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Кризис Экономической Теории
[The Crisis of Economic Theory]

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  • Polterovich, Victor

Abstract

The article contains the analysis of methodological changes and some key achievements in theoretical economics during the last fifty years. It is argued that the task, set up in a number of classical treatises, namely - to build the economic theory by the pattern of physics, probably can not be fulfilled. Empirical studies do not reveal fundamental economic laws. The development of the theory entailed the proofs of a number of theorems about impossibility to answer the most important questions in the framework of the widely accepted postulates. Many results are unstable with respect to "small variations" in constructions of economic models. These and a number of other observations force us to conclude that, despite the impressive progress, economic theory experiences a deep and long drawn-out crisis that has to experience a revision of its goals and changes in the organisation of the research.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 22015.

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Date of creation: 1998
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Handle: RePEc:pra:mprapa:22015

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Keywords: economic theory; development of economic theory;

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References

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  1. Lucas, Robert E, Jr, 1996. "Nobel Lecture: Monetary Neutrality," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 104(4), pages 661-82, August.
  2. McKenzie, Lionel W., 1979. "Optimal Economic Growth and Turnpike Theorems," Working Papers, California Institute of Technology, Division of the Humanities and Social Sciences 267, California Institute of Technology, Division of the Humanities and Social Sciences.
  3. Debreu, Gerard, 1974. "Excess demand functions," Journal of Mathematical Economics, Elsevier, vol. 1(1), pages 15-21, March.
  4. Boldrin, Michele & Montrucchio, Luigi, 1986. "On the indeterminacy of capital accumulation paths," Journal of Economic Theory, Elsevier, vol. 40(1), pages 26-39, October.
  5. Balasko, Yves & Cass, David, 1989. "The Structure of Financial Equilibrium with Exogenous Yields: The Case of Incomplete Markets," Econometrica, Econometric Society, Econometric Society, vol. 57(1), pages 135-62, January.
  6. Barro, Robert J, 1974. "Are Government Bonds Net Wealth?," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 82(6), pages 1095-1117, Nov.-Dec..
  7. Sonnenschein, Hugo, 1973. "Do Walras' identity and continuity characterize the class of community excess demand functions?," Journal of Economic Theory, Elsevier, vol. 6(4), pages 345-354, August.
  8. Lucas, Robert Jr, 1976. "Econometric policy evaluation: A critique," Carnegie-Rochester Conference Series on Public Policy, Elsevier, Elsevier, vol. 1(1), pages 19-46, January.
  9. T. Lawson., 2006. "A Realist Perspective on Contemporary "Economic Theory"," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 2.
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Cited by:
  1. Kleiner, George B., 2009. "A New Theory of Economic Systems and Its Application to Economic Policy Studies," RRC Working Paper Series, Russian Research Center, Institute of Economic Research, Hitotsubashi University 13, Russian Research Center, Institute of Economic Research, Hitotsubashi University.

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