NEW CLASSICAL ECONOMICS: TOWARDS A NEW PARADIGM FOR ECONOMICS?

Robert P. Gilles () and Dimitrios Diamantaras
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Robert P. Gilles: Department of Economics, Virginia Tech, Blacksburg, VA, USA 24061, USA

Division of Labor & Transaction Costs (DLTC), 2005, vol. 01, issue 01, 35-56

Abstract: We discuss the emerging field of New Classical economics from the perspective of some classical economic questions regarding the generation of wealth. We limit our discussion to the foundations of the emerging field and do not provide a complete overview of the details of the literature. We first discuss the foundational hypotheses of New Classical economics. We identify some problems with some basic concepts in its structure and suggest some avenues to amend and enhance this emerging field. We conclude that there are significant synergies with the field of evolutionary or Darwinian game theory to warrant the claim that New Classical economics could form part of the foundation of a newly emerging paradigm in economic theory.

Keywords: Neo-Walrasian paradigm; new classical economics; evolutionary game theory; inframarginal analysis; division of labour; endogenous specialization (search for similar items in EconPapers)
JEL-codes: C62 D E1 F F11 F12 F16 J2 J3 L O (search for similar items in EconPapers)
Date: 2005
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Citations: View citations in EconPapers (3)

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Persistent link: https://EconPapers.repec.org/RePEc:wsi:dltcxx:v:01:y:2005:i:01:n:s0219871105000049

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DOI: 10.1142/S0219871105000049

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