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The Crisis in Economic Theory A Review Essay

Author

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  • Kevin D. Hoover

Abstract

The Great Recession and the financial crisis of 2007-09 prompted ca lls for fundamental reforms of economic theory. The role of theory in economics and in recent economic events is considered in light of two recen t books: the sociologist Richard Swedberg’s The Art of Social Theory and the economist André Orléan’s The Empire of Value: A New Foundation for Economics.

Suggested Citation

  • Kevin D. Hoover, 2015. "The Crisis in Economic Theory A Review Essay," Center for the History of Political Economy Working Paper Series 2015-15, Center for the History of Political Economy.
    • Handle: RePEc:hec:heccee:2015-15
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    Cited by:

    1. Richard G. Lipsey & Yew-Kwang Ng, 2017. "Concluding Comments to the Debate," Pacific Economic Review, Wiley Blackwell, vol. 22(2), pages 213-228, May.
    2. Roberto Cazzolla Gatti & Roger Koppl & Brian D. Fath & Stuart Kauffman & Wim Hordijk & Robert E. Ulanowicz, 2020. "On the emergence of ecological and economic niches," Journal of Bioeconomics, Springer, vol. 22(2), pages 99-127, July.
    3. K. Lawler & T. Vlasova & A. Moscardini, 2019. "Using System Dynamics in Macroeconomics," Вестник Киевского национального университета имени Тараса Шевченко. Экономика., Socionet;Киевский национальный университет имени Тараса Шевченко, vol. 3(204), pages 34-40.
    4. Domenico Delli Gatti, 2017. "The Crisis of Economic Theory and the Complexity View: A Note," Italian Economic Journal: A Continuation of Rivista Italiana degli Economisti and Giornale degli Economisti, Springer;Società Italiana degli Economisti (Italian Economic Association), vol. 3(3), pages 419-422, November.

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    JEL classification:

    • A12 - General Economics and Teaching - - General Economics - - - Relation of Economics to Other Disciplines
    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
    • A11 - General Economics and Teaching - - General Economics - - - Role of Economics; Role of Economists
    • B40 - Schools of Economic Thought and Methodology - - Economic Methodology - - - General

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