Economic Theory in Historical Perspective

Lefteris Tsoulfidis ()

Chapter Chapter 17 in Competing Schools of Economic Thought, 2009, pp 383-393 from Springer

Abstract: Abstract In this chapter, we attempt a brief and at the same time critical review of the characteristics of each school of economic thought that withstood the test of time and is still fuelling with ideas and arguments of the conduct of economic policy. Furthermore, our interest focuses on the nature of economic theory, and its future inasmuch as we essentially accept the long period analysis, where the phases of economic growth are followed by economic downturn in a long wave-like evolutionary pattern. Economic history teaches that during times of depressions economic theories are being tested, and their failure to provide satisfactory answers to the problems at hand paves the way for the emergence of competitive economic theories, which establish themselves during the recovery stage.

Keywords: Real Wage; Phillips Curve; Labour Time; Economic Thought; Neoclassical Theory (search for similar items in EconPapers)
Date: 2009
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Journal Article: Economic theory in historical perspective (2017)
Working Paper: Economic Theory in Historical Perspective (2015)
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-540-92693-1_17

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DOI: 10.1007/978-3-540-92693-1_17

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