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
Date Written: November 6, 2015
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