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The Evolution of Economic Theory during the Twentieth Century

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  • Zoya Mladenova

Abstract

The paper deals with the development of economic theory during the XX century. It aims to present some of the main steps and achievements of economic thought in the last century. Sharing the vision, that pluralism is the principal characteristics of the development of the XX century economic theory, the author successively analyses the orthodox and heterodox schools of thought. The focus is on the neoclassical school – a leading economic stream (the so-called Mainstream) in the XX century and undoubtedly so at the end of the century. The new accomplishments in methodology and theory (Microeconomics, Macroeconomics) within the boundaries of neoclassicism are being explored. From the heterodox schools of thought the author directs attention towards two of them – Institutionalism and Marxism. A number of questions in respect to Marxism and its destiny after the collapse of socialism are being raised. In the conclusion the author points out, that towards the end of the century there is a clear trend towards greater interaction and exchange of ideas between the main theoretical schools (orthodox, heterodox), which trend will influence the development of economic theory in the future.

Suggested Citation

  • Zoya Mladenova, 2006. "The Evolution of Economic Theory during the Twentieth Century," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 7, pages 49-71.
    • Handle: RePEc:bas:econth:y:2006:i:7:p:49-71
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    References listed on IDEAS

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    More about this item

    JEL classification:

    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
    • B24 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Socialist; Marxist; Scraffian
    • B25 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Historical; Institutional; Evolutionary; Austrian; Stockholm School

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