The epistemic hubris of neoclassical economics
stems from its seeing itself as a value-neutral pure science, like physics.
In this context neoclassical economics
is only one of the suggested approaches (Knight 1972, p.
Mirowski, reflecting on his own early dalliances with cliometrics, points out that it should always have been apparent to all that history and neoclassical economics
were like 'oil and water' (Mirowski 2004).
139) "Austrian and Neoclassical Economics
: Any Gains From Trade?" Mises and other Austrian economists explain the importance of disequilibrium, the entrepreneur, and the competitive process, which can be overlooked by focusing only on equilibrium positions.
Views that combine Marxism, Keynesianism and neoclassical economics
are bound to be complex, and at times confusing, but they very well can be part of the solution to the world's problems.
Central to the book's argument is its critique of the ways in which neoclassical economics
treats the topics of nature and energy.
Furthermore, because Austrian economics goes against some key elements of neoclassical economics
, both in terms of foundations and in terms of policy implications, to be convincing a sympathetic presentation needs to avoid straw-manning neoclassical economics
To this argument, the author adds the influence of two events that left Neoclassical economics
as the dominant paradigm.
is the name given to the approach.
began about a century after Smith, when three economists (W.
Before the Great Depression mainstream economists dutifully embraced what they called neoclassical economics
." This economic science" showed they said that what profited business benefited the whole society.
Consider three business practices that neoclassical economics
and game theory have determined generally to be efficient but occasionally harmful to competition: predatory pricing, unilateral refusals to deal, and product tying and bundling.