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The Crisis in Economic Theory A Review Essay

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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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    File URL: http://hope.econ.duke.edu/node/1209
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    References listed on IDEAS

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    1. Kiyotaki, Nobuhiro & Wright, Randall, 1989. "On Money as a Medium of Exchange," Journal of Political Economy, University of Chicago Press, vol. 97(4), pages 927-954, August.
    2. Jones, Robert A, 1976. "The Origin and Development of Media of Exchange," Journal of Political Economy, University of Chicago Press, vol. 84(4), pages 757-775, August.
    3. Kiyotaki, Nobuhiro & Wright, Randall, 1993. "A Search-Theoretic Approach to Monetary Economics," American Economic Review, American Economic Association, vol. 83(1), pages 63-77, March.
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    Cited by:

    1. repec:spr:italej:v:3:y:2017:i:3:d:10.1007_s40797-017-0064-0 is not listed on IDEAS
    2. repec:bla:pacecr:v:22:y:2017:i:2:p:213-228 is not listed on IDEAS

    More about this item

    Keywords

    economic theory; neoclassical economics; sociology; abduction; mimetic hypothesis; monetary economy; fina ncial crisis; Great Recession;

    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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