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

Levy Economic Institute, Working Papers Series 730

17 Pages Posted: 30 Aug 2012

See all articles by Jan A. Kregel

Jan A. Kregel

Bard College - The Levy Economics Institute

Date Written: August 2012

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.

Keywords: Financial Crisis, W. Petty, Markets, Equilibrium Prices, Financial Crisis

JEL Classification: B0, D01, D41, E01, E31, P00

Suggested Citation

Kregel, Jan A., Diversity and Uniformity in Economic Theory as an Explanation of The Recent Economic Crisis (August 2012). Levy Economic Institute, Working Papers Series 730. Available at SSRN: https://ssrn.com/abstract=2138205 or http://dx.doi.org/10.2139/ssrn.2138205

Jan A. Kregel (Contact Author)

Bard College - The Levy Economics Institute ( email )

Blithewood
Annandale-on-Hudson, NY 12504
United States
845-758-7700 (Phone)
845-758-1149 (Fax)

Here is the Coronavirus
related research on SSRN

Paper statistics

Downloads
43
Abstract Views
455
PlumX Metrics