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Economic Theory in Historical Perspective

In: Competing Schools of Economic Thought

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  • Lefteris Tsoulfidis

    (University of Macedonia)

Abstract

In this chapter, we attempt a brief and at the same time critical review of the characteristics of each school of economic thought that withstood the test of time and is still fuelling with ideas and arguments of the conduct of economic policy. Furthermore, our interest focuses on the nature of economic theory, and its future inasmuch as we essentially accept the long period analysis, where the phases of economic growth are followed by economic downturn in a long wave-like evolutionary pattern. Economic history teaches that during times of depressions economic theories are being tested, and their failure to provide satisfactory answers to the problems at hand paves the way for the emergence of competitive economic theories, which establish themselves during the recovery stage.

Suggested Citation

  • Lefteris Tsoulfidis, 2009. "Economic Theory in Historical Perspective," Springer Books, in: Competing Schools of Economic Thought, chapter 0, pages 383-393, Springer.
    • Handle: RePEc:spr:sprchp:978-3-540-92693-1_17
    DOI: 10.1007/978-3-540-92693-1_17
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    References listed on IDEAS

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    1. Hollander, Samuel, 1989. "Physics and the "Marginalist Revolution": Comment," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 13(3), pages 459-470, September.
    2. Daniel Ankarloo, 2004. "Anti-Williamson: a Marxian critique of New Institutional Economics," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 28(3), pages 413-429, May.
    3. Lefteris Tsoulfidis, 2015. "Contending Conceptions of Competition and the Role of Regulating Capital," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 62(1), pages 15-31, March.
    4. Shaikh, Anwar, 1980. "Marxian Competition versus Perfect Competition: Further Comments on the So-Called Choice of Technique," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 4(1), pages 75-83, March.
    5. Lefteris Tsoulfidis, 2008. "Price-value deviations: further evidence from input-output data of Japan," International Review of Applied Economics, Taylor & Francis Journals, vol. 22(6), pages 707-724.
    6. Kurz,Heinz D. & Salvadori,Neri, 1997. "Theory of Production," Cambridge Books, Cambridge University Press, number 9780521588676.
    7. Lefteris Tsoulfidis, 2011. "Classical vs. Neoclassical Conceptions of Competition," Discussion Paper Series 2011_11, Department of Economics, University of Macedonia, revised Nov 2011.
    8. Lefteris Tsoulfidis, 2009. "Competing Schools of Economic Thought," Springer Books, Springer, number 978-3-540-92693-1, December.
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    Cited by:

    1. Tsoulfidis, Lefteris, 2013. "The ‘new golden age of accumulation’, the new depression and the greek economy," MPRA Paper 60577, University Library of Munich, Germany.
    2. Alain Herscovici, 2023. "The Historicity of Economic Sciences: The Main Epistemological Ruptures," Post-Print hal-04189632, HAL.

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    More about this item

    Keywords

    Real Wage; Phillips Curve; Labour Time; Economic Thought; Neoclassical Theory;
    All these keywords.

    JEL classification:

    • B10 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - General
    • B12 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Classical (includes Adam Smith)
    • B13 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Wicksellian)
    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology

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