Neoclassical Economics in Perspective

2021 ◽  
pp. 41-58
Author(s):  
Robert A. Solo
Keyword(s):  
Neoclassical Economics

Kritik der Politischen Ökonomie im 21. Jahrhundert.

2017 ◽  
Vol 47 (188) ◽  
pp. 453-470 ◽  
Author(s):  
Hans-Peter Büttner
Keyword(s):  
Political Economy ◽  
Critical Theory ◽  
Scientific Community ◽  
New World ◽  
Neoclassical Economics ◽  
Price Theory ◽  
Transformation Problem ◽  
Iron Cage ◽  
Analytical Tools

While the majority of the scientific community holds Marxian Value and Price Theory to be internally inconsistent because of the so-called “transformation problem”, these claims can be sufficiently refuted. The key to the solution of the “transformation problem” is quite simple, so this contribution, because it requires the rejection of simultanism and physicalism, which represent the genuine method of neoclassical economics, a method that is completely incompatible with Marxian Critique of Political Economy. Outside of the iron cage of neoclassical equilibrium economics, Marxian ‘Capital’ can be reconstructed without neoclassical “pathologies” and offers us a whole new world of analytical tools for a critical theory of capitalist societies and its dynamics.

IRVING FISHER AND THE MECHANISTIC CHARACTER OF TWENTIETH CENTURY ACCOUNTING THOUGHT

1995 ◽  
Vol 22 (2) ◽  
pp. 43-83 ◽  
Author(s):  
Tom Mouck
Keyword(s):  
Economic Theory ◽  
Twentieth Century ◽  
World View ◽  
Neoclassical Economic ◽  
Neoclassical Economics ◽  
Newtonian Mechanics ◽  
Neoclassical Economic Theory

This paper provides an overview of the influence of Newtonian mechanics on the development of neoclassical economic theory and highlights Fisher's role in the popularization of the resulting mechanical conception of economics. The paper also portrays Fisher's The Nature of Capital and Income — a work which has been aptly characterized as the “first economic theory of accounting” — as the first move toward the colonization of accounting by economics. The result of Fisher's influence has been a paradigmatic linkage between the Newtonian world view of science, neoclassical economics, and mainstream academic accounting thought. The picture that emerges from this linkage is then used as a backdrop against which the emerging challenges to economics-based accounting thought are highlighted.

Zwischen Historismus und Neoklassik: Alexander Rüstow und die Krise in der deutschen Volkswirtschaftslehre / Between Historical School and Neoclassical Economics: Alexander Rüstow and the Crisis in German Economics

ORDO ◽  
2009 ◽  
Vol 60 (1) ◽  
Author(s):  
Hauke Janssen
Keyword(s):  
Neoclassical Economics ◽  
Historical School

ZusammenfassungDie Krise in der deutschen Nationalökonomie nach dem Ersten Weltkrieg führte zu dem von Alexander Rüstow ab 1926 intensiv betriebenen, am Ende gescheiterten Versuch, eine „geschlossene Front“ aller deutschen Theoretiker gegen die Historische Schule aufzubauen. Die von ihm sogenannten „Ricardianer“ sollten, wie er 1927 an Eucken schrieb, zur Attacke auf die „Ruinen der Historischen Schule“ übergehen. Diese Vorgänge, in denen wir einen Keim des späteren Ordoliberalismus sehen, sind lange unbeachtet geblieben oder in ihrer theoriegeschichtlichen Bedeutung nicht richtig gewürdigt worden. Die vorliegende Studie basiert auf der Auswertung der Korrespondenz Rüstows mit seinen sozialistischen Freunden Adolf Löwe und Eduard Heimann einerseits und seinen liberalen Wegbegleitern Walter Eucken und Wilhelm Röpke andererseits.

WHY ECONOMICS IS AN EVOLUTIONARY, MATHEMATICAL SCIENCE: HOW COULD VEBLEN’S VIEW OF ECONOMICS HAVE BEEN SO DIFFERENT THAN PEIRCE’S?

2021 ◽  
pp. 1-28
Author(s):  
James R. Wible
Keyword(s):  
Charles Darwin ◽  
Charles Sanders Peirce ◽  
Quarterly Journal ◽  
Economic Life ◽  
Neoclassical Economics ◽  
Mathematical Science ◽  
Evolutionary Perspective ◽  
Thorstein Veblen ◽  
Evolutionary Science ◽  
Mechanistic View

More than a century ago, one of the most famous essays ever written in American economics appeared in the Quarterly Journal of Economics: “Why is Economics Not an Evolutionary Science?” There, Thorstein Veblen claimed that economics was too dominated by a mechanistic view to address the problems of economic life. Since the world and the economy had come to be viewed from an evolutionary perspective after Charles Darwin, it was rather straightforward to argue that the increasingly abstract mathematical character of economics was non-evolutionary. However, Veblen had studied with a first-rate intellect, Charles Sanders Peirce, attending his elementary logic class. If Peirce had written about the future of economics in 1898, it would have been very different than Veblen’s essay. Peirce could have written that economics should become an evolutionary mathematical science and that much of classical and neoclassical economics could be interpreted from an evolutionary perspective.

Governing the Environment: the Intitutional Economics Approach

2009 ◽  
pp. 61-86
Author(s):  
Arild Vatn
Keyword(s):  
Transaction Costs ◽  
Environmental Governance ◽  
Institutional Economics ◽  
Specific Area ◽  
New Institutional Economics ◽  
Neoclassical Economics ◽  
Institutional Perspective ◽  
Institutional Structures ◽  
Plural Rationalities ◽  
Jel Classifications

- Analyzing environmental governance implies foremost to analyze institutional structures and their implications. In doing so, the present paper utilizes insights primarily from the tradition of classical institutional economics. The paper is divided in three. In the first part I describe the main features of the classical position and compare it briefly with that of neoclassical economics and the tradition of new institutional economics. In the second part I clarify what is considered the main aspects of governance as seen from an institutional perspective. In part three I move to the more specific area of environmental governance. The concept of resource regimes is defined. Moreover I analyze how different regimes influence which environmental problems appear and how they can be treated. I discuss how institutions influence the formation and articulation of knowledge and values, how they form and protect interests, how they influence the level of transaction costs and hence the possibilities for coordination, and finally how they form the motivations underlying human choices in concrete contexts. Given that all these variables are shown to be endogenous to the institutional system, the use of comparative analysis in the assessment of various governance options is emphasized.Keywords: classical institutional economics, interdependence, resource regimes, value articulation, interest protection, transaction costs, plural rationalities.JEL classifications: B52; Q50; D02; D70.

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