic Thought 33, no. 1 (March 2011): 19–35. http://dx.doi.org/10.1017/s1053837210000611.
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This essay serves as the introduction to the authors’ translation of Karl Knies’ essay “Die nationaloekonomische Lehre vom Werth” (1855). Knies is one of the acknowledged founders of the Older German Historical School, and yet in recent years several writers have described his 1855 essay as seminal in the evolution of marginal utility analysis. The authors examine how Knies develops his nascent theory of marginal reasoning in his essay, arguing that rather than cling to his earlier historicist programmatic, Knies attempts to discover general laws; however, not by strict causal analysis but by a typical ‘German art’ of taxonomy and classification that resembles juridical argumentations. This results in an ambiguous text, which influenced several marginalist pioneers who studied under Knies at Heidelberg (including Eugen von Böhm-Bawerk, Friedrich von Wieser, and John Bates Clark), as well as several members of the Younger German Historical School (including Gustav von Schmoller).
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Horodecka, Anna, and Magdalena Śliwińska. "Fair Trade phenomenon – limits of neoclassical and chances of heterodox economics." Studia z Polityki Publicznej, no. 3(23) (July 1, 2019): 9–37. http://dx.doi.org/10.33119/kszpp.2019.3.1.
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Contemporary research exploring the Fair Trade movement does not provide a clear answer whether the overall impact of Fair Trade is positive or negative and what are the real motives of Fair Trade consumers. In the paper we investigate whether the assumptions of selected heterodox schools (feminist, ecological and humanist) fit better to the reality of the Fair Trade movement than those of the neoclassical theory. Although ‘better fitness’ does not necessarily mean ‘better explanation’, the mismatch with reality may constitute an obstacle in identifying a crucial aspect of the researched phenomenon (i.e. Fair Trade), harming explanation of its existence and development.