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Crisis of Vision in Modern Economic Thought

Crisis of Vision in Modern Economic Thought - 95 edition

Crisis of Vision in Modern Economic Thought - 95 edition

ISBN13: 9780521497749

ISBN10: 0521497744

Crisis of Vision in Modern Economic Thought by Robert L. Heilbroner and William S. Milberg - ISBN 9780521497749
Edition: 95
Copyright: 1995
Publisher: Cambridge University Press
Published:
International: No
Crisis of Vision in Modern Economic Thought by Robert L. Heilbroner and William S. Milberg - ISBN 9780521497749

ISBN13: 9780521497749

ISBN10: 0521497744


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Summary

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.