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New Classical Economics: Towards A New Paradigm For Economics?

  • ROBERT P. GILLES

    ()

    (Department of Economics, Virginia Tech, Blacksburg, VA, USA 24061, USA)

  • DIMITRIOS DIAMANTARAS

    ()

    (Department of Economics, Temple University, Philadelphia, PA, USA 19122, USA)

We discuss the emerging field of New Classical economics from the perspective of some classical economic questions regarding the generation of wealth. We limit our discussion to the foundations of the emerging field and do not provide a complete overview of the details of the literature. We first discuss the foundational hypotheses of New Classical economics. We identify some problems with some basic concepts in its structure and suggest some avenues to amend and enhance this emerging field. We conclude that there are significant synergies with the field of evolutionary or Darwinian game theory to warrant the claim that New Classical economics could form part of the foundation of a newly emerging paradigm in economic theory.

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Article provided by World Scientific Publishing Co. Pte. Ltd. in its journal Division of Labor & Transaction Costs.

Volume (Year): 01 (2005)
Issue (Month): 01 ()
Pages: 35-56

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Handle: RePEc:wsi:dltcxx:v:01:y:2005:i:01:p:35-56
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