Advanced Search
MyIDEAS: Login to save this article or follow this journal

The Incoherent Emperor: A Heterodox Critique of Neoclassical Microeconomic Theory

Contents:

Author Info

  • Frederic Lee
  • Steve Keen

Abstract

It is somewhat common for heterodox economists to come to the defense of neoclassical microeconomic theory. This is due to many reasons, but perhaps the commonest one is ignorance. It seems that most heterodox economists are not aware of the many critiques or that as a collective they completely undermine neoclassical theory. The objective of the article is to dispel ignorance by using the existing criticisms to delineate a systematic critique of the core components of neoclassical microeconomic theory: the supply and demand explanation of the price mechanism and its application to competitive markets. The critique starts by examining the choices, preferences, utility functions, and demand curves, followed by examining production, costs, factor input demand functions and partial equilibrium, and ending with perfect competition and the supply curve. In the conclusion, the implications of the results will be extended to the firm and imperfectly competitive markets, and then the question whether general equilibrium theory or game theory can save neoclassical microeconomic theory.

Download Info

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
File URL: http://www.tandfonline.com/doi/abs/10.1080/00346760410001684433
Download Restriction: Access to full text is restricted to subscribers.

As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.

Bibliographic Info

Article provided by Taylor & Francis Journals in its journal Review of Social Economy.

Volume (Year): 62 (2004)
Issue (Month): 2 ()
Pages: 169-199

as in new window
Handle: RePEc:taf:rsocec:v:62:y:2004:i:2:p:169-199

Contact details of provider:
Web page: http://www.tandfonline.com/RRSE20

Order Information:
Web: http://www.tandfonline.com/pricing/journal/RRSE20

Related research

Keywords: neoclassical microeconomic theory; heterodox critique;

References

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
as in new window
  1. David Lane & Franco Malerba & Robert Maxfield & Luigi Orsenigo, 1995. "Choice and Action," Working Papers 95-01-004, Santa Fe Institute.
  2. Jesus Felipe & J. S. L. McCombie, 2005. "How Sound are the Foundations of the Aggregate Production Function?," Eastern Economic Journal, Eastern Economic Association, vol. 31(3), pages 467-488, Summer.
Full references (including those not matched with items on IDEAS)

Citations

Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
as in new window

Cited by:
  1. Grahamm Errol G., 2013. "Perverse supply response in the Liberian mining sector," Policy Research Working Paper Series 6663, The World Bank.
  2. Lee, Frederic, 2011. "Heterodox microeconomics and the foundation of heterodox macroeconomics," MPRA Paper 30491, University Library of Munich, Germany.
  3. Dürmeier, Thomas, 2012. "Wissenschaftlicher Pluralismus als Entdeckungsverfahren und das Monopol der Modellökonomik," Discussion Papers 30, University of Hamburg, Centre for Economic and Sociological Studies (CESS/ZÖSS).
  4. Wicks, Rick, 2011. "Assumption without representation: the unacknowledged abstraction from communities and social goods," MPRA Paper 51674, University Library of Munich, Germany.
  5. Robert Garnett, 2006. "Paradigms and pluralism in heterodox economics," Review of Political Economy, Taylor & Francis Journals, vol. 18(4), pages 521-546.
  6. Kakarot-Handtke, Egmont, 2003. "How to Get Rid of Demand–Supply–Equilibrium for Good," MPRA Paper 46917, University Library of Munich, Germany.
  7. Frank Beckenbach & Ramón Briegel, 2010. "Multi-agent modeling of economic innovation dynamics and its implications for analyzing emission impacts," International Economics and Economic Policy, Springer, vol. 7(2), pages 317-341, August.
  8. D.Dragone, 2005. "Incoerenza Dinamica ed Autocontrollo: Proposta per un'Analisi Interdisciplinare," Working Papers 549, Dipartimento Scienze Economiche, Universita' di Bologna.
  9. Zaman, Asad & Saglam, Ismail, 2010. "The conflict between general equilibrium and the Marshallian cross," MPRA Paper 33256, University Library of Munich, Germany.
  10. Martha A. Starr, 2006. "Macroeconomic dimensions of social economics: Saving, the stock market, and pension systems," Working Papers 2006-09, American University, Department of Economics.
  11. Lee, Frederic, 2011. "The making of heterodox microeconomics," MPRA Paper 30907, University Library of Munich, Germany.
  12. Robert Gassler, 2007. "Political and Social Economics: Beyond Orthodoxy and Heterodoxy," Forum for Social Economics, Springer, vol. 36(2), pages 109-125, October.

Lists

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

Statistics

Access and download statistics

Corrections

When requesting a correction, please mention this item's handle: RePEc:taf:rsocec:v:62:y:2004:i:2:p:169-199. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Michael McNulty).

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.