The Crisis of Vision in Modern Economic Thought
Book Details
Format
Paperback / Softback
ISBN-10
0521497744
ISBN-13
9780521497749
Publisher
Cambridge University Press
Imprint
Cambridge University Press
Country of Manufacture
GB
Country of Publication
GB
Publication Date
Jan 26th, 1996
Print length
144 Pages
Weight
198 grams
Dimensions
21.80 x 14.10 x 0.90 cms
Product Classification:
Economic theory & philosophyEconomic theory and philosophy
Ksh 5,750.00
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The authors present the current confused state of economic theory and suggest the direction in which economic thinking must move in order to regain the relevance it now lacks.
A deep and widespread crisis affects modern economic theory, a crisis that derives from the absence of a 'vision' - a set of widely shared political and social preconceptions - on which all economics ultimately depends. This absence, in turn, reflects the collapse of the Keynesian view that provided such a foundation from 1940 to the early 1970s, comparable to earlier visions provided by Smith, Ricardo, Mill, and Marshall. The 'unraveling' of Keynesianism has been followed by a division of discordant and ineffective camps whose common denominator seems to be their shared analytical refinement and lack of practical applicability. Heilbroner and Milberg's analysis attempts both to describe this state of affairs, and to suggest the direction in which economic thinking must move if it is to regain the relevance and remedial power it now pointedly lacks.
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