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Wealth and Poverty: Neoclassical Economic Thought and Its Critics

In: Prophecy, Piety, and Profits

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  • Ayman Reda

    (The University of Michigan - Dearborn)

Abstract

This chapter examines the central role of scarcity in the neoclassical view of wealth and poverty, and the implications of this view with respect to economic theory and policy. The opinions surveyed include those of Karl Menger, Leon Walras, Alfred Marshall, and Lionel Robbins. The chapter also surveys the opinions of some notable critics of the neoclassical paradigm, such as Karl Marx, Henry George, Thorstein Veblen, and John Maynard Keynes.

Suggested Citation

  • Ayman Reda, 2018. "Wealth and Poverty: Neoclassical Economic Thought and Its Critics," Palgrave Studies in Islamic Banking, Finance and Economics, in: Prophecy, Piety, and Profits, chapter 0, pages 161-170, Palgrave Macmillan.
    • Handle: RePEc:pal:psibcp:978-1-137-56825-0_12
    DOI: 10.1057/978-1-137-56825-0_12
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