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Topic: Neoclassical economics

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  Neoclassical economics: Definition and Links by Encyclopedian.com
Neoclassical economics is conventionally dated from William Stanley Jevons' Theory of Political Economy (1871), Carl Menger's Principles of Economics (1871), and Leon Walras's Elements of Pure Economics (1874-1877).
Economic rents exist in short period equilibrium for fixed factors, and the rate of profit is not equated across sectors.
Neoclassical economics is also often seen as relying too heavily on complex mathematical models, such as those used in general equilibrium theory, without enough regard to whether these actually describe the real economy.
www.encyclopedian.com /ne/Neo-classical-economics.html   (1803 words)

 Neoclassical economics - Wikipedia, the free encyclopedia
Neoclassical economics is the singular element of several schools of thought in economics.
Neoclassical economics is conventionally dated from William Stanley Jevons's Theory of Political Economy (1871), Carl Menger's Principles of Economics (1871), and Leon Walras's Elements of Pure Economics (1874 1877).
Neoclassical economics is sometimes criticised for having a normative bias.
en.wikipedia.org /wiki/Neoclassical_economics   (2554 words)

 neoclassical economics - Article and Reference from OnPedia.com
Neoclassical economics is the grouping of a number of schools of thought in economics.
Neoclassical economics is conventionally dated from William Stanley Jevons' Theory of Political Economy (1871), Carl Menger's Principles of Economics (1871), and Leon Walras's Elements of Pure Economics (1874 – 1877).
The interwar period in American economics has been argued to have been pluralistic, with neoclassical economics and institutionalism competing for allegiance.
www.onpedia.com /encyclopedia/neoclassical-economics   (1622 words)

 Neoclassical Economics, by E. Roy Weintraub: The Concise Encyclopedia of Economics: Library of Economics and Liberty
In brief, the success of neoclassical economics is connected to the "scientificization" or "mathematization" of economics in the twentieth century.
For once neoclassical economics was associated with scientific economics, to challenge the neoclassical approach was to seem to challenge science and progress and modernity.
The rules of theory development and assessment are clear in neoclassical economics, and that clarity is taken to be beneficial to the community of economists.
www.econlib.org /library/Enc/NeoclassicalEconomics.html   (1542 words)

 Christian Arnsperger and Yanis Varoufakis, "What Is Neoclassical Economics?", Post-Autistic Economics Review, ...
In short, the critique of neoclassical economics is bound to be as effective as sophisticated is its definition of the opposition.
Neoclassical economists increasingly sought to distance themselves from the assumption that preferences are fixed and exogenous.
The second [see (2)] is that neoclassical economists are innocent of the charge that they are keeping quite on the three meta-axioms intentionally, so as to enhance their method’s discursive power (we accept, therefore, their own denials that they would have conceivably done such a thing).
www.paecon.net /PAEReview/issue38/ArnspergerVaroufakis38.htm   (4856 words)

 Academic Economics
Critics of behavioral economics often argue that apparent irrationality arises mainly because test subjects lack adequate incentives; the defenders of behavioral economics typically reply that their findings are robust to this criticism.
Economic models of politics typically make two assumptions about voters: First, their motives are egocentric, not sociotropic; second, their beliefs are rational, not subject to systematic bias.
This "economic calculation problem" was said by the Austrian economists to show that socialism is "impossible." Although many believe that the Austrian position was later vindicated by the collapse of the Soviet bloc, the Austrian school's own methodology disallows such a conclusion.
www.gmu.edu /departments/economics/bcaplan/econ.html   (4027 words)

 The Political Origins of Neoclassical Economics
Secondly, textbooks in economics at the introductory, intermediate and graduate levels generally present neoclassical economics as the only body of theory that is worthy of scholarly attention.
Most historians of economic thought who have addressed the genesis of neoclassical economics, be they bourgeois, radical or marxist, have confined their focus to the formal theory and have ignored history per se.
Alfred Marshall and the of Entrenchment of Neoclassical Economics
www.eco.utexas.edu /Homepages/faculty/Cleaver/chipprop.html   (7417 words)

