IDEAS home Printed from https://ideas.repec.org/p/lev/wrkpap/wp_730.html

Diversity and Uniformity in Economic Theory as an Explanation of the Recent Economic Crisis

Author

Listed:
  • Jan Kregel

Abstract

Market economies and command economies have long been differentiated by the presence of alternative choice in the form of diversity. Yet most mainstream economic theory is premised on the existence of uniformity. This paper develops the implications of this contradiction for the theory of prices, income creation, and the analysis of the recent financial crisis, and provides a critique of traditional theory from an institutionalist perspective developed by J. Fagg Foster.

Suggested Citation

  • Jan Kregel, 2012. "Diversity and Uniformity in Economic Theory as an Explanation of the Recent Economic Crisis," Economics Working Paper Archive wp_730, Levy Economics Institute.
    • Handle: RePEc:lev:wrkpap:wp_730
    as

    Download full text from publisher

    File URL: https://www.levyinstitute.org/pubs/wp_730.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Roncaglia,Alessandro, 2006. "The Wealth of Ideas," Cambridge Books, Cambridge University Press, number 9780521691871, January.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Jaelani, Aan, 2018. "Sistem anggaran berbasis kinerja pada APBN di Indonesia perspektif ekonomi Islam [A performance-based budget system in Indonesia's state budget in Islamic economic perspective]," MPRA Paper 87984, University Library of Munich, Germany, revised 07 Jul 2018.
    2. Massimo Cingolani, 2015. "Sylos Labini su Marx: implicazioni per la politica economica (Sylos Labini on Marx: economic policy implications)," Moneta e Credito, Economia civile, vol. 68(269), pages 81-147.
    3. Jaelani, Aan, 2017. "Manajemen pengeluaran publik di Indonesia: Tinjauan ekonomi Islam pada APBN 2017 [Public expenditure management in Indonesia: Islamic economic review on state budget 2017]," MPRA Paper 77423, University Library of Munich, Germany, revised 07 Mar 2017.
    4. Giuseppe Fontana & Bill Gerrard, 2006. "The future of Post Keynesian economics," BNL Quarterly Review, Banca Nazionale del Lavoro, vol. 59(236), pages 49-80.
    5. Tae-Hee Jo, 2011. "A Heterodox Microfoundation of Business Cycles," Chapters, in: Joëlle Leclaire & Tae-Hee Jo & Jane Knodell (ed.), Heterodox Analysis of Financial Crisis and Reform, chapter 9, Edward Elgar Publishing.
    6. Jaelani, Aan, 2013. "Institusi Pasar dan Hisbah: Teori Pasar dalam Sejarah Pemikiran Ekonomi Islam [Markets and Hisbah Institutions: A Theory of Market in the History of Islamic Economic Thought]," MPRA Paper 71921, University Library of Munich, Germany, revised 29 Nov 2013.
    7. Jaelani, Aan, 2018. "Public expenditure management in Indonesia: Islamic economic review on state budget 2017," MPRA Paper 87025, University Library of Munich, Germany, revised 02 May 2018.
    8. Nicholas J. Theocarakis, 2014. "A commentary on Alessandro Roncaglia's paper: 'Should the History of Economic Thought be Included in Undergraduate Curricula?'," Economic Thought, World Economics Association, vol. 3(1), pages 1-10, March.
    9. Rahmeyer Fritz, 2013. "Schumpeter, Marshall, and Neo-Schumpeterian Evolutionary Economics: A Critical Stocktaking," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), De Gruyter, vol. 233(1), pages 39-64, February.
    10. Pilar Piqué, 2018. "Los conceptos de “valor” y “sociedad ruda y primitiva” en la obra de Adam Smith," Apuntes del Cenes, Universidad Pedagógica y Tecnológica de Colombia, vol. 37(66), pages 15-38.
    11. Alessandro Roncaglia, 2014. "Should the History of Economic Thought be Included in Undergraduate Curricula?," Economic Thought, World Economics Association, vol. 3(1), pages 1-1, March.
    12. Carlo D'Ippoliti, 2013. "Introduzione: L'Unione Europea e' "mammona" (Introduction: A Pansy European Union)," Moneta e Credito, Economia civile, vol. 66(264), pages 377-395.
    13. Oláh, Dániel, 2016. "Ibn Khaldún helye és szerepe a közgazdasági elmélettörténetben. Didaktikai lehetőségek a középkori iszlám gondolkodásban [The place and role of Ibn Khaldun in the history of economic thought]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(7), pages 819-837.
    14. Jaelani, Aan, 2011. "HISBAH DAN MEKANISME PASAR: Studi Moralitas Pelaku Pasar Perspektif Ekonomi Islam [HISBAH AND MARKET MECHANISM: The Morality Study of Market Participants in Islamic Economic Perspective]," MPRA Paper 69526, University Library of Munich, Germany, revised 01 Dec 2015.
    15. Mario Tonveronachi, 2020. "Ages of Financial Instability," Economics Working Paper Archive wp_947, Levy Economics Institute.
    16. Aan JAELANI, 2016. "Pancasila Economic and The Challenges of Globalization and Free Market In Indonesia," Journal of Economic and Social Thought, KSP Journals, vol. 3(2), pages 241-251, June.
    17. Jaelani, Aan, 2012. "Pengelolaan Apbn Dan Politik Anggaran Di Indonesia Dalam Perspektif Ekonomi Islam [Apbn Management And Budget Politics In Indonesia In Islamic Economic Perspective]," MPRA Paper 69555, University Library of Munich, Germany, revised 01 Jun 2012.
    18. Jaelani, Aan, 2016. "Pancasila, Globalisasi dan Pasar Bebas: Meneguhkan Kembali Ekonomi Pancasila sebagai Karakter Bangsa [Pancasila Economic and the Challenges of Globalization and Free Market In Indonesia]," MPRA Paper 70279, University Library of Munich, Germany, revised 23 Mar 2016.
    19. Marco Ranaldi, 2017. "Anthony Atkinson e l'aritmetica politica del XXI secolo (Anthony Atkinson and Political Arithmetic in the XXI Century)," Moneta e Credito, Economia civile, vol. 70(278), pages 153-171.
    20. Jaelani, Aan, 2014. "KEUANGAN PUBLIK ISLAM:Refleksi APBN dan Politik Anggaran di Indonesia [ISLAM PUBLIC FINANCES:Reflections on the APBN and the Budget Politics in Indonesia]," MPRA Paper 69652, University Library of Munich, Germany, revised 20 Oct 2014.

    More about this item

    Keywords

    ;
    ;
    ;
    ;
    ;

    JEL classification:

    • B0 - Schools of Economic Thought and Methodology - - General
    • D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles
    • D41 - Microeconomics - - Market Structure, Pricing, and Design - - - Perfect Competition
    • E01 - Macroeconomics and Monetary Economics - - General - - - Measurement and Data on National Income and Product Accounts and Wealth; Environmental Accounts
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • P00 - Political Economy and Comparative Economic Systems - - General - - - General

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:lev:wrkpap:wp_730. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Lindsey Carter (email available below). General contact details of provider: https://www.levyinstitute.org .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.