On Theory—An Appendix

Geoff Crocker ()
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Geoff Crocker: Basic Income Forum

A chapter in Rethinking Income and Money, 2025, pp 97-127 from Springer

Abstract: Abstract This chapter provides a critical review of mainstream economic theory, challenging the adequacy of price as the primary determinant of demand and supply. It critiques neoclassical models for their reliance on simplified assumptions about consumer and firm behaviour, arguing that real economic processes are far more complex, involving psychological, social, and random factors. The chapter advocates for a more realistic approach to economic theory, incorporating technology, income, and the dynamics of supply and demand. It also explores the limitations of mathematical models in economics and calls for an integration of empirical and theoretical approaches to better understand economic outcomes.

Keywords: Economic theory; Price elasticity; Consumer demand; Supply and demand curve; Mathematical models; Neoclassical economics; Keynes; Keynesian economics; Monetarism; Behavioural economics; Rational agents; Marginal utility (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-031-77782-0_6

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DOI: 10.1007/978-3-031-77782-0_6

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