 Post-Autistic Economics Network and Post-Autistic Economics Review
Economics has increasingly become an intellectual game played for its own sake and not for its practical consequences for understanding the economic world.
From the 1960s onward, neoclassical economists have increasingly managed to block the employment of non-neoclassical economists in university economics departments and to deny them opportunities to publish in professional journals.
The neoclassical monopoly in the classroom and its prohibition on critical thinking means that it brainwashes successive generations of students into viewing economic reality exclusively through its concepts, which more often than not misrepresent or veil the world, especially today’s world.
www.paecon.net   (3197 words)

 ParEcon.org -- Neoclassical Micro and Macro Economics
economics is the most scientific “social science.” Yet non-economist critics such as E.F. Schumacher tell us that “to produce [economic] figures about the unknown, the current method is to make a guess about something or other—called an assumption—and to derive an estimate from it by subtle calculation.
Finally, the neoclassical theory doesn’t even have categories in which to entertain hypotheses about “alienation,” “powerlessness,” “self-management,” “dignity,” “health and safety,” etc. The bottom line of the theory is like the bottom line in the workplace.
Robinson was a tireless critic of neoclassical economics, including micro and macro theory, and also of Marxist orthodoxy.
www.parecon.org /writings/neoclasseco.htm   (6781 words)

 Neoclassical Economics1
Neoclassical economists, define economics as "The study that considers human behavior as a relation between scarce means and alternative ends."
A model (of a particular subsystem of the economic system) is a description of these interdependencies in terms of mathematics, pictures, a computer programming language, or some similar descriptive language, together with a theory of the dynamics of the subsystem.
Neoclassical economics has become "a new [computer] programming technology," according to Bernardo Huberman and Tad Hogg.
william-king.www.drexel.edu /top/prin/txt/Neoch/neoclas.html   (825 words)

 Economics: Debunking Economics Overview
Debunking Economics takes you behind the sanitized, airbrushed view of economics given by its textbooks, and details the many critiques which have been made of economic theory by economists, in a fashion which is accessible to the intelligent non-economist.
Debunking Economics is listed as one of the UK's Political Studies Association's top seven "recent books which seem to make a significant contribution to the development of political science in general, or are likely to be of wide interest in the field".
Debunking Economics reveals that neoclassical economic doctrines are faulty not because conditions have changed over time, but because the fundamental assumptions from which such doctrines have been derived are less than self-evident.
www.debunking-economics.com   (3532 words)

 Why I Am Not an Austrian Economist
Economics is not, as ignorant positivists repeat again and again, backward because it is not "quantitative." It is not quantitative because there are no constants.
By implication, Austrian methodological criticisms of neoclassical economics are often wide of the mark precisely because mainstream economists don't practice the methods they preach.
Neoclassical economists go too far by purging meta-economics almost entirely, but there is certainly a reason to be suspicious of scholars who talk about economics without ever doing it.
www.gmu.edu /departments/economics/bcaplan/whyaust.htm   (10012 words)

 Neoclassical economics and postmodernism   (Site not responding. Last check: 2007-10-13)
After all, the whole purpose underpinning the emergence of the neoclassical economic project, at a time when Marx's "Capital" was beginning to bite, was to rid economics initially, and social science later, of history."
Neoclassical economics, as I learned it, presents itself as value free hence no commitment to equality.
Neoclassical economics in good old British empiricism and postmodernism in Heidegger, Husserl and Nietzsche.
www.marxmail.org /archives/February99/neoclassical.htm   (434 words)

 Premises for Communist Economics: Contrasted with premises of Neoclassical economics
Premises for Communist Economics: Contrasted with premises of Neoclassical economics
The sole reason for the convexity axioms is that theorems such as the existence of equilibrium in a private ownership economy cannot be proved without them.  Gerard Debreu, Theory of Value:  An Axiomatic Analysis of Economic Equilibrium, Cowles Foundation Monograph 17 (New York, John Wiley and Sons, 1959), pp.
For a concise discussion of starvation as an aspect of Neoclassical equilibrium, see Tjalling Koopmans, Three Essays on the State of Economic Science (New York, McGraw-Hill, 1957), pp.
www.henryflynt.org /economics/premises_for_communist_economics.htm   (2519 words)

