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The Crisis in Economic Theory A Review Essay

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  • Kevin D. Hoover

Abstract

The Great Recession and the financial crisis of 2007-09 prompted ca lls for fundamental reforms of economic theory. The role of theory in economics and in recent economic events is considered in light of two recen t books: the sociologist Richard Swedberg’s The Art of Social Theory and the economist André Orléan’s The Empire of Value: A New Foundation for Economics.

Suggested Citation

  • Kevin D. Hoover, 2015. "The Crisis in Economic Theory A Review Essay," Center for the History of Political Economy Working Paper Series 2015-15, Center for the History of Political Economy.
    • Handle: RePEc:hec:heccee:2015-15
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    References listed on IDEAS

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    1. Kiyotaki, Nobuhiro & Wright, Randall, 1989. "On Money as a Medium of Exchange," Journal of Political Economy, University of Chicago Press, vol. 97(4), pages 927-954, August.
    2. Jones, Robert A, 1976. "The Origin and Development of Media of Exchange," Journal of Political Economy, University of Chicago Press, vol. 84(4), pages 757-775, August.
    3. Kiyotaki, Nobuhiro & Wright, Randall, 1993. "A Search-Theoretic Approach to Monetary Economics," American Economic Review, American Economic Association, vol. 83(1), pages 63-77, March.
    4. Hausman,Daniel M., 1992. "The Inexact and Separate Science of Economics," Cambridge Books, Cambridge University Press, number 9780521415019, December.
    5. Colander,David (ed.), 2006. "Post Walrasian Macroeconomics," Cambridge Books, Cambridge University Press, number 9780521865487, September.
    6. Colander,David (ed.), 2006. "Post Walrasian Macroeconomics," Cambridge Books, Cambridge University Press, number 9780521684200, September.
    7. Hausman,Daniel M., 1992. "The Inexact and Separate Science of Economics," Cambridge Books, Cambridge University Press, number 9780521425230, December.
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    Cited by:

    1. Richard G. Lipsey & Yew-Kwang Ng, 2017. "Concluding Comments to the Debate," Pacific Economic Review, Wiley Blackwell, vol. 22(2), pages 213-228, May.
    2. Roberto Cazzolla Gatti & Roger Koppl & Brian D. Fath & Stuart Kauffman & Wim Hordijk & Robert E. Ulanowicz, 2020. "On the emergence of ecological and economic niches," Journal of Bioeconomics, Springer, vol. 22(2), pages 99-127, July.
    3. K. Lawler & T. Vlasova & A. Moscardini, 2019. "Using System Dynamics in Macroeconomics," Вестник Киевского национального университета имени Тараса Шевченко. Экономика., Socionet;Киевский национальный университет имени Тараса Шевченко, vol. 3(204), pages 34-40.
    4. Domenico Delli Gatti, 2017. "The Crisis of Economic Theory and the Complexity View: A Note," Italian Economic Journal: A Continuation of Rivista Italiana degli Economisti and Giornale degli Economisti, Springer;Società Italiana degli Economisti (Italian Economic Association), vol. 3(3), pages 419-422, November.

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    More about this item

    Keywords

    economic theory; neoclassical economics; sociology; abduction; mimetic hypothesis; monetary economy; fina ncial crisis; Great Recession;
    All these keywords.

    JEL classification:

    • A12 - General Economics and Teaching - - General Economics - - - Relation of Economics to Other Disciplines
    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
    • A11 - General Economics and Teaching - - General Economics - - - Role of Economics; Role of Economists
    • B40 - Schools of Economic Thought and Methodology - - Economic Methodology - - - General

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