Why is this ‘school’ called neoclassical economics? Classicism and neoclassicism in historical context

Nuno Martins

No 1, Working Papers de Economia (Economics Working Papers) from Católica Porto Business School, Universidade Católica Portuguesa

Abstract: This article addresses the origins of the term “neoclassical” economics, and the subsequent use of the term. It is argued that the present use of the term “neoclassical” economics is different from its original meaning when it was first introduced by Thorstein Veblen, who used it to denote a methodological inconsistency between vision and method, as Tony Lawson argues. I also argue here that the original meaning of the term, and its present use, are both contradictory with the original meaning of “classical political economy”. In fact, if we follow the original meaning of the term “classical political economy”, as a surplus approach concerned with the reproduction and distribution of the economic surplus, we find that many of those who are critical of “neoclassical economics” are actually in line with the classical perspective, to the extent that they also develop a surplus approach.

Keywords: Classical; Neoclassical; closed system; surplus; marginalism (search for similar items in EconPapers)
JEL-codes: B41 (search for similar items in EconPapers)
Pages: 23 pages
Date: 2015-01
New Economics Papers: this item is included in nep-his, nep-hme, nep-hpe, nep-mfd and nep-pke
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