ENGLISH

The Crisis of Vision in Modern Economic Thought

By Robert Heilbroner

Book information

Publisher
Cambridge University Press
Year
1995
ISBN
9780521497749
Language
english
Format
EPUB
Filesize
175 kB (178761 bytes)
Pages
0\0
Topic
Economy
Time added
2016-08-05 04:09:03

Description

A deep and widespread crisis affects modern economic theory, a crisis that derives from the absence of a "vision"—a set of widely shared political and social preconceptions—on which all economics ultimately depends. This absence, in turn, reflects the collapse of the Keynesian view that provided such a foundation from 1940 through the early 1970s, comparable to earlier visions provided by Smith, Ricardo, Mill, and Marshall. The "unraveling" of Keynesianism has been followed by a division into discordant and ineffective camps whose common denominator seems to be their shared analytical refinement and lack of practical applicability. This provocative analysis attempts both to describe this state of affairs, and to suggest the direction in which economic thinking must move if it is to regain the relevance and remedial power it now pointedly lacks.

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