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New Neoclassical Economics

In: The Economics of Transaction Costs

Author

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  • P. K. Rao

    (Global Development Institute)

Abstract

What is new neoclassical economics (NNE)? It is an integration of neoclassical economics (NE) and transaction cost economics (TCE), with a primary role for NE but without losing sight of TCE. Is this a compromise formula for something? Perhaps it is. The main purpose here (and in most chapters of this book) is to strengthen the current implementation of NE and its limitations whenever institutional alternatives are to be evaluated. NE cannot be an effective analytical tool of economic and social science if it remains largely oblivious to the distinctions of alternative forms of economic governance and implications on economic efficiency and economic justice. It is often fashionable to talk about ‘getting prices right’ even when there is little understanding as to whether or not the corresponding or underlying economic structures are amenable to pragmatic reform in the interests of economic efficiency and/or economic justice. ‘Getting institutions right’ is often a prerequisite for getting the prices right.

Suggested Citation

  • P. K. Rao, 2003. "New Neoclassical Economics," Palgrave Macmillan Books, in: The Economics of Transaction Costs, chapter 4, pages 60-87, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-59768-6_4
    DOI: 10.1057/9780230597686_4
    as

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