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Economic Theory in Historical Perspective

In: Competing Schools of Economic Thought

Author

Listed:
  • Lefteris Tsoulfidis

    (University of Macedonia)

Abstract

In this chapter, we attempt a brief and at the same time critical review of the characteristics of each school of economic thought that withstood the test of time and is still fuelling with ideas and arguments of the conduct of economic policy. Furthermore, our interest focuses on the nature of economic theory, and its future inasmuch as we essentially accept the long period analysis, where the phases of economic growth are followed by economic downturn in a long wave-like evolutionary pattern. Economic history teaches that during times of depressions economic theories are being tested, and their failure to provide satisfactory answers to the problems at hand paves the way for the emergence of competitive economic theories, which establish themselves during the recovery stage.

Suggested Citation

  • Lefteris Tsoulfidis, 2009. "Economic Theory in Historical Perspective," Springer Books, in: Competing Schools of Economic Thought, chapter 0, pages 383-393, Springer.
    • Handle: RePEc:spr:sprchp:978-3-540-92693-1_17
    DOI: 10.1007/978-3-540-92693-1_17
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    Cited by:

    1. is not listed on IDEAS
    2. Tsoulfidis, Lefteris, 2013. "The ‘new golden age of accumulation’, the new depression and the greek economy," MPRA Paper 60577, University Library of Munich, Germany.
    3. Alain Herscovici, 2024. "The Historicity of Economic Sciences: The Main Epistemological Ruptures," The Journal of Philosophical Economics, Bucharest Academy of Economic Studies, The Journal of Philosophical Economics, vol. 17(1), pages 119-155, Annual.
    4. Alain Herscovici, 2023. "The Historicity of Economic Sciences: The Main Epistemological Ruptures," Post-Print hal-04189632, HAL.

    More about this item

    Keywords

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    JEL classification:

    • B10 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - General
    • B12 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Classical (includes Adam Smith)
    • B13 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Wicksellian)
    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology

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