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The Unsolved Deficits of the Classical Economic Standard Model and the Failure of the Theoretical Model in the Real World

In: New Economic Theory

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  • Vinzenz von Holle

Abstract

Classical economic research focuses its perspective only on certain selected areas of the economy. For example, specific markets are defined within the overall economic system and these markets are then individually analyzed and described separately. A market is a place where people interact (trade) with each other. Certain patterns, laws, or mechanisms for the market and its actors arise from these interactions. It is necessary to recognize and describe these laws. How and according to which patterns and for what reasons people behave and which preferences and decisions they make and when, only then ultimately determines the true laws of the respective market. And this is just a small excerpt from the entire economy.

Suggested Citation

  • Vinzenz von Holle, 2024. "The Unsolved Deficits of the Classical Economic Standard Model and the Failure of the Theoretical Model in the Real World," Springer Books, in: New Economic Theory, chapter 0, pages 21-22, Springer.
    • Handle: RePEc:spr:sprchp:978-3-658-45136-3_2
    DOI: 10.1007/978-3-658-45136-3_2
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