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The Formalist Revolution of What Happened to Orthodox Economics After World War II

Author

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  • Blaug, M.

Abstract

That the Keynesian Revolution in the 1930s marked a water-shed in economics dividing the Young Turks from the Old Guard is too well known to require discussion. But that World War II and the immediate post-war years marked a similar and possibly greater break in the 'paradigm' of professional economists is something which is little appreciated even by historians of economic thought, not to mention workaday modern economists. There was in fact a Formalist Revolution that swept throughout economics with increasing speed in the 1950s, coming to full realisation in the 1960s. I call it a 'formalist' revolution.

Suggested Citation

  • Blaug, M., 1998. "The Formalist Revolution of What Happened to Orthodox Economics After World War II," Discussion Papers 9810, University of Exeter, Department of Economics.
    • Handle: RePEc:exe:wpaper:9810
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    Cited by:

    1. Harry Landreth & David Colander, 2004. "Pluralism, Formalism and American Economics," Middlebury College Working Paper Series 0409, Middlebury College, Department of Economics.
    2. David Colander & Richard Holt & Barkley Rosser, 2004. "The changing face of mainstream economics," Review of Political Economy, Taylor & Francis Journals, vol. 16(4), pages 485-499.
    3. Ondřej Horký, 2011. "Falešná neutralita neoklasické teorie: feministická, antropologická, evoluční a ekologická kritika [The False Neutrality of the Neoclassical Theory: Feminist, Anthropological, Evolutionary and Ecol," Politická ekonomie, Prague University of Economics and Business, vol. 2011(3), pages 329-344.
    4. Roger Backhouse, 2004. "History of economics, economics and economic history in Britain, 1824 - 2000," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 11(1), pages 107-127.

    More about this item

    Keywords

    AUSTRIA ; COMPETITION ; SOCIAL WELFARE ; SOCIALISM ; ECONOMIC EQUILIBRIUM ; INSTITUTIONAL FRAMEWORK ; MATHEMATICAL MODELS;
    All these keywords.

    JEL classification:

    • B2 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925

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