Today’s Problems: In The Minds of The Great Economists

Carlos Obregón Díaz

MPRA Paper from University Library of Munich, Germany

Abstract: This book presents the history of economic thought as it relates to today’s most pressing problems, and it emphasizes the critical connection that exists between what may seem cold, unrealistic mathematical economic models, and the quality of everyday life of any citizen of the planet earth. It shows how contemporary developments in neoclassical theoretical models in Welfare Economics, General Equilibrium Theory, Information Economics and Game Theory have created the necessity to integrate the neoclassical theory of free markets and the insti-tutional theory. It argues that while the main goal of economics is to improve human wellbeing in a broad sense, the quality of human life; we should also take into account its second goal, which is to improve the microeconomic efficiency of the system. We should not lose sight of the fundamental contributions of the free markets, and of neoclassical economics which have seriously influenced the digital and financial revolutions that have allowed the ICT Revolution to happen. Individual freedom and creativity are critical for the success of capitalism. But they do not happen in a vacuum, institutions are required. It argues that the future of economic theory and policy will be defined by contributions in three fronts: pure theoretical models of free markets, institutional models, and models capable to integrate the interaction between free markets and institutions in the final determination of the actual economic equilibrium.

Keywords: history; economic; Carlos Obregon; problems; mathematical economic; citizen; neoclassical; theoretical models; Welfare Economics; General Equilibrium; markets; Carlos Obregón; microeconomic; ICT Revolution; capitalism; institutions; equilibrium (search for similar items in EconPapers)
JEL-codes: A1 A10 A11 A12 A13 A14 A19 A2 A20 B0 B13 B14 B15 B16 B19 B20 B21 B23 B24 B25 B26 B29 B30 B31 B40 B41 B49 C00 C01 C02 C60 C69 D00 D01 D02 D04 E00 E02 F00 G00 (search for similar items in EconPapers)
Date: 2021-07-29
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