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Nov 29, 2022 · This was explored in a major debate in the 1960s—the "Cambridge capital controversy"—about the validity of neoclassical economics, with an emphasis on the economic growth, capital, aggregate theory, and the marginal productivity theory of distribution.
This chapter seeks to explore and explain its attraction and dominance by looking at its ‘mythic’ and ideological character. Starting from a Foucauldian and Marxist inspired analysis, it analyses neoclassical economics as a form of power/knowledge which constitutes a dominant ‘regime of truth’.
Throughout the research, the main criticism of neoclassical models, which can be seen with Becker (1962), McCormick (1989), and Farrell (1993), is their unrealistic built-in. assumptions, precisely the assumption that traditional economic behavior is rational.
Feb 2, 2022 · Economic crises and the lack of an adequate explanation for involuntary unemployment are identified as the main weaknesses of neoclassical economics. The alternative of Keynesian macroeconomics is presented, showing how macroeconomics dealt with these shortcomings.
- reinhard.neck@aau.at
This article explores some of the breadth and depth of the critiques of Steve. Keen and provides also a critique of their critiques from a Marxist perspective. Key words: neoclassical economics; critiques; political economy; international education. Introduction.
Economic crises and the lack of an adequate explanation for involuntary unemployment are identified as the main weaknesses of neoclassical economics. The alternative of Keynesian macroeconomics is presented, showing how macroeconomics dealt with these shortcomings.
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Jul 1, 2010 · Neoclassical economics (NE) is under siege from multiple directions. Some see NE as a whole and essentially coherent theoretical system and paradigm and some not.
