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 ...

Economist Ha-Joon Chang explains how alternative approaches to economics can help us understand the whole economy in ways we would miss if only looking through the Neoclassical lens LYNN FRIES, TRNN: ...

There is now a widespread consensus that mainstream/neoclassical economists failed miserably to either predict the coming of the 2008 financial implosion, or provide a reasonable explanation when it ...

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 ...

Since Marshall wrote those words a century ago, however, there has been surprisingly little integration between economics and other life sciences. Instead economics has continued to model itself after ...

As students walk into their first ECO 100: Introduction to Microeconomics lecture at Princeton, they are unknowingly stepping into a classroom where economic theory trumps economic reality. The tenor ...

https://doi.org/10.13169/worlrevipoliecon.3.4.0457 • https://www.jstor.org/stable/10.13169/worlrevipoliecon.3.4.0457 Copy URL The article seeks to focus attention ...