The Crisis in Economic Theory: A Review Essay
The Center for the History of Political Economy Working Paper Series
27 Pages
Posted: 11 Nov 2015
Last revised: 3 Jun 2016
Duke University - Departments of Economics and Philosophy
Date Written: November 6, 2015
Abstract
The Great Recession and the financial crisis of 2007-09 prompted calls for fundamental reforms of economic theory. The role of theory in economics and in recent economic events is considered in light of two recent books: the sociologist Richard Swedberg’s "The Art of Social Theory" and the economist André Orléan’s "The Empire of Value: A New Foundation for Economics".
Keywords: economic theory, neoclassical economics, sociology, abduction, mimetic hypothesis, monetary economy, financial crisis, Great Recession
JEL Classification: A12, B41, A11, B40
Suggested Citation:
Suggested Citation
Hoover, Kevin D., The Crisis in Economic Theory: A Review Essay (November 6, 2015). The Center for the History of Political Economy Working Paper Series
. Available at SSRN: https://ssrn.com/abstract=2688159 or http://dx.doi.org/10.2139/ssrn.2688159
