Diversity and Uniformity in Economic Theory as an Explanation of the Recent Economic Crisis
AbstractMarket economies and command economies have long been differentiated by the presence of alternative choice in the form of diversity. Yet most mainstream economic theory is premised on the existence of uniformity. This paper develops the implications of this contradiction for the theory of prices, income creation, and the analysis of the recent financial crisis, and provides a critique of traditional theory from an institutionalist perspective developed by J. Fagg Foster.
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Bibliographic InfoPaper provided by Levy Economics Institute, The in its series Economics Working Paper Archive with number wp_730.
Date of creation: Aug 2012
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Financial Crisis; W. Petty; Markets; Equilibrium Prices; Financial Crisis;
Find related papers by JEL classification:
- B0 - Schools of Economic Thought and Methodology - - General
- D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles
- D41 - Microeconomics - - Market Structure and Pricing - - - Perfect Competition
- E01 - Macroeconomics and Monetary Economics - - General - - - Measurement and Data on National Income and Product Accounts and Wealth; Environmental Accounts
- E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
- P00 - Economic Systems - - General - - - General
This paper has been announced in the following NEP Reports:
- NEP-ALL-2012-09-09 (All new papers)
- NEP-HPE-2012-09-09 (History & Philosophy of Economics)
- NEP-PKE-2012-09-09 (Post Keynesian Economics)
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- Roncaglia,Alessandro, 2006. "The Wealth of Ideas," Cambridge Books, Cambridge University Press, number 9780521691871, November.
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