The Crisis in Economic Theory A Review Essay

Kevin Hoover ()

No 2015-15, Center for the History of Political Economy Working Paper Series from Center for the History of Political Economy

Abstract: The Great Recession and the financial crisis of 2007-09 prompted ca lls for fundamental reforms of economic theory. The role of theory in economics and in recent economic events is considered in light of two recen t books: the sociologist Richard Swedberg’s The Art of Social Theory and the economist André Orléan’s The Empire of Value: A New Foundation for Economics.

Keywords: economic theory; neoclassical economics; sociology; abduction; mimetic hypothesis; monetary economy; fina ncial crisis; Great Recession (search for similar items in EconPapers)
JEL-codes: A11 A12 B40 B41 (search for similar items in EconPapers)
Pages: 27
Date: 2015
New Economics Papers: this item is included in nep-his, nep-hpe and nep-pke
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Journal Article: The Crisis in Economic Theory: A Review Essay (2016)
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