Structural Changes in Economics During the Last Fifty Years
Author(s)
Mishra, Sudhanshu
Abstract
This wide-ranging survey of the history of economic thought summarizes major strands that have fed into the orthodox (now neo-classical) economic theory that came out of 19th and 20th century Britain, Europe and the U.S., and then outlines some of the major challenges to the orthodox view. The author concludes that “the different currents in modern economics are not yet synthesized, although each one revolts against the neoclassical orthodoxy. We may expect a synthesis in the near future that will replace neoclassical economics from the citadel of mainstream. Teaching of these strands of new economics has already begun in many universities, although in an un-integrated manner. However, until the neoclassical microeconomics and macroeconomics are replaced by their alternatives and necessary tools of economic analysis are developed, neoclassicism would not give a way to modern economics.”
