Before turning to the dominant Neoclassical school
, the author employs arguments to explain how it came to dominate the profession.
The neoclassical school
concludes that, "[d]ual distribution does not change ordinary incentives for vertical restraints.
For example, Block contrasts the definition of competition, which the neoclassical school
teaches to be one of perfect competition, while the Austrian school rejects that notion to advocate the concept of rivalrous competition.
Both the neoclassical school
and political economy school of thoughts have relevance to economic policy tackling the aging population problem.
Not all PAE economists oppose the premises of the dominant neoclassical school
, but they all agree that neoclassical theory cannot stand on its own.
I intend rather to highlight the conceptual issues surrounding the socioculturalist challenge to the neoclassical school
While a student at Yale College (now Yale University), Trumbull wrote two kinds of poetry: "correct" but undistinguished elegies of the Neoclassical school
and brilliant comic verse that he circulated among friends.
On the other hand, it is well known that Neoclassical School
, as early as the latter quarter of the nineteenth century, shifted their attention from issues concerning economic growth and income distribution to the related matter of price formation.
The neoclassical school
that totally dominates bourgeois economics in our time may be said to have a vision too, but this vision is so totally dominated by the spirit of apologetics that it turns into a pale and lifeless caricature of the historical reality it purports to reflect: instead of classes in collision and conflict, the actors are powerless individuals seeking to maximize their utilities through the medium of impersonal markets; in this fantasy world they are all equal and have no interrelations outside the market; the dynamics of the system is to move, more or less smoothly and expeditiously, toward a state of general equilibrium; the system's historical destiny is to reproduce the status quo ad infinitum.
On the other hand, the high "capital liquidity" pointed out by the neoclassical school
is explained in the context of ABCT as a result of bank credit expansion.
The impact of the increased attention to basic needs is discussed in Chapter 9 (The Basic Needs Paradigm) and the key development contributions of the neoclassical school
are reviewed in Chapter 10 (The Neo-classical Paradigm and its Role in Development Economics).
Critiquing the dominant classical and neoclassical schools
of economic thought as well as that of Karl Marx, Gleicher calls on people to go beyond an economic isolation.