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XX Century and the Evolution of the Economic Theory (Neoclassical Theory: Development of Microeconomics)

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  • Zoya Mladenova

Abstract

The main schools and achievements in the development of the economic thought during the past XX century are outlined. The evolution of economic concepts is presented on the background of the real economic processes that marked the economic theory. The most important aspects in the development of orthodox and unorthodox economic schools are covered consecutively. The study has two parts: the first one interprets the characteristics of the economic XX century and the evolution of the neoclassical theory relevant to the microeconomics. The second part (which will be published in the next issue) is focused on the emerging and developing of the modern macroeconomics within the framework of the neoclassical analysis, as well as on the development of the unorthodox economic thought. The study outlines the difficult, contradictory but ascending course of seeking after truth in the economic theory.

Suggested Citation

  • Zoya Mladenova, 2005. "XX Century and the Evolution of the Economic Theory (Neoclassical Theory: Development of Microeconomics)," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 5, pages 3-23.
  • Handle: RePEc:bas:econth:y:2005:i:5:p:3-23
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    References listed on IDEAS

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    1. W. Baumol, 2001. "What Marshall Didn't Know: On the Twentieth Century's Contributions to Economics," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 2.
    2. Dixit, Avinash K & Stiglitz, Joseph E, 1977. "Monopolistic Competition and Optimum Product Diversity," American Economic Review, American Economic Association, vol. 67(3), pages 297-308, June.
    3. Lant Pritchett, 1997. "Divergence, Big Time," Journal of Economic Perspectives, American Economic Association, vol. 11(3), pages 3-17, Summer.
    4. Richard Lipsey, 2001. "Successes and failures in the transformation of economics," Journal of Economic Methodology, Taylor & Francis Journals, vol. 8(2), pages 169-201.
    5. Feinstein, Charles, 1999. "Structural Change in the Developed Countries during the Twentieth Century," Oxford Review of Economic Policy, Oxford University Press, vol. 15(4), pages 35-55, Winter.
    6. George J. Stigler, 1961. "The Economics of Information," Journal of Political Economy, University of Chicago Press, vol. 69, pages 213-213.
    7. Sachs, Jeffrey D, 1999. "Twentieth-Century Political Economy: A Brief History of Global Capitalism," Oxford Review of Economic Policy, Oxford University Press, vol. 15(4), pages 90-101, Winter.
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    More about this item

    JEL classification:

    • B10 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - General
    • B20 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - General
    • D10 - Microeconomics - - Household Behavior - - - General

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