[...]... Economics and the Economic Theories of Justice 10.2.1 10.2.2 10.2.3 10.2.4 10.2.5 The two fundamental theorems of welfare economics The debate about market failures and Coase’s theorem The theory of social choice: Arrow’s impossibility theorem Sen and the critique of utilitarianism Economic theories of justice 10.3 The Controversy on Marginalism in the Theory of the Firm and Markets 10.3.1 Critiques of the. .. years of crisis The Corn Laws The theory of rent Profits and wages Profits and over-production Discussions on value 3.2 The Disintegration of Classical Political Economy in the Age of Ricardo 3.2.1 3.2.2 3.2.3 3.2.4 3.2.5 The Ricardians, Ricardianism, and the classical tradition The anti-Ricardian reaction Cournot and Dupuit Gossen and von Thunen ¨ The Romantics and the German Historical School 3.3 The Theories... 7.4.2 The trade cycle and money Relevant Works Bibliography 8 The Years of High Theory: II 8.1 The Theory of Market Forms 8.1.1 8.1.2 8.1.3 8.1.4 8.1.5 The first signs of dissent Sraffa’s criticism of the Marshallian theoretical system Chamberlin’s theory of monopolistic competition Joan Robinson’s theory of imperfect competition The decline of the theory of market forms 8.2 The Theory of General Economic. .. neoclassical theory of the firm 10.3.2 Post-Keynesian theories of the firm 10.3.3 Managerial and behavioural theories 10.3.4 The neoclassical reaction and the new theories of the firm Relevant Works Bibliography 11 At the Margins of Orthodoxy 11.1 Games, Evolution and Growth 11.1.1 Game theory 11.1.2 Evolutionary games and institutions 11.1.3 The theory of endogenous growth 11.2 The Theory of Production... general-equilibrium model, the theoretical versatility of the Hicks–Modigliani macroeconomic-equilibrium model, and the analytical simplicity of the Solow–Swan growth-and-distribution model, it was able to orient economic research and economic policy in a way that no other scientific orthodoxy had been able to do Moreover, the fact that it even managed to transform the critical potential of many dissident... together the parts of the theoretical system, to create a coherent and organic core introduction 11 doctrine, and to make it something more than a syncretic sum of diverse theories The methodological rules instruct the scientists on how to move across the unknown ground of the problems to solve and of the still unproven truths They, perhaps more than the other dimensions of a theoretical system, and... which concerns theoretical systems Here, in addition to the progress involving each of the individual components of the system, there is also progress in the overall organization of the components In this case, progress occurs through the substitution of a specific theory by another, if the new theory integrates better with the rest of the theories making up the system Another type of progress of a system... Finally, and aided by the cosmopolitan push of the American neoclassical economists, it attained its supreme synthesis towards the middle of the twentieth century Some base orientations typical of this system manifested themselves in a subjectivist theory of value, a microeconomic theory of distribution, and a static theory of equilibrium These and other base orientations were organized around the principle... evident that the ‘neoclassical synthesis’ constituted at that time the authentic ‘single track’ for economic research Beginning with the attempt to graft the Keynesian seedling onto the old trunk of marginalist theory, the neoclassical synthesis culminated in an impressive ordering of ideas and suggestions derived from the years of the high theory Then, strengthened by the formal elegance of the Arrow–... completely satisfactory, none dominant From the ‘new classical macroeconomics’ to the non-Walrasian equilibrium theory, from postKeynesian theories to the various neo-institutionalist approaches, and from the neo-Austrian schools to post- and neo-Marxism (the last being subdivided into several versions, Sraf an, anti-Sraf an, regulationist, neoSchumpeterian, Keynesian, etc.), competition in modern academic . AN OUTLINE OF THE HISTORY OF ECONOMIC THOUGHT This page intentionally left blank An Outline of the History of Economic Thought Second Edition Revised and Expanded ERNESTO SCREPANTI and STEFANO. Thu¨nen 107 3.2.5. The Romantics and the German Historical School 109 3.3. The Theories of Economic Harmony and Mill’s Synthesis 111 3.3.1. The ‘Age of Capital’ and the theories of economic harmony. Marginalism in the Theory of the Firm and Markets 413 10.3.1. Critiques of the neoclassical theory of the firm 413 10.3.2. Post-Keynesian theories of the firm 415 10.3.3. Managerial and behavioural theories