On the Meaning of “Neoclassical Economics”

Geoffrey M. Hodgson

Journal of Economic Issues, 2025, vol. 59, issue 4, 1070-1083

Abstract: There has been a recent debate about the meaning and value of the term “neoclassical economics.” Thorstein Veblen coined the term in 1900. Tony Lawson examined Veblen’s meaning, and others have joined the debate. Herein, Lawson’s interpretation of Veblen is not contested. Bibliometric searches reported here of articles in economics, sociology, and political science found no further appearance of neoclassical economics until 1913. A different meaning then emerged. Among both adherents and critics, the word evolved to refer to the school of economics dominated by Marshall, based on core notions of equilibrium and utility maximisation. It was also linked to Walrasian general equilibrium theory. The term was popularised by Kenneth Arrow, Paul Samuelson, and other advocates. It also became associated with aggregate production functions and was used in the Cambridge capital controversies. Although usage of the term has declined in prominent journals since the 1990s, some core concepts related to the term have persisted.

Date: 2025
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DOI: 10.1080/00213624.2025.2575654

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