By Jamie Morgan
ISBN-10: 1138962074
ISBN-13: 9781138962071
Despite a few diversification glossy economics nonetheless draws loads of feedback. this can be mostly because of hugely unrealistic assumptions underpinning monetary concept, explanatory failure, negative coverage framing, and a doubtful concentrate on prediction. Many argue that flaws proceed to owe a lot in their shortcomings to neoclassical economics. accordingly, what we suggest by means of neoclassical economics continues to be an important factor. This assortment addresses the difficulty from a brand new point of view, taking as its element of departure Tony Lawson’s essay ‘What is that this ‘school’ referred to as neoclassical economics?’.
Few phrases are as debatable for pluralist and heterodox economists as neoclassical economics. This controversy has many elements as the time period itself has varied necessities and connotations. inside of this multiplicity what we suggest by way of neoclassical issues to pluralist and heterodox economists for 2 fundamental purposes. First, since it informs how we view and critique the mainstream; moment, as the dating among heterodox and mainstream economics affects how heterodox economists version, follow tools and build conception. The chapters during this assortment each one have various things to claim approximately those concerns, with contributions ranging around the paintings of key thinkers, equivalent to Thorstein Veblen and Kenneth Arrow, utilized problems with non-linear modelling of dynamic platforms, and key occasions within the heritage of economics.
This booklet may be of use to these attracted to technique, political economic climate, heterodoxy, and the heritage of financial inspiration.
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Extra info for What is Neoclassical Economics?: Debating the origins, meaning and significance
Example text
For Keen it is ultimately inappropriate to identify the use of mathematical formalism per se by heterodox economists as conducive to a mismatch. Rather, one should focus on a more constructive frame of reference, which encourages economists to use better mathematics. For Keen, Lawson’s triadic reformulation (paraphrased as the good, the bad and the ugly), though a deliberate provocation, may ultimately be unhelpful if one generalises to the extent that any and all uses of mathematics are both closed-systems-based and problematic.
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What is Neoclassical Economics?: Debating the origins, meaning and significance by Jamie Morgan
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