 True Cost Economics
We need a new economic paradigm - one that is open, holistic, and human scale - and this website offers a blueprint for getting there.
Prepare yourself with some background information about economics in the Old paradigm and New paradigm sections then roll up your sleeves and launch into action on your campus.
Ecological economics pioneer Robert Costanza likens conventional economics to a bucket full of water that's ready to tip.
adbusters.org /metas/eco/truecosteconomics   (137 words)

 Neoclassical economics: Subject definition   (Site not responding. Last check: 2007-10-13)
"Neoclassical economics", as opposed to Classical economics, was developed in the second half of the 19th century.
The basic theory of neoclassical economics is still taught and used in economic model building today.
This frame of thinking is are still at the heart of modern economics.
mindphiles.com /PHiLES/d200.htm   (275 words)

 Neoclassical Economics Incomplete
Unfortunately, economics is not a unified body of knowledge, but divided into schools of thought that are often radically different.
One current economics textbook tells students that "modern advanced" economics does not use these traditional categories because the division of national income among workers, landowners, and capital owners is not a central issue for economists today.
Knowing that economics as taught and practiced today is incomplete, students who really want to understand the economy should be open to the ideas of other schools.
www.progress.org /fold23.htm   (854 words)

 CELCEE - Is Neoclassical Economics Still Entrepreneurless?
Although the theoretical firm is entrepreneur-less according to neoclassical economics, a concession made in part because of the entrepreneur’s analytical intractability, many analysts have remarked that the entrepreneur has often been the crucial factor stimulating innovation and prosperity.
As a result, there have been increasing efforts to rectify the current dearth of references to entrepreneurs in graduate economics textbooks.
These contemporary efforts to model the entrepreneurial function within mainstream economics have been somewhat successful at capturing its significant components, if not the complete picture.
www.celcee.edu /abstracts/c20061286.html   (117 words)

 Neoclassical Economics   (Site not responding. Last check: 2007-10-13)
Balzer, W., (1982), "Empirical Claims in Exchange Economics", in: Stegmueller, W., W. Balzer and W. Spohn (ed), Philosophy of Economics, Berlin, Heidelberg, New York, Tokyo: Springer, pp.
An empirical research into the development of the neoclassical theory of international trade 1933-1968, meant to test the validity of ideas on theory development prevalent in philosophy of science (Carnap, Popper, Lakatos, Kuhn, Sneed) and in economic methodology (Friedman, hid interpreters and his opponents).
This logic (a "scheme of working") is claimed to hold for theoretical neoclassical research programmes in general.
mindphiles.com /PHiLES/d5.htm   (520 words)

 Sustainability Dictionary: Neoclassical Economics
Most of modern economic theory is based on this set of assumptions and mathematical models of markets.
Neoclassical economic theory believes that markets are the best mechanisms for solving problems and are most effective when left alone without government or corporate interference.
While this may be true, it is only so when markets and economies build-in realistic ground rules often missing in most implementations.
www.sustainabilitydictionary.com /n/neoclassical_economics.php   (135 words)

 S-WoPEc: Is Neoclassical Economics still Entrepreneurless?
Abstract: We review and evaluate some recent contributions on the modeling of entrepreneurship within a neoclassical framework, analyzing how and to what extent the fundamental ingredients suggested in the social science literature were captured.
We show how these approaches are important in stressing the main elements of a complex picture without being able to completely describe it.
Bianchi, Milo and Magnus Henrekson, (2005), 'Is Neoclassical Economics still Entrepreneurless?', Kyklos, Vol.
swopec.hhs.se /hastef/abs/hastef0584.htm   (249 words)

 Neoclassical Economics
Since its inception, neoclassical economics has grown to become the primary take on modern-day economics.
- Learn economics principles such as the relationship of supply and demand, elasticity, utility, and more!
- Learning about the study of economics can help you understand why you face contradictions in the market.
www.investopedia.com /terms/n/neoclassical.asp   (386 words)

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