A Critique of Orthodox Economics: An Alternative View - Softcover

Lydall, Harold

Softcover

ISBN 10: 0333725425 ISBN 13: 9780333725429

Publisher: Palgrave Macmillan, 1998

Synopsis

Modern neoclassical economics is a theory of general equilibrium. It is based on highly unrealistic assumptions and yields a number of false predictions. The alternative model, presented in this book, uses a wider definition of technology, and emphasises the role of the entrepreneur as the primary agent of change. Because it takes time for firms to improve their technology, and to acquire the necessary finance for expansion, there are wide differences in firm sizes, and in their profitability. The competitive struggle to develop better technology raises the level of productivity of the whole economy, and leads to higher real incomes.

About this title

About the Author:

HAROLD LYDALL is Emeritus Professor of Economics at the University of East Anglia and a Research Associate at NILS, Flinders University, Australia. He has previously been attached to the Oxford Institute of Economics and Nuffield College. He has contributed widely to economic and labour journals and his many books include A Theory of Economic Distribution, British Incomes and Savings, The Entrepreneurial Factor in Economic Growth, The Role of Small Firms in Indian Economic Development, The Structure of Earnings, Trade and Employment, Yugoslav Socialism: Theory and Practice and Yugoslavia in Crisis.

About this edition

• Publisher: Palgrave Macmillan
• Publication date: 1998
• ISBN 10: 0333725425
• ISBN 13: 9780333725429
• Binding: Paperback
• Number of pages: 208