Description

Rethinking Economics is a major contribution to the reconstruction of an economic theory appropriate to the 21st century.

Just as major changes are occurring in the world economy, economics itself is on the brink of change. Orthodox economics is now widely criticized for its sterility and its limited applicability to real-world economic problems. Standard theoretical tools such as general equilibrium theory are now regarded, even by their leading practitioners, as highly limited and problematic.

New ideas from chaos theory, evolutionary modelling and institutional theory point to new, non-reductionist approaches in which there are units of analysis other than the atomistic individual. This work addresses core economic concepts, such as individual choice, prices, markets, production, industries, technology, innovation and economic growth in the light of these developments.

This unique, up-to-date volume makes a seminal contribution at the frontiers of economic theory.

Rethinking Economics: Markets, Technology and Economic Evolution

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Hardback by Geoffrey M. Hodgson , Ernesto Screpanti

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Rethinking Economics is a major contribution to the reconstruction of an economic theory appropriate to the 21st century.Just as major... Read more

    Publisher: Edward Elgar Publishing Ltd
    Publication Date: 01/01/1991
    ISBN13: 9781852784164, 978-1852784164
    ISBN10: 1852784164

    Number of Pages: 224

    Non Fiction , Business, Finance & Law

    Description

    Rethinking Economics is a major contribution to the reconstruction of an economic theory appropriate to the 21st century.

    Just as major changes are occurring in the world economy, economics itself is on the brink of change. Orthodox economics is now widely criticized for its sterility and its limited applicability to real-world economic problems. Standard theoretical tools such as general equilibrium theory are now regarded, even by their leading practitioners, as highly limited and problematic.

    New ideas from chaos theory, evolutionary modelling and institutional theory point to new, non-reductionist approaches in which there are units of analysis other than the atomistic individual. This work addresses core economic concepts, such as individual choice, prices, markets, production, industries, technology, innovation and economic growth in the light of these developments.

    This unique, up-to-date volume makes a seminal contribution at the frontiers of economic theory.

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