A Critique of Orthodox Economics
ISBN:
978-0-333-72541-2
Auflage:
1998
Verlag:
Palgrave Macmillan UK
Land des Verlags:
Vereinigtes Königreich
Erscheinungsdatum:
09.02.1998
Format:
Hardcover
Seitenanzahl:
190
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Modern neoclassical economics is a theory of general equilibrium. It is based on highly unrealistic assumptions and yields a number of false predictions. The alternative model, presented in this book, uses a wider definition of technology, and emphasises the role of the entrepreneur as the primary agent of change. Because it takes time for firms to improve their technology, and to acquire the necessary finance for expansion, there are wide differences in firm sizes, and in their profitability. The competitive struggle to develop better technology raises the level of productivity of the whole economy, and leads to higher real incomes.
Biografische Anmerkung
Harold Lydall is Research Associate at NILS at Flinders University.
