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New Classical Economics: Towards A New Paradigm For Economics?

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  • ROBERT P. GILLES

    ()
    (Department of Economics, Virginia Tech, Blacksburg, VA, USA 24061, USA)

  • DIMITRIOS DIAMANTARAS

    ()
    (Department of Economics, Temple University, Philadelphia, PA, USA 19122, USA)

Abstract

We discuss the emerging field of New Classical economics from the perspective of some classical economic questions regarding the generation of wealth. We limit our discussion to the foundations of the emerging field and do not provide a complete overview of the details of the literature. We first discuss the foundational hypotheses of New Classical economics. We identify some problems with some basic concepts in its structure and suggest some avenues to amend and enhance this emerging field. We conclude that there are significant synergies with the field of evolutionary or Darwinian game theory to warrant the claim that New Classical economics could form part of the foundation of a newly emerging paradigm in economic theory.

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Bibliographic Info

Article provided by World Scientific Publishing Co. Pte. Ltd. in its journal Division of Labor & Transaction Costs.

Volume (Year): 01 (2005)
Issue (Month): 01 ()
Pages: 35-56

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Handle: RePEc:wsi:dltcxx:v:01:y:2005:i:01:p:35-56

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Related research

Keywords: Neo-Walrasian paradigm; new classical economics; evolutionary game theory; inframarginal analysis; division of labour; endogenous specialization;

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Cited by:
  1. Robert P. Gilles & Emiliya Lazarova & Pieter H.M. Ruys, 2006. "On Socio-economic Roles and Specialization," Tinbergen Institute Discussion Papers 06-035/2, Tinbergen Institute.
  2. Robert P. Gilles & Emiliya A. Lazarova & Pieter H. M. Ruys, 2007. "Stability, Specialization And Social Recognition," Division of Labor & Transaction Costs (DLTC), World Scientific Publishing Co. Pte. Ltd., vol. 2(02), pages 83-109.
  3. Robert P. Gilles & Emiliya Lazarova & Pieter H. M. Ruys, 2006. "On Socio-Economic Roles And Specialisation," Economic Papers, The Economic Society of Australia, vol. 25(2), pages 157-170, 06.

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