New Neoclassical Economics

P. K. Rao
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P. K. Rao: Global Development Institute

Chapter 4 in The Economics of Transaction Costs, 2003, pp 60-87 from Palgrave Macmillan

Abstract: Abstract What is new neoclassical economics (NNE)? It is an integration of neoclassical economics (NE) and transaction cost economics (TCE), with a primary role for NE but without losing sight of TCE. Is this a compromise formula for something? Perhaps it is. The main purpose here (and in most chapters of this book) is to strengthen the current implementation of NE and its limitations whenever institutional alternatives are to be evaluated. NE cannot be an effective analytical tool of economic and social science if it remains largely oblivious to the distinctions of alternative forms of economic governance and implications on economic efficiency and economic justice. It is often fashionable to talk about ‘getting prices right’ even when there is little understanding as to whether or not the corresponding or underlying economic structures are amenable to pragmatic reform in the interests of economic efficiency and/or economic justice. ‘Getting institutions right’ is often a prerequisite for getting the prices right.

Keywords: Trade Liberalization; Neoclassical Economic; Sovereign Debt; Transaction Cost Economic; World Bank (search for similar items in EconPapers)
Date: 2003
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-59768-6_4

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DOI: 10.1057/9780230597686_4

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