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

Kevin D. Hoover

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

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

Kevin D. Hoover (Contact Author)

Duke University - Departments of Economics and Philosophy ( email )

213 Social Sciences Building
Box 90097
Durham, NC 27708-0204
United States

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