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Political Economy and Neoclassical Theory – Facing the Trial of Time


  • Penyu Mihailov

    (University of economics - Varna, Bulgaria)


The object of this paper is the unity and diversity between political economy and the neo classical theory. In the opinion of the author, these are two branches of economic knowledge. The author declares on objection against the view that the neo-classical theory is universal and irreproachable. Life has proved for more complicated than we have imagined it. The paper discuss questions such as „What economic theory do we need?“, issues concerning the interference of the state; theoretical and empirical knowledge; neo-liberal ideology and the economic crisis; pluralism in teaching economic theory.

Suggested Citation

  • Penyu Mihailov, 2015. "Political Economy and Neoclassical Theory – Facing the Trial of Time," Nauchni trudove, University of National and World Economy, Sofia, Bulgaria, issue 1, pages 61-94, February.
  • Handle: RePEc:nwe:natrud:y:2015:i:1:p:61-94

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    More about this item


    political economy; neoclassical theory; economic theory; economic practice; economics; financial and economic crisis; criticism to neoliberal economy; pluralism in economic education;

    JEL classification:

    • A10 - General Economics and Teaching - - General Economics - - - General
    • A11 - General Economics and Teaching - - General Economics - - - Role of Economics; Role of Economists
    • A13 - General Economics and Teaching - - General Economics - - - Relation of Economics to Social Values
    • B0 - Schools of Economic Thought and Methodology - - General
    • B10 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - General
    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology


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