Economic Theory in Historical Perspective

Lefteris Tsoulfidis ()

MPRA Paper from University Library of Munich, Germany

Abstract: On the methodological plain, this paper outlines the conditions that contribute to the development of economic theories and it continues with an examination of the concrete circumstances that gave rise to modern neoclassical macroeconomic theories. The paper further claims that the current impasse in macroeconomics is indicative of the need for new directions in economic theory which becomes imperative in the long economic downturn that started in 2007 and concludes by suggesting the need for a synthesis between the classical analysis and the theory of effective demand.

Keywords: classical approach; neoclassical theory; theory of value; effective demand; paradigm change. (search for similar items in EconPapers)
JEL-codes: B10 B12 B13 B22 B41 (search for similar items in EconPapers)
Date: 2010-01-01, Revised 2015-03
New Economics Papers: this item is included in nep-his, nep-hpe and nep-pke
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

Published in Journal of Economic Analysis 1.2(2011): pp. 32-45

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https://mpra.ub.uni-muenchen.de/70004/1/MPRA_paper_70004.pdf original version (application/pdf)

Related works:
Journal Article: Economic theory in historical perspective (2017)
Chapter: Economic Theory in Historical Perspective (2009)
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:70004

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