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Economic Theory in Historical Perspective

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  • Tsoulfidis, Lefteris

Abstract

On the methodological plain, this paper outlines the conditions that contribute to the development of economic theories and it continues with an examination of the concrete circumstances that gave rise to modern neoclassical macroeconomic theories. The paper further claims that the current impasse in macroeconomics is indicative of the need for new directions in economic theory which becomes imperative in the long economic downturn that started in 2007 and concludes by suggesting the need for a synthesis between the classical analysis and the theory of effective demand.

Suggested Citation

  • Tsoulfidis, Lefteris, 2010. "Economic Theory in Historical Perspective," MPRA Paper 70004, University Library of Munich, Germany, revised Mar 2015.
    • Handle: RePEc:pra:mprapa:70004
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    File URL: https://mpra.ub.uni-muenchen.de/70004/1/MPRA_paper_70004.pdf
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    References listed on IDEAS

    as
    1. Hollander, Samuel, 1989. "Physics and the "Marginalist Revolution": Comment," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 13(3), pages 459-470, September.
    2. Lefteris Tsoulfidis, 2024. "Competing Schools of Economic Thought," Springer Studies in the History of Economic Thought, Springer, edition 2, number 978-3-031-58580-7, June.
    3. Daniel Ankarloo, 2004. "Anti-Williamson: a Marxian critique of New Institutional Economics," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 28(3), pages 413-429, May.
    4. Lefteris Tsoulfidis, 2015. "Contending Conceptions of Competition and the Role of Regulating Capital," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 62(1), pages 15-31, March.
    5. Shaikh, Anwar, 1980. "Marxian Competition versus Perfect Competition: Further Comments on the So-Called Choice of Technique," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 4(1), pages 75-83, March.
    6. Lefteris Tsoulfidis, 2008. "Price-value deviations: further evidence from input-output data of Japan," International Review of Applied Economics, Taylor & Francis Journals, vol. 22(6), pages 707-724.
    7. Kurz,Heinz D. & Salvadori,Neri, 1997. "Theory of Production," Cambridge Books, Cambridge University Press, number 9780521588676, September.
    8. Lefteris Tsoulfidis, 2011. "Classical vs. Neoclassical Conceptions of Competition," Discussion Paper Series 2011_11, Department of Economics, University of Macedonia, revised Nov 2011.
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    Cited by:

    1. Tsoulfidis, Lefteris, 2013. "The ‘new golden age of accumulation’, the new depression and the greek economy," MPRA Paper 60577, University Library of Munich, Germany.
    2. Alain Herscovici, 2023. "The Historicity of Economic Sciences: The Main Epistemological Ruptures," Post-Print hal-04189632, HAL.

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    More about this item

    Keywords

    classical approach; neoclassical theory; theory of value; effective demand; paradigm change.;
    All these keywords.

    JEL classification:

    • B10 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - General
    • B12 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Classical (includes Adam Smith)
    • B13 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Wicksellian)
    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology

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