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Кризис Экономической Теории
[The Crisis of Economic Theory]

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Abstract

The article contains the analysis of methodological changes and some key achievements in theoretical economics during the last fifty years. It is argued that the task, set up in a number of classical treatises, namely - to build the economic theory by the pattern of physics, probably can not be fulfilled. Empirical studies do not reveal fundamental economic laws. The development of the theory entailed the proofs of a number of theorems about impossibility to answer the most important questions in the framework of the widely accepted postulates. Many results are unstable with respect to "small variations" in constructions of economic models. These and a number of other observations force us to conclude that, despite the impressive progress, economic theory experiences a deep and long drawn-out crisis that has to experience a revision of its goals and changes in the organisation of the research.

Suggested Citation

  • Polterovich, Victor, 1998. "Кризис Экономической Теории
    [The Crisis of Economic Theory]
    ," MPRA Paper 22015, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:22015
    as

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    File URL: https://mpra.ub.uni-muenchen.de/22015/1/MPRA_paper_22015.pdf
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    References listed on IDEAS

    as
    1. Barro, Robert J, 1974. "Are Government Bonds Net Wealth?," Journal of Political Economy, University of Chicago Press, vol. 82(6), pages 1095-1117, Nov.-Dec..
    2. Lucas, Robert E, Jr, 1996. "Nobel Lecture: Monetary Neutrality," Journal of Political Economy, University of Chicago Press, vol. 104(4), pages 661-682, August.
    3. Balasko, Yves & Cass, David, 1989. "The Structure of Financial Equilibrium with Exogenous Yields: The Case of Incomplete Markets," Econometrica, Econometric Society, vol. 57(1), pages 135-162, January.
    4. Boldrin, Michele & Montrucchio, Luigi, 1986. "On the indeterminacy of capital accumulation paths," Journal of Economic Theory, Elsevier, vol. 40(1), pages 26-39, October.
    5. T. Lawson., 2006. "A Realist Perspective on Contemporary "Economic Theory"," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 2.
    6. McKenzie, Lionel W., 1979. "Optimal Economic Growth and Turnpike Theorems," Working Papers 267, California Institute of Technology, Division of the Humanities and Social Sciences.
    7. Debreu, Gerard, 1974. "Excess demand functions," Journal of Mathematical Economics, Elsevier, vol. 1(1), pages 15-21, March.
    8. Sonnenschein, Hugo, 1973. "Do Walras' identity and continuity characterize the class of community excess demand functions?," Journal of Economic Theory, Elsevier, vol. 6(4), pages 345-354, August.
    9. Lucas, Robert Jr, 1976. "Econometric policy evaluation: A critique," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 1(1), pages 19-46, January.
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    Cited by:

    1. Kleiner, George B., 2009. "A New Theory of Economic Systems and Its Application to Economic Policy Studies," RRC Working Paper Series 13, Russian Research Center, Institute of Economic Research, Hitotsubashi University.

    More about this item

    Keywords

    economic theory; development of economic theory;

    JEL classification:

    • B0 - Schools of Economic Thought and Methodology - - General

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