The Crisis in Economic Theory

Adam Smith adaptive expectations agents aggregate allocation analysis argue assumed assumption Austrian behavior capital formation capitalist classical economics commodities competition concept consumption cost crisis decisions demand developed disequilibrium economic policy economic theory economists effect Equilibrium Theory exchange exchange-value existence explain firms Friedman full employment fundamental future growth human income increase individual inflation inputs J. R. Hicks Keynes Keynesian economics labor market labor-values logical macroeconomic mainstream Marx maximization means ment models monetarism monetarist monetary money supply money wages moral nature neoclassical economics neoclassical theory nomic numeraire optimal output Phillips curve political Post Keynesians postulate predict price level problems production question rate of exploitation rate of profit rational expectations real wages relation relative prices result Samuelson simply SLTV social surplus-value theoretical theorists Theory of Value tion tradition unemployment utility Walras welfare workers X-efficiency X-efficiency theory X-inefficiency