“The field of economics used to be much broader than what it is now,” said Boye. She attributes its narrowing to the hardening of neoclassical economic theory into rigid doctrine. It can often seem as ...

Behavioral economics combines elements of economics and psychology to understand how and why people behave the way they do in the real world. It differs from neoclassical economics, which assumes that ...

The essay also shows how GET fails to demonstrate the existence of a general competitive equilibrium with a fixed point theorem because the mappings that are used in this effort lack the economic ...

In the course of its history, the Department of Economics at The New School for Social Research has taken a broad and critical approach to the field, giving voice to classical political economy, ...

MARTIN GRAHAM recommends a book that makes a critique of neoclassical economics and attempts to envision a sustainable global ...

It requires only rationality— an acceptable policy goal combined with rational actions to achieve that goal. Yet even that deferential standard has limits. And the reasons for those limits — grounded ...

The work of economists such as Friedrich von Hayek and Milton Friedman, who developed theories now known as monetarism or neoclassical economics, gained prominence. These theories proposed that ...

Four decades ago, Stiglits’ (1986) neoclassical “New Development Economics” claimed that it was an efficient response to asymmetric information. Badhuri (1986) presented an alternative view to explain ...