Diversity and Uniformity in Economic Theory as an Explanation of the Recent Economic Crisis

Jan Kregel

Economics Working Paper Archive from Levy Economics Institute

Abstract: Market economies and command economies have long been differentiated by the presence of alternative choice in the form of diversity. Yet most mainstream economic theory is premised on the existence of uniformity. This paper develops the implications of this contradiction for the theory of prices, income creation, and the analysis of the recent financial crisis, and provides a critique of traditional theory from an institutionalist perspective developed by J. Fagg Foster.

Keywords: Financial Crisis; W. Petty; Markets; Equilibrium Prices; Financial Crisis (search for similar items in EconPapers)
JEL-codes: B0 D01 D41 E01 E31 P00 (search for similar items in EconPapers)
Date: 2012-08
New Economics Papers: this item is included in nep-hpe and nep-pke
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