How Deep is the Crisis of Neo-Classical Political Economy?

29 Pages Posted: 24 Jun 2019

See all articles by Taner Akan

Taner Akan

Istanbul University - Department of Economics

Date Written: June 24, 2019

Abstract

The paper aims to explain how deep the ongoing crisis of neoclassical political economy – NCPE is and if this crisis can be overcome through an inside-out change. For this purpose, the paper first investigates the roots of this crisis across the NCPE’s epistemological, economic, and political axioms at the level of theory. The paper then analyses the practical implications of this theoretical investigation with reference the US model of political economy, including a comparative account of this model with the German model in terms of the commonality or variety of the NCPE’s impact on liberal and illiberal countries. The paper concludes that the NCPE’s ongoing crisis is an epistemological and systemic one emanating out of its flawed theoretico-practical pillars and that this crisis cannot be overcome through an inside-out change due to the inter-blocking dynamics of these pillars.

Keywords: neoclassical economics, neoliberal politics, global economic crisis, economic policy

JEL Classification: E13, E02, O16, O43, P16

Suggested Citation

Akan, Taner, How Deep is the Crisis of Neo-Classical Political Economy? (June 24, 2019). Available at SSRN: https://ssrn.com/abstract=3408970 or http://dx.doi.org/10.2139/ssrn.3408970

Taner Akan (Contact Author)

Istanbul University - Department of Economics ( email )

Beyazıt
Turkey

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