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The Crisis of Vision in Modern Economic Thought

Author

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  • Heilbroner,Robert L.
  • Milberg,William S.

Abstract

A deep and widespread crisis affects modern economic theory, a crisis that derives from the absence of a 'vision' - a set of widely shared political and social preconceptions - on which all economics ultimately depends. This absence, in turn, reflects the collapse of the Keynesian view that provided such a foundation from 1940 to the early 1970s, comparable to earlier visions provided by Smith, Ricardo, Mill, and Marshall. The 'unraveling' of Keynesianism has been followed by a division of discordant and ineffective camps whose common denominator seems to be their shared analytical refinement and lack of practical applicability. Heilbroner and Milberg's analysis attempts both to describe this state of affairs, and to suggest the direction in which economic thinking must move if it is to regain the relevance and remedial power it now pointedly lacks.

Suggested Citation

  • Heilbroner,Robert L. & Milberg,William S., 1996. "The Crisis of Vision in Modern Economic Thought," Cambridge Books, Cambridge University Press, number 9780521497749, November.
  • Handle: RePEc:cup:cbooks:9780521497749
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    Cited by:

    1. Charles M. A. Clark, 2014. "Where There Is No Vision, Economists Will Perish," Econ Journal Watch, Econ Journal Watch, vol. 11(2), pages 136-143, May.
    2. Eicher, Carl K. & Rukuni, Mandivamba, 1996. "Reflections On Agrarian Reform And Capacity Building In South Africa," Staff Paper Series 11703, Michigan State University, Department of Agricultural, Food, and Resource Economics.
    3. Robert A. Blecker & Mark Setterfield, 2020. "On multi-sector and multi-technique models, production functions and Goodwin cycles: a reply to Libman," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 17(3), pages 295-306, November.
    4. Matthias P. Hühn, 2019. "Adam Smith’s Philosophy of Science: Economics as Moral Imagination," Journal of Business Ethics, Springer, vol. 155(1), pages 1-15, March.

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