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New Classical Economics: Towards A New Paradigm For Economics?

Author

Listed:
  • ROBERT P. GILLES

    (Department of Economics, Virginia Tech, Blacksburg, VA, USA 24061, USA)

  • DIMITRIOS DIAMANTARAS

    (Department of Economics, Temple University, Philadelphia, PA, USA 19122, USA)

Abstract

We discuss the emerging field of New Classical economics from the perspective of some classical economic questions regarding the generation of wealth. We limit our discussion to the foundations of the emerging field and do not provide a complete overview of the details of the literature. We first discuss the foundational hypotheses of New Classical economics. We identify some problems with some basic concepts in its structure and suggest some avenues to amend and enhance this emerging field. We conclude that there are significant synergies with the field of evolutionary or Darwinian game theory to warrant the claim that New Classical economics could form part of the foundation of a newly emerging paradigm in economic theory.

Suggested Citation

  • Robert P. Gilles & Dimitrios Diamantaras, 2005. "New Classical Economics: Towards A New Paradigm For Economics?," Division of Labor & Transaction Costs (DLTC), World Scientific Publishing Co. Pte. Ltd., vol. 1(01), pages 35-56.
    • Handle: RePEc:wsi:dltcxx:v:01:y:2005:i:01:n:s0219871105000049
    DOI: 10.1142/S0219871105000049
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    References listed on IDEAS

    as
    1. Vega-Redondo,Fernando, 2003. "Economics and the Theory of Games," Cambridge Books, Cambridge University Press, number 9780521775908, September.
    2. Guangzhen Sun & Xiaokai Yang & Shuntian Yao, 1999. "Theoretical Foundation of Economic Development Based on Networking Decisions in the Competitive Market," CID Working Papers 16, Center for International Development at Harvard University.
    3. repec:cup:cbooks:9780521555838 is not listed on IDEAS
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    Citations

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    Cited by:

    1. Robert P. Gilles & Emiliya Lazarova & Pieter H. M. Ruys, 2006. "On Socio-Economic Roles And Specialisation," Economic Papers, The Economic Society of Australia, vol. 25(2), pages 157-170, June.
    2. Robert P. Gilles & Emiliya A. Lazarova & Pieter H. M. Ruys, 2007. "Stability, Specialization And Social Recognition," Division of Labor & Transaction Costs (DLTC), World Scientific Publishing Co. Pte. Ltd., vol. 2(02), pages 83-109.

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    More about this item

    Keywords

    Neo-Walrasian paradigm; new classical economics; evolutionary game theory; inframarginal analysis; division of labour; endogenous specialization;
    All these keywords.

    JEL classification:

    • C62 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Existence and Stability Conditions of Equilibrium
    • D - Microeconomics
    • E1 - Macroeconomics and Monetary Economics - - General Aggregative Models
    • F - International Economics
    • F11 - International Economics - - Trade - - - Neoclassical Models of Trade
    • F12 - International Economics - - Trade - - - Models of Trade with Imperfect Competition and Scale Economies; Fragmentation
    • F16 - International Economics - - Trade - - - Trade and Labor Market Interactions
    • J2 - Labor and Demographic Economics - - Demand and Supply of Labor
    • J3 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs
    • L - Industrial Organization
    • O - Economic Development, Innovation, Technological Change, and Growth

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