This paper investigates whether since the 1980s neoclassical economics has been in the process of being supplanted as the dominant research programme in economics by a collection of competing research approaches which share relatively little in common with each other or with neoclassical economics. A shortlist of the new approaches in recent economics includes game theory, experimental economic...

How are prices determined? This is a very basic economic question that many economists have sought to answer. The short explanation from neoclassical economics is that firms, seeking to maximize profits, produce until their marginal revenue equals their marginal cost, thereby generating a supply of goods and services. Consumer demand for these products arises from income-constrained utility max...

The burgeoning field of environmental valuation has raised serious doubts about the fundamental axioms of consumer choice theory, the general validity of the Walrasian system and methodological individualism. This paper examines these aspects of consumer choice theory, paying particular attention to the pioneering contributions of Georgescu-Roegen. We argue that evidence from psychology, game t...

Edith Penrose’s The Theory of the Growth Firm provides an intellectual foundation for a theory innovative enterprise, which is essential to any attempt explain productivity growth, employment opportunity, and income distribution. firm also antidote absurdity that has been taught by PhD economists millions college students over seven decades: most unproductive efficient economy. dissemination th...

T he relationship between capacity utilization and inflation is quite variable. Figure 1 shows the time paths of utilization and inflation for the United States over the period 1953:1 to 1995:4. Two features characterize this relationship. First, inflation and utilization often move in opposite directions. The most dramatic episodes of negative comovement coincided with the 1973/1974 and 1979 p...