General equilibrium theory (GET) took the entire edifice of economic theory by storm during the 1950s. Its elegant existence theorems, proved by, among others, Kenneth Arrow and Gerard Debreu (1954) and Lionel McKenzie (1959), provided a framework of analysis that made more precise and sound the main intuitions of the neoclassical school. An even more important consequence of these developments...

The quantitative relationship between higher education and economic growth in the tradition of “growth accounting equations” and also “neoclassical production function” approach have occupied a pride of place in economics of education, particularly the literature on more developed countries. However, production function type models that allow for isolating the “indirect” (external) effects of h...

a r t i c l e i n f o Post-Keynesian economics and ecological economics have in common that they are considered to be 'heterodox' schools of thought. Aside from that, there has not been a strong connection between them. Previous books on post-Keynesian economics contain no chapter on environmental or ecological issues. This neglect has led leading ecological economists to criticize post-Keynesi...

1 Once upon a time, say around the era of David Ricardo and Karl Marx, political economy was primarily concerned with the production of national wealth. This ―classical‖ notion tended to hang on long into the 20 th century, well after the invention of neoclassical economics in the 1870s (Mirowski, 1989, chap. 7). Nevertheless, there was no denying that within neoclassical economics, exchange ha...

In the last years, a number of contributions has argued that monetary – and, more generally, economic – policy is finally becoming more of a science. According to these authors, policy rules implemented by central banks are nowadays well supported by a theoretical framework (the New Neoclassical Synthesis) upon which a general consensus has emerged in the economic profession. In other words, sc...

This article outlines principles of a modernised macroeconomic framework, drawing on John Maynard Keynes. It explores the historical context in which Keynes? economic theory arose, and history its application subsequent replacement by neoclassical economics. The argues that any updated Keynesian programme must address three new problems: globalization, wealth inequality climate change. sketches...

Abstract The prime intent of this article is to propose a new model in the paradigm behavioral and business economics. To attain objective, study modifies famous Theory Planned Behavior (TPB), which based on generalized unbounded rationality neoclassical economics dictating actual human behavior. Based idea bounded expounded by Herbert A. Simon, TPB has been modified replacing intention variabl...

Something happened to economics in the decade of the 1950s that is little appreciated by most economists and even by professional historians of economic thought. The subject went through an intellectual revolution as profound in its impact as the so-called Keynesian Revolution of pre-war years. I call it the Formalist Revolution after Ward (1972, pp. 40–41), who was the first to recognize the p...