Original scientific paper

Economic theory in historical perspective

Lefteris Tsoulfidis ; Department of Economics, University of Macedonia, Thessaloniki (Greece)

Abstract

On the methodological plain this paper outlines the conditions that contribute to the development of economic theories and it continues with an examination of the concrete circumstances that gave rise to modern neoclassical macroeconomic theories. The paper further claims that the current impasse in macroeconomics is indicative of the need for new directions in economic theory which becomes imperative in the long economic downturn that started in 2007 and concludes by suggesting the need for a synthesis between the classical analysis and the theory of effective demand.

Keywords

classical approach; neoclassical theory; theory of value; effective demand; paradigm change

Hrčak ID:

181746

URI

https://hrcak.srce.hr/181746

Publication date:

19.5.2017.

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