In a classic case of ‘they would say that, wouldn't they?’, economic textbook authors McTaggart, Findlay and Parkin have recently defended economics from the criticism that it failed in not predicting ...

For more than a century, neoclassical theory dominated economic thinking. Neoclassical economics is a theory based on three key assumptions: individuals have rational preferences; individuals maximize ...

It is easy to take potshots at the field of economics today, whether motivated by the financial crisis or the fact that Nobel laureates, such as economist and New York Times columnist Paul Krugman, ...

This thesis critiques neoclassical economic theory. In each chapter, with the exception of the last two, I will examine a different neoclassical theory and reveal its lack of realism, and how said ...

The 19th-century creators of neoclassical economics—the theory that now serves as the basis for coordinating activities in the global market system—are credited with transforming their field into a ...

I suppose it is also difficult to shed old habits of mind, as Keynes frequently did. It can be quite devastating for these people when they finally realize the gold standard is over…and all that may ...

15 February 2008 For the 25 years, the so-called "Washington Consensus" - comprising measures aimed at expanding the role of markets and constraining the role of the state - has dominated economic ...

Although neoclassical economics relies on assumptions that should have been discarded long ago, it remains the mainstream orthodoxy. Three recent books, and one older one, help to show why its staying ...

One of the defining features of neoclassical economics is the belief that macroeconomic analysis has to be not merely compatible with, but derivable from, microeconomic analysis. The development of ...

When Claudia Goldin won the Nobel Prize in Economics last October, many of her colleagues rejoiced. The prestigious award endows the Harvard University academic with an aura of respectability that few ...

JOURNALIST Christopher Hayes recently wrote an article in which he describes taking Allen Sanderson’s introductory economics course at the University of Chicago. Mr Hayes claims to have found the ...