The Formalist Revolution of What Happened to Orthodox Economics After World War II

Mark Blaug

Discussion Papers from University of Exeter, Department of Economics

Abstract: That the Keynesian Revolution in the 1930s marked a water-shed in economics dividing the Young Turks from the Old Guard is too well known to require discussion. But that World War II and the immediate post-war years marked a similar and possibly greater break in the 'paradigm' of professional economists is something which is little appreciated even by historians of economic thought, not to mention workaday modern economists. There was in fact a Formalist Revolution that swept throughout economics with increasing speed in the 1950s, coming to full realisation in the 1960s. I call it a 'formalist' revolution.

Keywords: AUSTRIA; COMPETITION; SOCIAL WELFARE; SOCIALISM; ECONOMIC EQUILIBRIUM; INSTITUTIONAL FRAMEWORK; MATHEMATICAL MODELS (search for similar items in EconPapers)
JEL-codes: B2 (search for similar items in EconPapers)
Date: 1998
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Citations: View citations in EconPapers (4)

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Persistent link: https://EconPapers.repec.org/RePEc:exe:wpaper:9810

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