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

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  • 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
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    File URL: http://www.levyinstitute.org/pubs/wp_730.pdf
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    References listed on IDEAS

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    1. Roncaglia,Alessandro, 2006. "The Wealth of Ideas," Cambridge Books, Cambridge University Press, number 9780521691871, April.
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    More about this item

    Keywords

    Financial Crisis; W. Petty; Markets; Equilibrium Prices; Financial Crisis;

    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 - Economic Systems - - General - - - General

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