A Search for Synthesis in Economic Theory

1st Edition

Ching-Yao Hsieh, S.L. Magnum, Stephen L. Mangum

Routledge
Published January 31, 1987
Reference - 320 Pages
ISBN 9780873323284 - CAT# Y181166

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Summary

First published in 1986. Since the late 1960s the seeming inability of traditional monetary and fiscal policies to combat " stagflation" and address other macroeconomic issues has accelerated the erosion of confidence in the prevailing economic paradigm , the " neoclassical synthesis." * Dissensions among the members of the economics profession on both sides of the Atlantic have grown in number. By the 1970s, a majority of economists had recognized a " crisis" in economic theory. Parallel to this development, a crisis has also emerged in the Marxian camp. This volume is a discussion from the various schools of thought around three of the salient common grounds follows: the theory of a monetary economy, the disequilibrium foundations of a general equilibrium theory, and a rekindled interest in institutional factors.

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