Sustainable development is a contested concept in that it is interpreted differently by different actors. A distinction has been made between “weak” and “strong” sustainability. Some have referred to three aspects or “pillars” of sustainable development; economic, social and environmental. Others have advocated a further broadening of the kinds of dimensions to be considered. The present author...

The development of the permanent income/life cycle consumption hypothesis was a key blow to Keynesian and Kaleckian economics, and, according to George Akerlof, it “set the agenda” for modern neoclassical macroeconomics. This paper focuses on the relationship of housing wealth to neoclassical consumption theory, and in particular, the degree to which homes can be treated collectively with other...

There has been much discussion over many years of the alleged gap between management accounting theory and practice. Whereas researchers sympathetic to neoclassical economics have sought to rationalise the gap in terms of information economics and have proposed constrained optimisation as the norm, Scapens [Scapens, R.W., 1994. Never mind the gap: towards an institutional perspective of managem...

The construct of path dependence has been introduced to challenge neoclassical economics (David, 1985). By referring to the history of economic processes Paul David explained, that unintended consequences of action can lead to a lock-in which is potentially inefficient. The cause behind these processes leading to inefficiency Paul David named the mechanism of increasing returns. As examples tec...

Neoclassical and behavioral economics disagree over the manner in which people make risky decisions. assumes that good, consistent Behavioral argues are inconsistent decisions involving risks. Biology suggests that, ancestral settings, were under selection to behave “as if” they maximizing, a with neoclassical economic model – but maximizing different feature. In evolutionarily novel settings s...

Neoclassical theoretical approaches dominate modern health economics. However, the peculiarities of healthcare provision are so unusual that neoclassical theory is especially unsuited to the area. Even mainstream health economists often abandon Paretian welfare considerations to focus on needs instead. Problems relating to uncertainty and externalities are also widely acknowledged. This article...

The Rapid Evolution of Homo Economicus: Brief Exposure to Neoclassical Assumptions Increases Self-Interested Behavior Economics students have been shown to exhibit more selfishness than other students. Because the literature identifies the impact of long-term exposure to economics instruction (e.g., taking a course), it cannot isolate the specific course content responsible; nor can selection, ...